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Finance Module

Finance

Finace Module act as the center point of all the modules available with Microsoft ERP – Business Central or Navision. Following image shows the Finance module explored format in Business Central product.

Business Central - Finance Module Exploration
Finance Module – in Business Central

As you can see, Microsoft adopted all the features available with older version and added new functionality as and when released. As a result right now its having lots features.

Finance module helps us to work systematically and carry out actions in such a way that what all works going through Business Central / Navision will directly or indirectly reflects in this module.That means we can take a simple example of purchasing of raw materials.We will raise a purchase order for the material and according to our needs and the vendor will deliver the goods.Will accepts the goods by raising a GRN ( Goods Receipt Note ). Finally we have to pay the vendor who provide us with the goods. For that the next step is to raise a purchase invoice, where the value gets updated in our books and the vendor book. By looking these two details we can come to a conclusion that how much goods are bought each time and what payment we have to return for the same. Taking all these things into aspect only we are calculating our company’s or organizations Profit / Loss.

Business Central / NAV / Navision deals with this in most effective way. Any company or Organizations can relay on Microsoft Dyanamics NAV(Navision).It can be described as a complete ERP kit for any firm.

As you can see the abow picture there are basically 8 sub modules available under finance module.

  1. General Ledger
  2. Cash Management
  3. Cost Accounting
  4. Payables
  5. Receivables
  6. Fixed Asset
  7. Inventory
  8. Setup

General Ledger

General ledger sub module act as the core module to handles the accounts. According to Finance / accountancy language there are key points like accounts, credit amounts, and debit amounts. This language is managed through accounting principle (GAAP). Business Central / Dynamics NAV ( Navision) has implemented these rules using posting groups available built in so the system can translate everything to an accounting language and
post it to the general ledger entries ( G/L Entries ) automatically.

Under general ledger sub module further divided in to 11 sub modules / functionalities.

  • Chart Of Accounts
  • G/L Budgets
  • Account Schedules
  • Analysis by Dimensions
  • VAT
  • Intercompany
  • Consolidation
  • Journals
  • Register / Entries
  • Reports
  • Setup

Cash Management

This sub module is used for handling Companies Bank Accounts. Also used to handle payments received from customers, payments to vendors, and bank reconciliation.

Following are the sub modules available with Cash Management

  • Bank Accounts
  • Receivables-Payables
  • Payment Registration
  • Cash Flow
  • Reconciliation
  • Journals
  • Ledger Entries
  • Reports
  • Setup

Cost Accounting

Cost accounting can help you understand the costs of running a business.

In cost accounting, you allocate actual and budgeted costs of operations, departments, products, and projects to analyse the profitability of your company.

Following sub modules available on Cost Accounting.

  • Chart of Cost Centers
  • Chart of Cost Objects
  • Chart of Cost Types
  • Cost Allocations
  • Cost Budgets
  • Cost Journals
  • Registers
  • Reports
  • Setup

Payables

Payable module is used to handle all the Vendors , Purchase transaction Payments , Inter company Process Incoming documents, Registers , Payable Journals and more.

Following are the sub modules available with Payables module

  • Vendors
  • Purchase Invoices
  • Purchase Credit Memos
  • Incoming Documents
  • Journals
  • Posted Documents
  • Registers / Entries
  • Reports
  • Setup

Receivables

Receivables module used to handle anything related to Customers Cash transactions, Fin. Charge Memos, Receivables Journals and more.

Following are sub modules

  • Customers
  • Sales Invoices
  • Sales Credit Memos
  • Direct Debit Collections
  • Create Recurring Sales Invoices
  • Register Customer Payments
  • Combine
  • Reminder / Fin. Charge Memos
  • Journals
  • Posted Documents
  • Registers / Entries
  • Reports
  • Setup

Fixed Asset

The Fixed Assets functionality is used to manage a company’s assets, their cost and depreciation, and also it’s related to maintenance and insurances.

  • Fixed Assets
  • Insurance
  • Calculate Depreciation
  • Index Fixed Assets
  • Index Insurance
  • Journals
  • Reports
  • Registers / Entries
  • Setup

Inventory

Inventory Module handles everything related to Inventory periods creation, physical Inventory, Application worksheet , costing and more.

Following are the list of sub-modules exist under this

  • Inventory Periods
  • Open Physical Inventory Counting Periods
  • Application Worksheet
  • Costing
  • Journals
  • Reports
  • Setup
Jubel
Jubelhttps://www.navisionplanet.com
Jubel Thomas Joy, a 16+ year Microsoft Dynamics 365 Business Central/NAV/Navision expert, founded "Navision Planet" in 2009. Certified in Business Central , D365 - Commerce and many more. He blogs on the latest updates and various modules of Business Central & LS Central, showcasing expertise in SQL, Microsoft Power Platforms, and over 150 organizations of work experience.

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