Microsoft Dynamics NAV for Ledger Highlights

The NAV has the General Ledger module which helps handle various aspects of Ledger in the Financial Domain. How does Microsoft Dynamics NAV impact General Ledger?

1. The enterprise resource planning system streamlines routine accounting processes with automated financial processes.
2. It enables the company to exercise stronger control on its Finances by integrating data and through intelligent transaction processing.
3. It offers robust analytical and reporting capabilities, which help reduce time and effort usually spent on accounting tasks.
4. It helps monitor the company’s fiscal performance and also meet business and regulatory requirements.
5. Microsoft Dynamics Navision has a very intuitive user interface that can be customized to handle the most common tasks.
6. The personnel of the organization get to take better decisions based on real-time data. The solution offers powerful analytical capabilities and robust reporting services that help monitor performances, identify trends and solve problems.
7. Business can be done internationally with the software’s flexible accounting processes and its multi-language and multi-currency capabilities.
8. The core Financial Data of the entire organization can be centralized through the software. This includes actual, budgetary and average balances within a single ledger. A single posting process ensures effortless synchronization of summary balances for up-to-the-minute data.
9. The enterprise resource planning system helps achieve comprehensive financial transparency through integrated systems, shared data and drill down capabilities.

Navision features various functionalities which strengthen its case as most preferred ERP to handle tasks related to General Ledger.

1. Intercompany Transactions: These help define multiple intercompany relationships between parent and partner. These also help distribute purchase order costs directly to subsidiaries.
2. Interfund Accounting: This functionality reduces errors associated with manual reconciliation of funds. It also helps transfer balances smoothly between accounts.
3. The XBRL Support functionality helps distribute financial information over the internet and further helps simplify reporting across multiple formats.
4. The solution helps companies create detailed budgets with a clean breakdown of every general ledger account and also of every total in the chart of accounts. Once the budget has been created, actual balances can be printed and variances shown by percentage.
5. The solution helps filter budgets by up to four dimensions, in order to create sub budgets that match the organizational structure. It also helps assign multiple ‘dimensions’ to identify financial information such as product, sales region and time period to further analyze better and correlate performances.
6. MS Dynamics NAV for General Ledger helps leverage these dimensions to create complex account schedules. The solution helps improve reporting with advanced options for selecting what to display in both row as well as column combinations.
7. It automates transactions with respect to general, recurring and auto-reversing entries. It enables the end user to post frequent transactions to one’s general ledger through a recurring journal.
8. It creates a flexible user environment, one in which numerous journals can be accommodated each having its separate document series.
9. It helps out with detailed audit trails which help comply with financial regulations via easy data tracking. Besides, every entry gets assigned an entry number as well as a transaction number when posted to an account or a source code or reason code or user ID.
10. Companies into General Ledger get to do some highly intelligent transaction posting, which involves checking journal balances before posting entries and seeing how entries affect liquid accounts.
11. NAV offers functionalities for Foreign Trade and Currency Management, which help conduct business using a huge number of currencies. Companies can manage customer as well as vendor accounts in a foreign currency and maintain general ledger in different currencies.
12. NAV for General Ledger features never before seen security functionalities, which help guard financial data with role based access rights to information.

Similar Articles

free-invoicing-software-benefit-business

Prompt and accurate invoicing is an asset for any business. It ensures that the company is timely paid for its services. As the company grows, managing and tracking invoices belonging to different projects manually is impractical.

Business Expense Tracking Software

Nowadays, every business organization can be seen looking for high-end software solutions to increase the productivity and overall efficiency of their business operations. One such digital tool that has gained immense popularity

Mobile Apps

Today, we exist in a highly digital world. After all, we have come a long way from doing processes manually, in-person; instead, we mostly rely on digital tools and solutions, especially mobile apps, to execute most of our day-to-day tasks

Online Proctoring Software: Factors to Keep in Mind

The world had started to, slowly but steadily, engage with the concept of digital learning and online exams long before the coronavirus pandemic came along and disrupted the education ecosystem across the globe.

Online Food Ordering System: Key Features

Unless you have been living under a rock, there's a good chance that you have ordered online at least a handful of times, if not more. Do you know whom you have to thank for that? Online food ordering systems.

5 Ultimate Mobile App Development Trends for 2021

The average time spent on smart devices daily has been increasing over the years. Mobile app development technology is continuously evolving and flourishing in this digital era. Thus, you have to keep up with the latest mobile app development trends.

Penetration Testing

For security-conscious companies, being compliant with industry-standard security policies is a top priority.  Being in non-compliance with industry standards can result in fines.  More importantly, it can lead to increased cyber-attacks on your company, employee data, and customer data.

Magento vs Drupal Commerce: Which One Should You Pick?

As the world continues to evolve at a break-neck pace, the market has witnessed numerous changes. Among all these changes, perhaps none has proven to be quite as consequential as the emergence of e-commerce.

Time Tracking Software

Tracking your employee's time is an essential component of many businesses. It enables business owners to accurately charge their clients for the time spent on their projects. Luckily, time tracking in the digital age is not a challenge anymore.