Dynamics 365 Business Central- Auto Generate Financial Statements(Account Schedule)

Hello,

This post is about my earlier Microsoft Dynamics NAV implementation experience and  how Microsoft Dynamics NAV platform has evolved gradually with the new features. Earlier during our NAV implementation/ training programs we used to get concerns/queries from business users related to Account Schedule design and G/L Account mapping to particular account group/category. What if one forgets to configure G/L account to specific Account Schedule (Financial Statement)?

As a NAV consultant I've spent my time investigating the G/L account mapping issue to Account schedule and explaining the business user about missing G/L account mapping with specific Account Schedule (Financial Statement). 

Now with Microsoft Dynamics 2017 and later releases like NAV 2018, Dynamics 365 Business Central we can auto generate Account schedule (Financial Statement) from the NAV system by following few steps.

To demonstrate this feature I have used Dynamics 365 Business Central (CRONUS Denmark A/S).

Step-1: General Ledger Setup ---- > Reporting Fast Tab

On General Ledger Setup we need to define Acc. Sched. for Balance Sheet / Income Stmt. / Retained Earn. from the Account Schedule List. Based on the configured schedule NAV system will auto update the schedule.

Step-2: G/L Account Categories

As we can see on G/L Account categories page, NAV has predefined/standard Account categories like- Assets, Liabilities, Equity, Income, COGS & Expense. For these categories we can create sub-categories as per business requirements/Accounting standards, and these categories and sub-categories  need to be defined on each G/L Account under Chart of Accounts (Refer Step-3).

Moreover, here we can also see G/L Accounts with and without Category. Once all configuration is completed with G/L Account mapping, we just need to click on Generate Account Schedule, which will update the Acc. Schedule which are configured on General Ledger Setup (Ref. Step-1) with the real time financial entries and balances.

Step-3: Chart of Accounts ---- > Configuring Accounts Category and Sub-Category

Thus, this new feature of Microsoft Dynamics NAV will reduce the reporting dependencies on business user and also business user can efficiently generate the financial statements from the system with out any erroneous financial data due to missing G/L account mapping. As we all know Acc. Schedule is very unique functionality of Microsoft Dynamics NAV and Auto Generate Acc. Schedule feature will make more user friendly for all the stakeholders. 

PS: This article is based on my best knowledge of the Dynamics NAV, any suggestions/feedback are welcome!

Thanks !

Jaymesh Shah