Microsoft Dynamics



Business Central Month-End & Year-End Closing Tasks2020Participant GuideMonth-EndMonth-End processing varies from company to company, but from Business Central’s point of view it entails at a minimum:Setting the security for the monthBalancing Sub-Ledgers to General LedgerPrinting ReportsThere is no formal system closing process that is run to close the month but from an operations perspective, it is recommended to discuss with your team a set of policies that is followed every month by the team. This provides consistency, efficiency and the ability to correct issues when they are manageable.First, create a checklist that can be used by the team. The checklist should reflect your modules and necessary activities that you have agreed are necessary to get good financial statements and provide necessary documents to auditors, banks or other entities requiring this information on a monthly basis. MONTH END CHECKLISTTASKCOMPLETEDGENERALPost All Open Journals - Payments, Deposits, Cash Receipts ?Post Recurring Entries for the month end to be closed?Import Payroll or other external entries and post?INVENTORY RECONCILIATION (Tasks depend on Inventory Setup)?Close the Inventory Period?Run the Adjust Cost Routine?Run the Post to G/L Routine?Run the Inventory Reconcile to G/L Report ?Tie the Received Not Invoiced to GL to your Inventory Accrual Account (Liability)?Tie the Shipped Not Invoiced to G/L to your Accrued COGS Account (Contra Asset)?Tie the Inventory Posted to G/L to the Inventory Asset Account or Inventory Valuation?ACCOUNTS RECEIVABLE RECONCILIATION?Post all Invoices applicable for the month?Run the Aged Receivables Report?Run the Customer Trial Balance Report - Tie to G/L?ACCOUNTS PAYABLE RECONCILIATION?Post all Invoices applicable for the month?Run the Aged Payables Report?Run Vendor Trial Balance Report - Tie to G/L?FIXED ASSETS?Calculate Depreciation?Review the Journal and Post?Run Reports?MONTH END CHECKLISTTASKCOMPLETEDMANUFACTURING?Complete "Finished" Production Orders?Reconcile WIP?BANK ACCOUNTS?Reconcile each Bank Account?Run Reports?MULTI CURRENCY?Update Exchange Rates?Run Gain/Loss Routine?JOBS?Post all necessary usage ?Invoice the Jobs?Calculate WIP?Review WIP?Post WIP?COST ACCOUNTING?Transfer all GL Entries?Run Allocations?Print Financial Statements?FINAL REPORT OUTPUT PACKET?Account Schedules?Aging Reports?Trial Balance Report?Analysis By Dimensions?Custom Reports?Sign Off?ADMINISTRATION?Change Allow Posting To and From in GL?If using Inventory, you have probably configured Inventory Periods. Although not required, it is recommended. Using the Inventory Periods feature allows you to lock down the Inventory Period so you can begin your balancing of the Inventory Module to the General Ledger. Have no fear though; closing the inventory period is not final. If you as the Accounting Manager choose, you can close and re-open the inventory period at any time. It is under your control.Creating a backup company is not as necessary for Month End as it is for Year End. However, some companies choose to do that. It is quite simple. A backup is a copy of your production company. Log into your test company. Type “companies” in the search, highlight the production company line, click “Process” and then “Copy.” Type in the name of the new company. Call it something like CronusProdBackup11292019. Expected Cost PostingsMany users are confused by the expected costing postings feature and are not sure how to balance the subledger to the ledger when this feature is used. It is important to understand the following concepts:Expected cost posting has real value in Distribution and Manufacturing companies. For those companies only using GL, AP, and AR, value is minimal.One of the key considerations in the Distribution & Manufacturing arena is the time lapse between Receiving and Invoicing, Shipping and Invoicing or Consumption and Output. If there is a lag time between those steps this feature becomes extremely valuable.For example: A company creates a Purchase Order and receives inventory. When that inventory is received it writes a record in the item ledger entry table AND the value entry table. The same concept holds true for a Sales Order when inventory is shipped. The correlation between the item ledger entry and value entry table is a one-to-many relationship. The job of the ILE is to keep track on the on-hand inventory. Therefore, any increment or decrement of inventory will make an entry into this table. The value entry table is responsible to track the value or cost of the inventory so unless there is a change in the cost value, there is only one entry in this table for the receipt or shipment. The inventory subledger is where the Inventory Valuation report and many other reports come from. However, without expected cost posting, the entry is not passed to the General Ledger until it is invoiced. With the Expected Cost Posting feature turned on, an entry is always made in the General Ledger. During the receiving or shipping step, the system writes entries in INTERIM accounts in the General Ledger and then reverses them out when the receipt or shipment is invoiced. Below is what the entries might look like for the Purchasing, Sales and Manufacturing in a Warehouse or Manufacturing environment using inventory:DEBIT AND CREDIT POSTINGSLegend:IPG = Inventory Posting GroupGPPG = General Product Posting GroupVPG = Vendor Posting GroupCPG = Customer Posting GroupPurchasingPO ReceiptDebit: Inventory Acct. Interim (IPG)Credit: Inventory Accrual Interim (GPPG)PO InvoiceDebit: Inventory Accrual Interim (GPPG)Credit: Inventory Acct. Interim (IPG)Debit: Inventory Acct (IPG)Credit: Direct Cost Applied (GPPG)Debit: Purchases (GPPG)Credit: AP (VPG)VariancePurchase Price Variance (GPPG) is used to post price variances positive or negative when the Unit Cost and Direct Unit Cost on the Purchase Line are different. For example, when using Standard Cost:SalesSales ShipmentDebit: COGS Interim (GPPG)Credit: Inventory Acct. Interim (IPG)Sales InvoiceDebit: Inventory Acct. Interim (IPG)Credit: COGS Interim (GPPG)Credit: Inventory Acct (IPG)Debit: COGS (GPPG)Credit: Sales (GPPG)Debit: AR (CPG)ManufacturingIn ProcessLabor: Direct Labor: Debit: WIP (IPG)Credit: DC Applied (GPPG)OH Labor:Debit: WIP (IPG)Credit OH Applied (GPPG)Consumption:Debit: WIP (IPG)Credit Inventory Acct (IPG)Output:Debit: Inventory Acct. Interim (IPG)Credit: WIP (IPG)Finishing/Invoicing:Credit: Inventory Acct. Interim (IPG)Debit: Inventory (IPG)Variances:Variance Accounts are used based upon costing method. They can be a debit or credit to the account depending upon what is occurring. These accounts are:Material Variance (IPG) = Component material variance posts to this accountCapacity Variance (IPG) = Direct labor variance posts to this accountSubcontracted Variance (IPG) = Subcontract variance posts to this accountCap Overhead Variance (IPG) = Overhead labor variance posts to this accountMfg. Overhead Variance (IPG) = Mfg. overhead variance posts to this accountNOTE 1: If the user wants to see these as different buckets so they can track, then the account numbers should be different.NOTE 2: Posting Values differ based on costing method, so it is recommended to test your environment to see the results.Manufacturing Results with Variance to Labor (Standard Cost)Credit: Inventory Account for Components (IPG)Debit: WIP Account for Components (IPG)Debit: WIP Account for Labor (IPG)Credit: Direct Applied for Labor (GPPG)Debit: Inventory Acct. Interim for Output (IPG)Credit: WIP for Output posting (IPG)At this point there may be residual in the WIP account because actual is different from standard. So, we must perform a TRUE UP or Invoicing process, whichever you want to call it. This will clear WIP and post the Actual Cost to the Last Direct Cost field on the item card of the finished good. This is done by FINISHING the production order (Change Status = Finish)Credit: Inventory Acct. Interim for Output at Standard (IPG)Debit: Inventory Account for Finished Good at Actual (IPG)Debit: WIP for Output Posting Standard Cost (IPG)Credit: WIP for Output Posting at Actual Cost (IPG)Debit: Inventory Account for Difference between standard & Actual (IPG)Credit: Variance Account for difference between standard & actual (IPG)Credit: Inventory Account at Standard (IPG)Debit: Variance Account at Standard (IPG)The variance account posted to will depend upon the type of variance that occurred. That is why it is important to make sure the accounts are different so that you can see if the variance is Material, Labor or Overhead. The demo database for BC is not set up the way we would set up an implementation for best practices so be aware of that.General Ledger ReconcilingReconciling Inventory entails making sure that all general journal entries are posted for the month. This can include, Concur transactions, payroll transactions, recurring journals etc. All transactions should be posted for the month. Business Central is data sensitive so making sure the entries are posted with the correct posting date ensures they are posted in the right month.The recommended reports to use for reconciling are:Detail Trial Balance or Trial BalanceThe recommended views to interrogate data are:General Ledger EntriesG/L RegisterChart of Accounts list, Balance At Date column. Then use filtering.Reconciling CashReconciling Cash entails making sure all payments and cash receipts are processed by the month. This includes ACH Processing.Check the Cash Account entries and balance by viewing the Cash entries from the Cash GL account Card. Use the filtering tools to see the entries for the month. Sometimes you can spot issues by doing this. Copy and paste them in an excel spreadsheet on the left side.Go to the Bank Account Card and view the Ledger entries filtering the entries for the month. Copy and paste these entries on the right side of the spreadsheet.With the entries for the GL on the left and the Bank Ledger entries on the right you can spot immediately if you have an out-of-balance situation between the GL and Bank Ledger. In addition, you can go to the General Ledger Entries page filter on the cash account number, the balance at date field and the Source Code. You may have to personalize your page to see this field. The value you filter on in the source code field is GENJNL. This tells you what entries were made to the cash account via the general journal and not a recipient of a transaction from a sub ledger. Interrogate these entries. Remember any entry made via the General Journal that affects the Cash Account must be done with the Account Type = BANK ACCOUNT and the Account No = the Bank Account Code. This ensures the bank ledger and GL ledger remain in sync.Perform the Bank Reconciliation.The recommended reports to use for reconciling are:Bank Reconciliation Test ReportThe recommended views to interrogate data are:Bank Ledger EntriesCheck Ledger EntriesReconciling Fixed AssetsThis usually means running the Accumulated Depreciation at the end of the month. However, it can include write downs, appreciation entries and disposals. The help option in BC can assist you in performing these tasks.Processing Accumulated Depreciation for the month.Type “Calculate Depreciation” in the searchIn the Search box, enter “Calculate Depreciation,” and click the related link.In the Depreciation Book field, choose the depreciation book.In the FA Posting Date field, enter the posting date, usually month-end date.In the Posting Date field, enter the same as FA Posting Date.In the Posting Description field, enter “Depr. Month, Year” (enter the month & year)Select the Insert Bal. Account field.Expand the Fixed Asset FastTab.In the FA Subclass Code field, select the subclass if wanting to do this by subclass otherwise leave blank.Click OK. This populates the FA G/L JournalIn the Search box, enter FA G/L Journals, and click the related link.In the ribbon, click Post.Click Yes.Close the Fixed Assets G/L Journal page.The recommended reports to use for reconciling are:Bank Reconciliation Test ReportFA Posting Group – Net ChangeThe recommended views to interrogate data are:Statistics (Found on the Fixed Asset page)FA RegistersFixed Asset Ledger EntriesAP ReconcilingReconciling the AP subledger entails posting and processing all Purchase Invoices, Purchase Credit Memos and Payments for the month. Process 1099 if applicablePrint the 1099 Forms. Type “1099” in the searchChose the appropriate forms to print: Vendor 1099 Misc, Vendor 1099 Div, Vendor 1099 IntIf you need to process 1099 Magnetic Media, type “1099 Magnetic Media” in the search and choose 1099 Magnetic Media.The Calendar Year should be the Calendar year on which you are reporting. The Transmitter Control Code you will need to contact the service where you will be sending the file. Normally you contact them through email and they then send a letter back confirming the agreement and the Transmitter Control Code you need to enter here. The transmitter information will default in and that would be your company name. You can fill in the Contact Information if you would like. The next section is the Vendor Information. There are two ways to fill this out:You can choose Vendor Software and if you choose that option, then the Vendor Name would be Vendor and address information. You could also choose In-House Software, and then the Vendor Name would be Dynamics 365 and then the address information would be your name. The Vendor information is for the company you are transmitting to so they know who to contact should there be a problem with the software. If you don’t want them contacting us directly if a problem with the software exists, then you would use your address information and possibly someone’s contact information, so they contact you first. This is informational for the receiving agency and has no processing effect. You can also check the Test File box to run a test of the exported file before actually doing it. This may be helpful if your receiving agency will allow you to do a test run before actually doing the process. Once you say OK on the screen above, it will ask you where to put the text file that it creates. You would save the file to wherever you need, then upload it to the receiving site.NOTE: 1099-NEC NEW!!!2020 1099 changes are about to occur!The new 1099 Form Boxes for 2020 are going to be available in version 17.2. This new BC version is expected to be available around mid-December. In BC, the new 1099 Form Box codes NEC-01 and MISC-14 and a new form Vendor 1099 NEC will be added. These changes are relevant for the reporting year 2020. Before submitting your reporting for 2020, you must first upgrade your BC environment.You will run the Action, Update Form Boxes on the 1099 Form-Boxes pageThe recommended reports to use for reconciling are:Accounts Payable AgingThe recommended views to interrogate data are:Vendor Ledger EntriesAR ReconcilingReconciling the AR subledger entails posting and processing all Sales Invoices, Sales Credit Memos and Cash Receipts for the month. The recommended reports to use for reconciling are:Accounts Receivable AgingThe recommended views to interrogate data are:Customer Ledger EntriesOther ReconcilingYou may decide if you are a Sales Organization to take sales reports to analyze the Sales you have done for the month, or if you use the Jobs module it may be critical to make sure all Jobs are invoiced for the month. This would be critical if you suspected that some orders were not processed and overlooked, or Jobs were not closed out and final invoices were processed from those sub ledgers. As we mentioned earlier, compiling a monthly checklist based on the modules you implemented can ensure that all is done every month. Inventory ReconcilingInventory in some organizations is critical. It is an asset and rests on your balance sheet. Making sure the inventory is reconciled only at the end of the year is not recommended if accurate inventory valuation is critical.There are some features in BC that can assist with this process. They are:Inventory PeriodsPhysical Inventory or Cycle CountsIt is most critical in this module to define monthly and yearly processes.Inventory Periods are separate from the accounting periods. They can be the same values meaning the Accounting Period is Calendar year and the Inventory Period can be calendar year OR they can be different. This feature allows you to lock down the inventory number at the end of the month while reconciling inventory. Remember that receiving and shipping all affect the inventory number so if that activity is happening while reconciling, your number will keep changing.Type “Inventory Periods” in the search to see the inventory periods.Closing an Inventory Period. The recommended process is below:If necessary, Run Adjust Cost Item Entries. Although Inventory setup is set to update costs immediately, running this process doesn’t hurt anything and can ensure that all costs are in sync and updated on transactions. We had to do this in earlier versions before BC.If necessary, Run Post Inventory Cost to G/L. Again, this is not usually necessary but if you run it there is no harm because it only posts anything in the subledger that has not posted to the GL. We had to do this in earlier versions before BC.On the Inventory Periods page, highlight the inventory period and choose Close Period.Re-Open an Inventory PeriodThis can be done at any time but remember once you open the inventory period, users can post inventory changes to that period UNLESS you have locked them down via the General Ledger Setup allow posting from and allow posting to field.Open the Inventory Periods window. Highlight the Inventory Period that is closed and click Re-open.The recommended reports to use for reconciling are:Inventory ValuationInventory – G/L ReconcileThe recommended views to interrogate data are:Item leger EntriesValue EntriesInventory – G/L Reconciliation (check Show Warning)Account SchedulesAccount Schedules are your Income Statement and Balance Sheet. Basically, the concept is rows and columns. The rows are the accounts or detail, and the columns are Current Month, Prior Month etc.These are user-written reports and therefore not recommended as the first step in reconciling. Instead, it is a results type of report. After all your reconciling and system reports have been reviewed and reconciled, then you print your Balance Sheet and Income Statement.Type “Account Schedule” in the search or on the Role Center page click Finance and then Account Schedules.Choose the Account Schedule and click Print/Send. Enter the Starting and Ending Date and choose print or preview.Year-EndThe same steps you used to close Month End you will perform for the last month of the year. In addition, once the last month of the year (if that happens to be December) is finished, you must perform additional steps. These steps roll up the income statement balances to retained earnings. Once a Year End is performed it cannot be un-done. However, if your permissions allow you can still post to a prior year. Then you must perform Step 2 & 3 again to roll up those entries.Step 1 – Close the Fiscal Year1. Type “accounting periods” in the search.2. Click Process, then Close year. A message appears about the year to be closed. This year is suggested based on the earliest open year, and the corresponding check marks in the New Fiscal Year field.3. Click “Yes.”Once the close fiscal year is processed, the CLOSED and DATE LOCKED fields of all periods in that fiscal year are updated with a check mark that cannot be removed. After a fiscal year is closed, G/L entries can still be posted to the closed year if you have permission to do so based on your user setup, but when you do post transactions in the prior year the entries are marked as prior-year entries. If you do post prior year transactions after the fiscal year is closed, you will need to perform step 2 & 3 of the closing process to roll up the entries into the year-end balances and retained earnings.Step 2 – Close Income StatementType “Close Income Statement” in the search.A prompt appears: Fiscal Year Ending Date – automatically populates with the latest closed fiscal year. This date is used to determine the Posting Date for the journal. Ensure the correct date is entered. Gen Journal Template: the name of the general journal template to be usedGen Journal Batch: name of the general journal batch to be usedDocument No: populates automaticallyRetained Earnings Acc.: the retained earnings entries account to be used (Important field)Posting Description: Text description, the default is Close Income StatementBusiness Unit Code: if this is selected and the company is a consolidated company, separate entries are created for each business unit. If you are not using Consolidation in your implementation do not turn this onDimensions: For any dimensions selected, one entry is posted for each dimension value combination used in a GL Account. If this option is not used, a single entry is created for each account.Inventory Period Close: Indicates the Inventory period with ending date equal to or greater than the last day of the accounting period is closed.Click OK, then OK again.NOTE: The closing entries are posted with a fictitious (Cmm/dd/yy) date. Do not change this date in the journal batch.NOTE: This process transfers the closing entries to the specified journal. It does not post the entries automatically. If you did not enter an account in the Retained Earnings field when you ran the close income statement, then you will need to add one or more lines in the journal with the retained earnings account and the amount to be posted before you can post the journal in the next step.NOTE: If using the Additional Reporting Currency in General Ledger setup when Multi Currency is configured, the Close Income Statement will create and post the journal automatically. There is no need to perform Step 3.Step 3 – Post the Journal EntryType “General Journal” in the searchSelect the Batch = this is the one you chose during Close Income Statement)Do not change the Posting DateClick Process then choose PostClick Yes, then OKNOTE: When the journal is posted an entry is posted to each income statement account so that its balance becomes zero. The Retained earnings accounts are updated for gain or loss.Implementation Tips & TricksTurn off Direct Posting on the Chart of Account for Cash, AP, AR and Inventory:After Go Live turning off the Direct Posting for these accounts will ensure that someone doesn’t post directly to the account. Posting directly to the account will cause out-of-balance situations.Chart of account = Debit/Credit — choose BothAlthough the option is there to choose whether an account is a debit or credit and for the most part doesn’t cause issue, I have seen occasionally issues with this setting. To avoid any possible issue I just make this setting Both.Understand GL Ledger and Sub Ledger Business Central concepts?It is important to understand that there is an AP and AR subledger. Transactions should flow from the subledger to the GL ledger. In addition, there is a Bank subledger. The bank subledger is posted to when the Account Type = Bank Account in a transaction. Posting to the bank subledger is required if wanting to perform Bank Reconciliations on a cash account. Posting directly to the cash account by choosing GL account for the account type will cause an out-of-balance situation between the bank account and the GL ledger.Tips on Chart of Accounts, Balance at Date and Account Schedule layout and columns?Balance at date can be used on the chart of accounts list page to view a balance for a specific date. This is helpful when trying to reconcile AP and AR.Account Schedules can be used for more than just Income Statements and Balance Sheets. It can be used to create Cash Flow reports, Retained Earnings reports and much more. The power is in the rows and columns. Tips on Dimensions and how to use them to analyze. Global versus shortcut?Analysis Views by Dimensions is another method to use the dimensions to analyze your data. Although around for a while, not many clients use this feature. I encourage you to look into setting up Analysis Views and then using the Dimension – Detail report or the matrix view. The help will provide more information.Customer/Vendor Name to GL Entries?There is an option on the Sales & Receivable Setup page that is called Copy Customer Name to Entries. We recommend turning this on.Posting Description on Purchase order (invoice) and Sales Order (invoice)On the Purchase document page, personalize and pull onto the page in the General Tab section the Posting Description. This will allow you to enter a more meaningful description of what the document is and that description will post to the general ledger entries.Understand Production versus Sandbox?A Sandbox is a different container (database) than Production and allows development to update code or work in an environment that does not affect your production environment. The code base is not shared between the Sandbox and Production container (database). Code changes can be installed in the Sandbox container (database), tested, and if good, moved to the production container (database). You can have up to 3 Sandboxes. Within each container (database) you can have multiple companies. A company can be production, testing or training companies. Each company contains its own data but shares the common code because it is in one container (database).AddendumINVENTORY VALUATION & RECONCILING INVENTORYEvery time a user posts a transaction of inventory increase or decrease, the program records corresponding amounts in the item ledger and value entry tables. The Inventory Valuation is based on the entries in the Value Entry table. The Inventory Valuation report uses the Cost Amount Actual field to determine the value for a certain date or period.When you post a Purchase or positive adjustment, there is an increase to the inventory availability and the value is increased. This results in the Quantity and Cost field in the ILE to be positive numbers. When you post a Sales or negative adjustment there is a decrease to the inventory availability and the value is decreased. This results in the Quantity and Cost field in the ILE to be a negative number. When there is a change in inventory availability only the ILE fields related to availability are affected — not the value. This change can be caused by receipts or shipments.When a change in value such as a Sales or Purchase Invoice is posted, only fields related to value are affected in the ILE not availability.Although Inventory Valuation is calculated only on the basis of posted item entries, certain fields on the item card have an indirect affect. These are Unit Price, Unit Cost, Indirect Cost and Last Direct Cost.Last Direct Cost is copied to the Direct Unit Cost field of a Purchase line unless alternative costs have been set up in the Vendor table for the Vendor being used.If the costing method is FIFO, LIFO, Specific or Average the program calculates the unit cost field on the Purchase line or item journal line based on the values in the direct unit cost field and indirect cost % fields. Any calculated invoice discount and line discount are included in the purchase line. ((Direct Unit Price – Discount) * (1+Indirect Cost %/100)). You can change the direct unit cost, indirect cost % and unit cost on the line.If the costing method is Standard the program fills in the unit cost field on the Purchase lien or item journal line with the value from the unit cost field on the item card, which is the same as the standard unit cost. You cannot change the unit cost on the line and the indirect cost % is always zero.When you take the report, you have the option of including entries that have not been invoiced, which are known as expected costs. The Calculation of the inventory value is the summing up of the positive and negative value entries.The system begins calculating the value of the quantity on hand at a given date and then adds the value of the inventory increases and subtracts the cost of the inventory decreases up to a given ending date by summing the values in the Cost Amount Actual field of the value entries using the posting date as a filter.When inventory costs are posted to the general ledger the program calculates the inventory value by summing up the actual cost amounts in the value entries that are related to each item ledger entry. By doing it this way, additional costs such as item charges, rounding residuals are included in the inventory value. The system sets the posting dates of G/L entries made during the Post to GL process equal to the posting date of the corresponding value entry, except when the value entry falls within a closed accounting period. In this case, the program skips posting the value entry and you must either change the G/L setup or the user setup to allow posting within the date range. If the accounting period is not closed but still open, then the program can post to the accounting period if the user has permissions to do so.Using the Value Entry table, the system uses the following calculation to determine the actual costs to post to the GL. The program will post to the GL the entire amount in the Cost Amount actual field of the value entry and then updates the Cost Posted to GL field. Once the Post Inventory Cost to GL is done the Cost Amount Actual and the Cost Posted to GL is equal.Actual Cost = Cost Amount (Actual) – Cost Posted to GLThe intent of the Inventory GL Reconciliation report is to do the following. You can print this report or use the Matrix to view the values that have been posted.Expose differences between the Inventory sub ledger and GL by comparing what is recorded in GL and what is recorded in the inventory ledger (Value entry table).Displays unreconciled cost amounts in the value entry table to the GL accounts and compares the totals.One of the reports to use to balance inventory to the GL is the Inventory – G/L Reconciliation Report. When you choose this report, you will enter filters, then click Show Matrix. It is also a good idea to select show warning.A: Inventory Valuation = This is the total value of the inventory and should match the Inventory Valuation report and tie to the Inventory account PLUS the Interim Inventory Account. It excludes Production WIP, includes invoiced inventory, and includes received but not invoiced inventory.B: Received Not Invoiced = Inventory received but not invoiced. This can include purchased items or production output on the production orders that have not been Finished. This amount should tie to the Interim Inventory Account and also the AP Accrual Account when Expected Cost Posting is used.C: Shipped Not Invoiced = Inventory shipped but not invoiced. This should tie to the Interim COGS Account when Expected Cost Posting is used.D: Pending Adj: = Could be entries where Adjust Cost Item Entries was not run or Rounding or errors. An example of an error would be: There could also be Pending Adjustments in this column that would not clear out unless another entry is recorded in the system. These are due to errors in the processing of transactions in the system. For example, if Inventory was received into Location 101 and sold from Location 102, the system doesn't know how to adjust the original purchase transaction since it is in a different Location. Once a Transfer Adjustment was made to 'move' the Inventory from Location 101 to Location 102, the Inventory amounts will correctly adjust when you run the Adjust Cost / Item Entries routine.E: Invoiced Value = A-B+C+D = E. However, since A, B, C and E are known, the report actually calculates E-A+B-C=DF: Invoiced Value to be Posted = E-GG: Inv. Value Posted to GL = Amount Posted to the Balance Sheet Inventory Account in GLNote: If there is a value in the Expected Cost to be Posted field, then you need to run the Batch Job, Post inventory to G/L.Note: If there is a value in the Invoiced Value to be Posted field, then you need to run the Batch Job, Post Inventory to G/L.The Matrix can also be used to balance inventory in further detail. It is called Inventory – G/L Reconciliation and can be found in the Analysis & Reporting section under FM/Inventory. Unfortunately, it takes a bit to run so caution should be used when entering your date filter that you don’t use too wide of a range. Also ensure that Show Warning is checked because this is very helpful.Admin CenterThis can be found by clicking on the gear on the home page. Clicking on Admin Center will bring up the following page. Here you can see your version and also update the Notification Recipients:Version 17.1 and 17.2 ReleasesImprovement to the Action Bar Dialogues*We are simplifying how actions are presented in the action bar on certain dialog boxes. This only applies to pages that display as dialogs with a pair of OK and Cancel buttons. Examples of these pages include:Advanced lookups, such as when you choose?Select from full list?in a lookup drop-down list.Check Financial Journals in BackgroundOn the General Journal Batch page, you can choose?Background Error Check?to have Business Central validate financial journals, such as general or payment journals, while you're working on them. When the validation is enabled, the?Journal Check?FactBox displays next to the journal lines and will show issues in the current line and the whole batch. Validation happens when you load a financial journal batch, and when you choose another journal line. The?Issues total?tile in the FactBox shows the total number of issues that Business Central found, and choosing it will open an overview of the issues.You can use the?Show Lines with Issues?and?Show All Lines?actions to toggle between journal lines that have or don't have issues.The new?Journal Line Details?FactBox provides a quick overview and access to data from journal lines, such as the G/L account, customer, or vendor, as well as to the posting setup for specific accounts.Default Unit Cost for Non-Inventory ItemsTo ensure that item costs are up to date, the default unit cost for service and non-inventory items can be updated on the Item and Stockkeeping Unit pages.Improved Accessibility for Low Vision UsersOperating with limited screen spaceMore pages and page content can be presented without loss of information or functionality on small form factors or high-zoom browser settings, where a maximum of 400% browser zoom or browser width of 320 pixels is supported. At these screen sizes:The navigation menu is more responsive to reduced screen width. At the minimum width, only the link to the Role Explorer is shown.The FactBox pane and Filter pane remain accessible and functional, snapping to an overlaid pane when screen width is reduced, or taking up all available horizontal space at the minimum width. When screen space is reduced, only one of the two panes can be shown at any given time.The action bar on various page types is more responsive to the reduced screen width, ensuring that all actions are reachable. Specifically, for list pages that include additional system actions, the Search box remains accessible and overlays the list so that users can view or refine their search terms while still displaying search results.Contextual notifications are more responsive to reduced screen widths and ensure the notification text and action hyperlinks remain reachable.System actions displayed in the outer chrome of a page, such as the edit toggle or navigating to next record on card and document pages, are more responsive to reduced screen widths and are displayed within a drop-down menu at minimum width.Improved color contrastThe difference in color contrast between adjacent colors now meets accessibility guidelines, improving readability of non-text elements in the browser, such as charts, tiles, context menu items, and row selection.With these changes, Business Central is on track to meet new WCAG 2.1 recommendations for accessibility on the web.Track Packages from multiple Sales DocumentsTo provide broader, and thereby faster, access to package tracking information from your shipping agent, the package tracking feature is available on more types of sales documents. In addition to the Posted Sales Shipments page, the tracking feature is also available on the Posted Sales Invoice, Posted Sales Credit Memo, and Posted Return Receipt pages.Use Recurring Journals to Allocate Balances by Dimension ValuesIn recurring journals, you can now specify dimension filters on the source G/L accounts from which you want to allocate costs, and you can set the?Recurring Method?field to?Balance?or?Reversing Balance.Use copy Journal functions on Posted General Journals and Control date for Reversing entries in Recurring General JournalsYou can choose to Copy to Posted Jnl. Lines in General Journal Templates to enable copying of journals to Posted General Journal. You can also enable or disable Copy to Posted Jnl. Lines on a specific Journal Batch that belongs to General Journal Template where Copy to Posted Jnl. Lines was enabled.On the Posted General Journal page, you can now use the Copy Journal function to create a copy of a general journal line or a batch with opposite signs (a reversing journal), a different posting date or document number. The?Copy G/L Register to Journal?function will copy all journal lines that belong to selected G/L Register to target General Journal.On Recurring General Journals, in the?Reverse Date Calculation?column, you can now enter the date formula that will be used to calculate the date with which reversal entries will be posted where Reversal Recurring Methods are used. Please note that?Reverse Date Calculation?can be added to Recurring General Journals through?page personalization.To enable this feature, go to the General Journal Templates page and choose Copy to Posted Jnl Lines for General Journal Templates.Word Document LayoutsYou can now export document layout to work for the following documents: Shipments (1308), Return Orders (1309). Simply modify the layouts and import them back into Business Central to use next time you send, for example, a shipment, return order, or a service document.Easier to Choose the Right Role CenterThe Role Center is the home page, a landing page that is designed for the needs of a specific role in an organization. Depending on your role, the Role Center gives you an overview of the business, your department, or your personal tasks.The default role assigned for most users is Business Manager, but you can switch to another role to use a Role Center that fits your needs better.With this release, Microsoft made the list of available roles clearer.In the default company, a number of profiles are available to choose from that don’t have any content except the navigation menu. In earlier versions, those profiles defined the content of the Role Explorer feature, but users often choose them. To reduce confusion, those profiles are renamed by adding the wording?(navigation menu only)?as a suffix. This should help users understand that the chosen profile has limited content.Profile IDOld captionNew captionRole Center IDADMINAdministrationAdministration (Navigation menu only)8900FINFinanceFinance (Navigation menu only)8901HRHuman ResourcesHuman Resources (Navigation menu only)8902MANUFACTURINGManufacturingManufacturing (Navigation menu only)8903PROJECTSProjectProject (Navigation menu only)8904PURCHPurchasingPurchasing (Navigation menu only)8905RESOURCINGResourceResource (Navigation menu only)8906SALESSales And MarketingSales And Marketing (Navigation menu only)8907SERVICESServiceService (Navigation menu only)8908WAREHOUSEWarehouseWarehouse (Navigation menu only)8909Microsoft slightly repurposed the existing Role Centers to make them more focused on department needs.TABLE 3Profile IDOld captionNew captionNew descriptionRole Center IDDISPATCHERDispatcher - Customer ServiceService ManagerFunctionality for service managers to help track progress, organize the fleet of service technicians, manage material costs, and invoice customers.9016PRODUCTION PLANNERProduction PlannerManufacturing ManagerFunctionality for managers who oversee manufacturing tasks such as designing products, planning loads on the shop floor, tracking work in progress, and managing resource and material costs.9010SHIPPING AND RECEIVINGShipping and Receiving - Order-by-OrderInventory ManagerFunctionality for inventory managers, including procurement, operation with multiple locations, and various warehouse tasks.9008Of course, just changing names is rarely enough, so Microsoft also enhanced the content of these and other Role Centers to better reflect their new purpose:Changes for page 9010 Production Planner Role Center:New caption: Manufacturing Manager.Added Machine Operator Activities part.Navigation menus are extended with Consumption, Output, and Capacity Journals, both regular and recurring ones. More elements such as Work Shifts, Shop Calendars, Work Center Groups, Stop and Scrap Codes can be found under the Capacity group.New actions of type create are added to the Action Bar. In addition to Planned Production Order, users can create Firm Planned Production Order or Released Production Order.Changes for page 9016 Service Dispatcher Role Center:New caption: Service Manager.New Service Orders - Today cue on the Service Dispatcher Activities part.Changes for page 9008 Whse. Basic Role Center:New caption: Inventory Manager.Added a WMS Ship & Receive Activities part that also received new cues to show the number of unassigned warehouse picks, put-aways, and movements.Navigation menus are extended with all types of sales documents, such as Invoice, Quote, Order, Return, and Credit Memo, both drafts and posted. More elements, such as Item Charges and Item Attributes, can be found under the Sales group.New actions of type create are added to the Action Bar. Users can create new warehouse shipments and warehouse receipts straight from their home page.New actions of type processing are added to the Action Bar. Users can open warehouse worksheets, such as the Put-away Worksheet, Pick Worksheet, or Movement Worksheet, as well as the inventory planning worksheets: the Requisition Worksheet, Planning Worksheet and Order Planning pages.Changes for page 9026 Sales & Relationship Mgr. RC:Navigation menus are extended with all types of warehouse documents, journals, and worksheets, and documents such as Invoice, Quote, Order, Return, and Credit Memo, both drafts and posted. More elements such as Items, Locations, Shipping Agent, Catalog Items, Stockkeeping Units, and Bin Contents can be found in the Reference Data group.From the navigation bar, users can open Sales Orders - Microsoft Dynamics 365 Sales.New actions of type create are added to the Action Bar. Users can create new sales quotes, sales invoices, sales orders, sales return orders, and sales credit memos straight from their home page.Changes for page 9006 Order Processor Role Center:Layout changed to Normal for the Sales Quotes - Open and Sales Orders - Open cues on the SO Processor Activities part.Navigation menus are extended with all types of archived sales documents.Changes for page 9022 Business Manager Role Center:Part "Product Video Topics" is hidden because its content is now available in the Assisted Setup page.Changes for page 9027 Accountant Role Center:Part "Product Video Topics" is hidden because its content is now available in the Assisted Setup page.While each Role Center consists of a unique collection of parts and actions, they also have a lot in common. The following elements apply to every Role Center:Profiles enabled by defaultUser Tasks ActivitiesApprovals ActivitiesMy Job QueuePower BI Report Spinner PartReport Inbox Partpage 9022 Business Manager Role CenterAddedAddedAddedpage 9027 Accountant Role CenterAddedAddedpage 9015 Job Project Manager RCAddedAddedAddedpage 9010 Production Planner Role Center (new caption: Manufacturing Manager)AddedAddedAddedpage 9026 Sales & Relationship Mgr. RCAddedAddedAddedpage 9024 Security Admin Role CenterAddedAddedAddedAddedpage 9016 Service Dispatcher Role Center (new caption: Service Manager)AddedAddedAddedpage 9008 Whse. Basic Role Center (new caption: Inventory Manager)AddedAddedAddedpage 9006 Order Processor Role CenterAddedAddedpage 9000 Whse. WMS Role CenterAddedAddedpage 9009 Whse. Worker WMS Role CenterAddedAddedpage 9028 Team Member Role CenterAddedTABLE 5Role centers without profiles or where profiles are disabled by defaultUser Tasks ActivitiesApprovals Activitiespage 9001 Accounting Manager Role CenterAddedpage 9002 Acc. Payables Coordinator RCAddedpage 9003 Acc. Receivables Adm. RCAddedpage 9018 Administrator Role CenterAddedpage 9004 Bookkeeper Role CenterAddedAddedpage 9014 Job Resource Manager RCAddedpage 9013 Machine Operator Role CenterAddedpage 9007 Purchasing Agent Role CenterAddedpage 9021 RapidStart Services RCAddedpage 9017 Service Technician Role CenterAddedpage 9011 Shop Supervisor Mfg FoundationAddedpage 9012 Shop Supervisor Role CenterAddedpage 9020 Small Business Owner RCAddedWith the changes described here, users should be able to find a Role Center that fits their needs better. Remember that you can always enhance your Role Center by bookmarking a page or report, or by hiding or unhiding parts.As you can see, multiple Role Centers received new elements. For these Role Centers to properly work, we must adjust permissions. The next update will include updated license, entitlements, and standard permission set.However, it is important for administrators to update any customized permissions sets, so that users will not experience disruption once the tenant is upgraded. Here are some objects that you should consider adding to any customer-specific permission sets upfront.IMPORTANT NOTE ABOUT THE UPCOMING UPGRADEElementObjectsApprovals Activities (New page and table)page 9144 Approvals Activities, table 9144 Approvals Activities Cue, page 658 Approval Entries, page 654 Requests to Approve, table 454 Approval EntryUser Tasks Activitiestable 1170 User Task, page 1170 User Task List, page 9078 User Tasks Activities, codeunit 1174 User Task ManagementMy Job Queuepage 675 My Job Queue, table 472 Job Queue EntryPower BI Report Spinner Partpage 6303 Power BI Report Spinner Part, codeunit 6301 Power BI Service Mgt., codeunit 6317 Power BI Session Manager, page 6319 Power BI Management, table 6304 Power BI User ConfigurationReport Inbox Partpage 681 Report Inbox Part, table 477 Report InboxImproved Control over when you post WIP for JobsWhen you close the Job WIP Entries page, Business Central displays a confirmation dialog with "You must run the Job Post WIP to G/L function to post the completion entries for this job. Do you want to run this function now?" If you choose?No, you can manually run the function later. When you do, you can specify parameters for the function.Contact Mobile Phone Number and Email You can now use the?Mobile Phone Number?and?Email?fields on data entry pages, report data sets, report layouts, and segment lines that have contact details in Business Central.Convert a Contact to a Vendor or EmployeeWhen selecting a contact, you can now convert it to a vendor or employee. During conversion, you can choose a contact conversion template to use when the contact is converted to a vendor or employee.Support for Unlimited Production and Sandbox EnvironmentsThis release wave introduces the option for customers to purchase additional production environments. For each newly purchased production environment, the customer can create additional sandbox environments. The specific number of sandbox environments that is allowed for each purchased production environment is still being determined.Additional production environments will also increase the database capacity quota for the customer's organization. The actual database capacity increase for each new production environment is still being determined.Write Longer Item referencesYou can set up an item reference between your item description and the description that your customer or vendor uses. When you create a sales or purchase document, you can fill in the Item Reference No. field to automatically add the customer’s or vendor’s description to the document.Page Inspector Supports Temporary TablesWith this update, the inspection pane now displays valuable record information also for pages that are implemented to use temporary tables. Information about the current record is displayed in a consistent way and is not different from inspecting pages that use physical source tables.The inspection pane is now significantly faster at refreshing when you choose to inspect a different record or page part.A visual cue indicates that the pane has completed refreshing and that data in the pane now reflects the currently selected record.FYIBusiness Central online is governed by Microsoft’s Modern Lifecycle Policy. This means continuous service updates and a major update every 6 months.Databases are protected by automatic backups that are retained for 30 days. As an administrator, you cannot access or manage these backups because they are managed automatically by Microsoft. Database backups are an essential part of any business continuity and disaster recovery strategy, because they protect your data from corruption or deletion. These backups enable database to restore to a point in time within the configured retention period. If your data protection rules require that your backups are available for an extended time (up to 10 years), you can configure?long-term retention?for both single and pooled databases.Both SQL Database and SQL Managed Instance use SQL Server technology to create?full backups?every week,?differential backups?every 12-24 hours, and?transaction log backups?every 5 to 10 minutes. The frequency of transaction log backups is based on the compute size and the amount of database activity.When you restore a database, the service determines which full, differential, and transaction log backups need to be restored.Databases can be exported for BC Online environments as a .bacpac file to an Azure storage container.17.1 TIPS and TRICKSPay EmployeeIn Business Central it is now easier to Pay Employees. The Employee does not need to be set up as a Vendor.The first step is to set up an Employee Posting Group. Type “Employee Posting Group” in the search. Set up an Employee Posting Group:Next, Create an Employee Card. Type “Employee” in the search. Click New and add the information on the Employee Card. On the Payments Tab of the Employee Card enter the Employee Posting Group:Go to the General Journal or Purchase Journal and enter a transaction. The Account Type would be Employee instead of Vendor. The document type is blank. Post the Journal.From the Employee Card you can Navigate to the Employee Ledger Entries:The entry DOES NOT show on the AP Aging.To Pay the Employee you can simply type “Pay Employee” in the search. From the Employee Ledger Entries, you can choose Pay Employee, and then Process Create Payment. Or you can go to the Payment Journal and choose Prepare and Suggest Employee Payments. In my example, I chose Pay Employee from the Employee Ledger Entries. The following dialogue box appears. The information below will populate and open the payment journal:You can now print the check and Post. Once you posted the check you can go to the Employee Card and see the entries have been made. The Invoice and the Payment and the remaining amount is zero.Customizing ProfilesBC now allows you to customize a profile and then assign that profile to all users. It is recommended that you copy a profile to a new profile before customizing so that the system one is maintained.Type “Profiles” in the search and choose Profiles (Roles).Highlight a Profile (Role) you want to copy.Click Copy Profile.The following will appear. Enter a new Profile ID and Name, whatever you want to call it.Once created, highlight the new Profile and then choose Customize pages.You will now be in customize mode for that Profile and your screen will look as follows. Proceed to customize your pages. Once Done, click Done. Type :User Personalization” in the search. You will see a list of your users. Click on one to open the page. Change the Profile ID to the Profile ID you created.Sending Emails (17.2)In version 17.1 Microsoft introduced a feature for handling emails from Business Central on the Feature Management page. Currently you can turn it on or off. Once turned on, you will type Set Up Email or Email Accounts. There you will find that you can set up multiple email accounts instead of just one. You are not limited only to the SMTP setup anymore, but you can also use Microsoft 365 mailboxes or Current User as sender. If you want, there is a possibility to extend the list with your own email providers.You must have the Email Setup permission set for your user account before you can perform this function.You add email accounts through extensions that enable accounts from different providers to connect to Business Central. The standard extensions let you use accounts from Microsoft Exchange Online, but other extensions may be available that let you connect accounts from other providers, such as Gmail.After you add an email account, you can specify predefined business scenarios in which to use the account to send emails. For example, you can specify that all users send sales documents from one account, and purchase documents from another. The following table describes the email extensions that are available by default:NOTE: Please go to the following URL to get more information about this feature TIPS AND TRICKSGL Account CategoriesGL Account Categories can be used as a reporting tool and have value.From the home page, click Finance and then G/L Account Categories:Income/Balance is required.Choose an Account Category from the list.Account Subcategory can be customized. Perform the following:Click on the 3 dots in the Account Subcategory field. This will display the subcategories that exist for the Account Category:Click Edit List by clicking the 3 dots and choosing Edit List:Next, highlight a line where you want to put the new category, click the 3 dots and choose new. It will place a new line under the line you have highlighted.Enter a new name. This is now available. You can also choose Process and move the Subcategory up or down or indent or outdent.Set up all your chart of accounts with the account categories and subcategories. You can see from the GL Account Categories page that you can see what GL Accounts make up that category. You can see the balance in that category.This page can be sent to Excel or you can filter on this page, for example, for just Assets or just Equity:Reversing GL Entries with Copy Journal FunctionEnter a General Journal as you normally would.After posting the General Journal, type “Posted General Journal” in the search if you have not already bookmarked it to your home page.Find your entry and choose one of the options.The following options exist:Copy Selected Lines to Journal – Copies the lines you selected to the General Journal so you can post a new entry.Copy G/L Register to journal – Copies the selected GL Register to the General journal so you can post a new entry. This option will pull all the lines in that GL Register.Find EntriesOpen in ExcelNOTE: On the General Journal Batch you must have the Copy to Posted Jnl. selected in order for this feature to work. ................
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