General Journal on Microsoft Dynamics Nav Business Central

Hello Friends,

Today's tutorial is about doing a journal.  The aim of doing journal is to make adjustment in the system. On Microsoft Dynamics Nav Business Central, you can do a journal in different way and you can do it as follows.

1. G/L Account to G/L Account
2. Vendor to G/L Account
3. Customer to G/L Account
4. Bank Account to Bank Account
5. Vendor to Bank Account
6. Customer to Bank Account
7. G/L Account to Bank Account

Step 1:

To open the journal, go on the following menu:

Main Menu --> Department --> Financial Management --> General Ledger --> General Journal.

Step 2:

Fill all the necessary information.

Batch Name	Choose the Batch Name
Line No	The line no will display automatically
Posting Date	Enter the date of the transaction
Document Type	Enter the document type of the transaction
Document No	Document no will be display automatically if no of series has been setup
Account Type	Enter the account Type for the debited amount
Account No	Enter the account No for the debited amount
Account Name	Upon Choosing the account no, the name of the account will display automatically
Description	Enter a description for the transaction
Amount	Enter the amount (if amount to be credited then negative amount else if amount to be debited then amount is positive)
Amount (LCY)	If foreign currency has been used, the amount will be converted to local currency here
Bal. Account Type	Enter the destination account type (Account to be credited)
Bal. Account No	Enter the destination account no (Account to be credited)
Deferral Code	Enter a deferral code if you need to use
External Document No	Add an external document no
Currency Code	enter the currency code you are using.

Step 3:

After entering all the date click on the button POST to validate the date and post it to the correct G/L account.

Click on OK to close

Creation of G/L Budget on Microsoft Dynamics Nav Business Central

Dear Friends,

In this tutorial we will learn how to create a budget for a G/L Account. Budgeting is done when a specific amount is assigned to a specific G/L account in order to have a better control when the amount is being credited or debited.

Step 1:

To create a budget click go on the following menu:

Main Menu --> Department --> Financial Management --> General Ledger --> G/L Budgets

Step 2: 

 Click on the button New and fill the following information

Name	Enter the name of the budget
Description	Give a description for the button
Global Dimension 1 Code	Global Dimension 1 will display automatically
Global Dimension 2 Code	Global Dimension 2 will display automatically
Budget Dimension 1 Code	If you want to put another dimension
Budget Dimension 2 Code	If you want to put another dimension
Budget Dimension 3 Code	If you want to put another dimension
Budget Dimension 4 Code	If you want to put another dimension
Blocked	If the budget is not longer in use

Step 3:

Click on the button Edit Budget and add the following information

General
Budget Name	The Budget name will appear automatically
Show as Lines	Let it be G/L Account
Show as Column	Let it be period
View By	The frequency you want to see, here we have chosen month
Rounding Factor	If you have any rounding factor
Show column Name	Instead of month and year, you can display the name of the month completely
Budget Matrix
Budget Amount	This will represent the total amount of all the amount from months
Month (JAN 2020, FEB 2020)	You will need to enter the amount budget for the specific G/L
Filters
Date Filter	If you want to filter by a specific date
G/L Account Filter	If you want to filter per G/L Account
G/L Account Category Filter	If you want to filter by Account Category
Income/Balance G/L Account Filter	If you want to filter by Income statement or Balance sheet
Global Dimension 1 Code	Choose a global dimension if you need
Global Dimension 2 Code	Choose a global dimension if you need
Budget Dimension 1 Code	Upon creating the budget if you have enter budget dimension it will appear here automatically
Budget Dimension 2 Code	Upon creating the budget if you have enter budget dimension it will appear here automatically
Budget Dimension 3 Code	Upon creating the budget if you have enter budget dimension it will appear here automatically
Budget Dimension 4 Code	Upon creating the budget if you have enter budget dimension it will appear here automatically

Click on OK to close.

Creation of G/L Account on Microsoft Dynamics Nav Business Central

Hello Friends,

In this tutorial, we will learn how to create a G/L account on business central. A general ledger account is used to debit and credit amount while a list G/L Account is know as a chart of account.

Step 1:

To create a G/L Account go on the following menu:

Main Menu --> Department --> Financial Management --> General Ledger --> Chart of account.

Step 2: 

Click on the button New and fill the required information

General
No	Enter the number of the G/L Account
Name	Enter the name of the G/L Account
Name 2	If the name is long, split the name and enter the second part here
Vendor Name	If the G/L account is linked with a vendor enter the vendor name
Bank Account No	If the G/L account is linked with a bank account no enter the account no
Income/Balance	Precise whether the account is an income statement or a balance sheet
Account Category	Select an account category
Account Subcategory	Select an account subcategory
Debit/Credit	Always enter both
Account Type	Select an account type
Totaling	When you will indent the chart of account the totaling field will be populated automatically
Search Name	If you want to enter a search name for the G/L account
Direct Posting	If this field is checked, mean you can post transaction in the G/L Account
Blocked	If the G/L account is no longer in use, you can blocked it so that it will not appear in trial balance
Posting
Gen. Posting Type	Enter a General Posting Type
Gen. Bus. Posting Group	Enter a General Business Posting Group
Gen. Prod Posting Group	Enter a General Product Posting Group
VAT. Bus. Posting Group	If the G/L Account is taxable enter the VAT Business Posting Group
VAT. Prod. Posting Group	If the G/L Account is taxable enter the VAT Product Posting Group
Consolidation
Consol. Debit Acc.	If consolidation need to be done, enter the Debit Account
Consol. Credit Acc.	If consolidation need to be done, enter the Credit Account

Click on OK to close.

Creation of Inventory Posting Setup on Microsoft Dynamics Nav Business Central

Dear Friends,

Today in our tutorial we will learn how to setup inventory posting. This setup determines the inventory account in the general ledger to which the program posts for transactions involving this item (any transaction related to Item Inventory).

Step 1:

To do the setup go on the following menu:

Main Menu --> Department --> Financial Management --> Setup --> Inventory Posting Setup

Step 2: 

Click on the button New and fill the required information.

Location Code	Enter the location
Inv. Posting Group Code	Enter the inventory posting group
Description	Enter a description
Inventory Account	Enter the inventory G/L account
Inventory Account (interim)	If you want to use an interim account during good receive enter the G/L Account here
WIP Account	In case you are you work in progress, enter the work in progress G/L Account
Material Variance Account	Enter the Material Variance G/L Account
Capacity Variance Account	Enter the Capacity Variance G/L Account
Mfg. Overhead Variance Account	Enter the Manufacturing Overhead Variance G/L Account
Cap. Overhead Variance Account	Enter the Capacity Overhead Variance G/L Account
Subcontracted Variance Account	Enter the subcontracted variance G/L Account

Creation of Inventory Posting Group on Microsoft Dynamics Nav Business Central

Hello friends,

Today we will learn how to create an inventory posting group.

Step 1:

To proceed with the creation go on the following menu:

Main Menu --> Department --> Financial Management --> Setup --> Inventory Posting Group.

Step 2:

Click on the button New and fill the following information.

Code	Enter a code for the posting group
Description	Enter a description

Click on OK to close

Creation of Bank Account Posting Group on Microsoft Dynamics Nav Business Central

Dear Friends,

In this tutirial we will learn how to create a bank account posting group. This setup is a link between a bank account and a G/L Account.

Step 1:

To create the posting group go on the following menu:

Main Menu --> Department --> Financial Management --> Setup --> Bank Account Posting Group.

Step 2:

Click on the button New and fill the information.

Code	Enter a code to the posting group
G/L Account No.	Enter the G/L Account correspond to the posting group

Click on OK to close.

Creation of Vendor Posting Group on Microsoft Dynamics Nav Business Central

Dear Friends,

Today we will learn how to create vendor posting group. This setup shows which G/L account will post the transaction involving the vendor. This posting group defines account for payable, service charge, payment discount account, interest, additional fees and invoice rounding amount.

Step 1:

To create the posting group, go on the following menu:

Main Menu --> Department --> Financial Management --> Setup --> Vendor Posting Group

Step 2: 

Click on OK and fill all the necessary information.

Code	Enter a code for the vendor posting group
Description	Enter a description
Payable Account	Enter the payable G/L account
Service Charge Account	Enter the service charge G/L account
Debit Rounding Account	Enter the rounding G/L account when doing a debit
Credit Rounding Account	Enter the rounding G/L account when doing a crebit
Debit Curr. Appln. Rndg. Account	Enter the G/L Account to post rounding differences when applying different currencies
Credit Curr. Appln. Rndg. Account	Enter the G/L Account to post rounding differences when applying different currencies

Click on OK to close

Creation of Customer Posting Group in Microsoft Dynamics Nav Business Central

Dear Friends,

In this tutorial, we will learn how to create a customer posting group and which G/L account to associate with the posting group. 

The customer posting posting group determines which G/L Account will post the transaction involving the customer. The customer posting group specifies the G/L Account for customer receivable, service charge, payment discount amount, interest, additional fees and invoice rounding amount.

Step 1:

To create a customer posting group, go on the following menu:

Main Menu --> Department --> Financial Management --> Setup --> Customer posting group.

Step 2:

Click on the button New and filled all the required information.

Code	Enter a code for the customer posting group
Description	Enter a description
Receivable Account	Enter the receivable G/L account
Service Charge Account	Enter the service charge G/L account
Debit Rounding Account	Enter the rounding G/L account when doing a debit
Credit Rounding Account	Enter the rounding G/L account when doing a credit
Debit Curr. Appln. Rndg. Account	Enter the G/L Account to post rounding debit differences when applying different currencies
Credit Curr. Appln. Rndg. Account	Enter the G/L Account to post rounding credit differences when applying different currencies

Click on on OK to close.

Creation of a Deferral Template in Microsoft Dynamics Nav Business Central

Dear Friends,

In today's lesson, we will learn how to create a deferral template but first of all lets see what is the word deferral means in the world of accounting. A deferral is always consider as a amount that was paid or received but it cannot be reported on the current income statement, since it will be an expense or revenue for a future accounting period.

The amount will be deferred to a balance sheet account until a future accounting period when it will be transferred to the income statement.

Step 1:

To create a deferral template go on the following menu:

Main Menu --> Department --> Financial Management --> Setup --> Deferral Template.

Step 2:

Click on the button new to create a template and fill all the required information

Deferral Code	Enter a code for the deferral
Description	Enter a description
Deferral Amount	Enter the deferral Amount
Deferral %	Enter the deferral % normally we deferred at 100%
Calc. Method	Enter the calculation method of the deferral template
Start Date	Enter when the deferral template will start
No of Periods	Enter the number of period
Period Desc	Add a description for the period

Click on OK to close.

Setting up Gen Posting Setup on Microsoft Dynamics Nav Business Central

Dear Friends,

This tutorial will provide you an overview on how to configure the General Posting Setup. This setup is done by doing a combination of the Gen. Business Posting Group and Gen. Product Posting Group and their associated G/L Account.

Step 1:

To proceed with the configuration of the General Posting Setup, go on the following menu:

Main Menu --> Department --> Financial Management --> Setup --> Gen. Posting Setup

Step 2: 

Click on the button New and add the following details.

Gen. Bus Posting Group	Enter the Gen. Business Posting Group
Gen. Prod Posting Group	Enter the Gen. Product Posting Group
Description	Enter a description
Sales Account	If it is a sales invoice enter the sales G/L account
Sales Credit Memo Account	If it is a sales credit memo then enter the sales credit memo G/L Account
Sales Line Disc. Account	If on the sales invoice line there is a discount enter the sales line discount G/L Account
Sales Inv. Disc. Account	If the sales invoice contain a discount enter the sales invoice discount G/L Account
Sales Prepayments Account	If prepayment is being done on sales invoice enter the sales prepayments G/L Account
Purch. Account	If it is a purchase invoice enter the purchase G/L Account
Purch. Credit Memo Account	If it is a purchase credit memo then enter the purchase credit memo G/L Account
Purch. Line Disc. Account	If on the purchase invoice line there is a discount enter the purchase line discount G/L Account
Purch. Inv. Disc Account	If the purchase invoice contain a discount enter the purchase invoice discount G/L Account
Purch. Prepayments Account	If prepayment is being made on purchase invoice enter the purchase prepayments G/L Account
COGS Account	Enter your cost of good sold / cost of sale G/L Account
Inventory Adjmt. Account	If adjustment is being done on inventory, enter the inventory adjustment account
Direct Cost Applied Account	This G/L Account is linked with purchase transaction
Overhead Applied Account	Enter the G/L account to post indirect post to income statement
Purchase Variance Account	Enter the purchase variance G/L Account
COGS Account (Interim)	If you wish to pass through an interim account before impacting the COGS account, enter the interim G/L Account
Invt. Accrual Acc. (Interim)	Enter the G/L Account for inventory expected cost transaction
Purch FA Disc. Account	Enter the G/L Account when giving a discount on a requisitioning of a Fixed asset