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What's new in Microsoft Dynamics NAV Financials?

What's new in Microsoft Dynamics NAV Financials?

 

Microsoft Dynamics NAV is a robust business solution that continues to evolve to conform to the needs of its dedicated users. The latest enhancements offer quicker implementation and further ease of use for the end user with many features that are designed to support your businesses ambitions especially as pertains to the financial management system. Some of the more exciting enhancements include: 

Account Categories and Sub Categories:

There is now a set of accounts categories that you can map to the chart of accounts. This helps easily categorise accounts for reporting purposes.

  • You can use a predefined set or customise your own categories.
  • Account schedules are automatically updated when making changes to the mappings.
  • There is also a nice little overview screen, shown below, that groups the accounts by category.

In Item Categories, you can setup a hierarchy that inherits attributes, saving time in the setup and ensuring consistency. For example, any Bicycle category needs a Brand and Model Year. 

Microsoft Dynamics NAV Financials

 

Items Category Attributes:

You can now assign Item attributes, such as model, colour, size. You can filter on any of these attributes to make product searching more effective in a logical and visually appealing way. 

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There is also a new Automatic Update of Account Schedule when we update the Account Category mapping.

Microsoft Dynamics NAV 3

 

Financial Reports:

The new Financial Management enhancements in Dynamics NAV allow you to work with ready-to-use financial statements and gain logical insights into the financial performance of your business. The new default Account Schedules makes it quick and intuitive to produce the financial reports that you need, including the four new reports that have been added through the Business Manager Role Centre:

  • Balance Sheet

  • Cash Flow Statement

  • Income Statement

  • Retained Earnings Statement

Use the wizard to help you complete most of your tasks, and take advantage of automatic daily or weekly data updates. In addition, more data sources are supported, including jobs and tax data.

  • Account Schedules:

The new default Account Schedules means that no set up is required, making it quick and intuitive to produce the financial reports that you need, and "point-in-time" reporting means you can view the financial state of your business for any given time.

  • Cash Flow Forecasts:

    You can understand your cash flow and can look ahead to predict the highs and lows in your cash balance, helping to improve margins and ensure profitability.

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New Reports:

New reports are now available in Microsoft Dynamics NAV, making use of the new account Categories and Sub Categories, which utilise automatically maintained Account Schedules.

 

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Document Layouts and PayPal:

You can insert links on documents to online payments services (PayPal) making it easy for customers to make payments.

  • Document layouts - You can add default email body messages used Word templates.
  • New sample invoice layouts - Word Layouts.
  • Sales invoices - You can enable PayPal and add a link to the invoice.

Clicking on the PayPal link (from email body or on the PDF) takes you to the PayPal website with the description and amount already filled in.

 

Updated Power BI on the Role Centre

The NAV Power BI content pack can be loaded to get you started, allowing you to view Power BI charts directly on the user role centre in NAV. This can be personalised by user and role.

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If you would like to experience the many ways in which the new Microsoft Dynamics NAV makes your business life easier and more productive, contact Compusoft Australia today on 02 9597 4377 and ask for a free, no-obligation demonstration.

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