5 Accounting And Finance Problems Solved By Dynamics 365 Business Central 2022 Wave 1
The Dynamics 365 Business Central 2022 Wave 1 was released recently and accounting and finance users have enough reasons to smile.
Let us see how the top 5 accounting and finance problems get solved by Dynamics 365 Business Central 2022 Wave 1.
1. Making unnecessary payments to vendors that are also customers
If you work with an entity that's both a vendor and a customer, you may have inadvertently paid their balance as a vendor without taking into consideration the amount they owe to you as a customer. After the Dynamics 365 Business Central 2022 Wave 1 update, you can now easily link the vendor and customer records to ascertain the balance as a vendor on their customer card and the balance as a customer on their vendor card. Furthermore, a new action named Net Customer/Vendor Balance on the Payment Journal will be creating payment journal lines for the net balance of the linked entities so you don't end up overpaying.
2. Synching between D365 Sales and Business Central falls short
Synching Payment Terms requires customisation when synching Accounts in D365 Sales to Customers in Business Central. This usually leads to an issue while creating Sales Quotes in D365 Sales and finance is managing the Payment Terms in Business Central. Once released, users can enable Map to option sets in Dataverse without code to add Integration Table Mappings for Payment Terms, Shipment Method, and Shipping Agent.
3. Out-of-the-box report layouts require a developer and extension to tweak
With the latest release, users can create and edit layouts for reports via Custom Report Layouts and Excel.
4. Deferrals need posting outside allowable posting date range
With the latest release, Allow Deferral Posting From/To fields get added to General Ledger Setup. This means that posting dates get opened for deferrals only and other entries are not allowed to get posted. Moreover, the Beginning of Next Calendar Year has also been added as an option for Start Date in Deferral Schedules.
5. Financial reporting by location requires Dimensions be manually set on transactions
A big majority of organisations require financial reporting based on location and they use Dimensions for Locations. users are required to manually set the Dimension on each transaction unless vendors and customers are unique to these locations. With the latest release, users can now set Default Dimensions by location on the Location Card. From now, the Location Dimension will act as other default dimensions and be considered in Value Posting, Dimension Combinations, and Default Dimension Priorities.