Manage Your FinancialsGet an end-to-end view of your business by connecting data across accounting, sales, purchasing, inventory, and customer interactions. Chart financial performance in real time with built-in Power Business Intelligence dashboards.
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Business Central Finance Capabilities
Managing Intercompany Transactions
There are four main benefits to the Intercompany functionality: 1. Increased productivity as a result of time saved and simplified transactions 2. Minimised error potential with one-time entry of information and system-wide, automated updates 3. Complete audit trail and full visibility into business activities and transaction histories 4. Efficient, cost-effective transactions with affiliate and subsidiary companies You are in full control of all transaction documents.
Managing Inventory Costs
Cost management, also referred to as “costing”, is concerned with recording and reporting business operating costs. It includes the reporting of manufacturing costs and inventory costs, that is, the value of items.
Consolidating Financial Data from Multiple Companies
If the financial statements of a business unit are in a different currency than those of the consolidated company, you must set up exchange rates for consolidation. You can consolidate: 1. Across companies that have different charts of accounts. 2. Companies that use different fiscal years and different currencies. 3. Either the full amount or a percentage of a company's financial information 4. Using different currency exchange rates in individual G/L accounts 5. Companies in other accounting and business management programs
Post Transactions Directly to the General Ledger
General journals post financial transactions directly to general ledger accounts and other accounts, such as bank, customer, vendor, and employee accounts. Posting with a general journal always creates entries on general ledger accounts.
In Business Central, one of the fastest ways to register payments is with the Payment Reconciliation Journal page by importing a bank statement file or feed. The payments are applied to open customer or vendor ledger entries based on data matches between payment text and entry information. You can review and change the matches before you post the journal, and close bank account ledger entries for ledger entries when you post the journal. The bank account is reconciled when all payments are applied.
You can use functions to add payments lines for purchase invoices that are due on the Payment Journal page. To send transactions to your bank, you can export multiple payment journal lines to a file, and then upload the file to your bank. You can also make payments by check, including transmitting checks as electronic payments.
Prepayments are payments that are invoiced and posted to a sales or purchase prepayment order before final invoicing. You might require a deposit before you manufacture items to order, or you might require payment before you ship items to a customer. The prepayments functionality enables you to invoice and collect deposits required from customers or to remit deposits to vendors. Thus, you can ensure that all payments are posted against an invoice.
Reconciling Bank Accounts
You can perform the task on the Bank Acc. Reconciliation page where you match (reconcile) bank statement lines in the left-hand pane with your internal bank account ledger entries in the right-hand pane. Alternatively, you can perform this task on the Payment Reconciliation Journal page as part of processing the payments that are represented on a bank statement. On both pages, you can fill in the bank statement information by importing a file or feed and you can use automatic matching suggestions.