This financial reporting tool helps accountants and financial analysts extract the most essential business data from the chart of accounts, budgets, cash flow accounts and cost types into financial reports, which can be used to efficiently monitor the health of the business and provide valuable input for the business decision makers. You choose the accounts you want to monitor and report on, change the order of the accounts, and combine figures in various ways, set up which columns to print, change the description of the accounts and supply them with additional notes.
Make simple calculations on the data you selected on the accounts schedules worksheet, compare current figures with historical ones and with your budgets.
Allocate general ledger entries to combinations of accounts, departments, and projects using allocation keys based on amount, percentage, or quantity.
Basic General Ledger
The Basic General Ledger includes all the basic functionality necessary for setting up a company and posting to the general ledger, chart of accounts, general journals, VAT facilities, recurring journals, and source codes. Also includes:
- Facilities for internal and external reporting.
- Rapid Start Services for Microsoft Dynamics NAV
- Approval of sales and purchase documents.
- Posting and reporting in your company’s base currency.
- Posting and reporting in an additional currency with the addition of the Multiple
- Capability to export data from any form to Microsoft Word or Microsoft Excel® using
- Capability to link to external documents.
- Two languages—U.S. English and one other.
- Set up sales and purchase documents archiving.
- Background posting
Microsoft Dynamics NAV
Export documents from Microsoft Dynamics NAV in XBRL (Extensible Business Reporting Language) format and import XBRL taxonomies into Microsoft Dynamics NAV from the Internet, email, or other systems. XBRL is an XML-based specification that uses accepted financial reporting standards based on standardized, underlying data tags.
Basic XBRL includes:
- Capability to map your general ledger to XBRL taxonomies so that the same
XBRL document instance can be used for various purposes, independent of the
format required by the receiver of the document.
- Support for the XBRL 2.1 Specification released by the XBRL Consortium.
Work with budgets in general ledger accounts. After you have created a budget, you can print a balance that shows variances to the budget by percentage. Work with multiple budgets at one time. For example, work with a 100 percent budget, a 110 percent budget, and so on. Budgets are generally entered per period for the relevant general ledger accounts.
Log user changes made to Microsoft Dynamics NAV master data. You can log all direct modifications a user makes to the data
in the database, except for changes to “working documents” such as journals, sales orders, and purchase orders. The change log functionality makes it possible to get a chronological list
of all changes to any field in any table (except those “working documents” just mentioned) and to identify by user ID who made the changes.
Consolidate companies in Microsoft Dynamics NAV. The companies can come from one or from several different Microsoft Dynamics NAV databases or other files, and you can import and export financial information. If data used is retrieved from several Microsoft Dynamics NAV solutions, use this only in the parent company.
Manage accounting for more than one company in the same posting process. The companies
can be in the same or in one of several different Microsoft Dynamics NAV databases. You can
also send documents to partner companies. Users control the document flow through an
Inbox/Outbox feature, and transactions are completed as general journal transactions or
through receivables and payables, which enables the use of currencies and correct
Set up profit centers and/or cost centers. A company can sell items with specific prices and
that are related to a responsibility center. You can tie a user to a responsibility center so that
only sales and purchase documents related to the particular user are displayed. Users get
assistance with entering extra data, such as dimensions and location codes.
Cost Accounting provides an efficient way to control the company’s costs by providing
visibility and insight into budgeted and actual costs of operations, departments, products, and
projects. Cost Accounting synchronizes cost information with the general ledger, and then
allocates that information to different costs centers and cost objects.
Cost Accounting includes:
- Transfer costs from general ledger.
- Enter and post internal charges and allocations directly in the Cost Accounting
- Predefine recurring cost allocation rules on cost allocation cards and execute in
a batch job.
- Undo allocations.
- Cost budgets and transfer cost budget entries to actual entries.
Cash Flow Forecast
Cash Flow Forecast provides a prediction of how a company’s liquidity – cash and other
treasure positions – will evolve
over time. It consists of two things – cash receipts and cash
disbursements – the money you expect to receive and the cash you expect to pay out – plus
the liquid funds you have available. These elements together show you a direct cash flow
Basic Fixed Assets
Keep track of fixed assets such as buildings, machinery, and equipment. You can also post various fixed-asset transactions: acquisitions, depreciation, write-downs, appreciation, and disposal. For each fixed asset, you set up depreciation books in which the methods and other conditions used for calculating depreciation are defined. You can set up an unlimited number of depreciation books to satisfy legal requirements, and for tax and internal accounting purposes. This is well suited for international companies that need to use many depreciation methods.
Fixed Assets Allocations
Allocate different percentages of fixed asset transactions, such as acquisition cost and depreciation, to different departments or projects by using allocation keys. Useful for when several departments share a fixed asset.
Keep track of insurance coverage and annual insurance premiums for your fixed assets and easily determine whether your assets are under-insured or over-insured. You can attach each asset to one or more insurance policies and also index insurance amounts.
Record maintenance and service expenses for each fixed asset. Get the detailed information you need to analyze and make decisions about the renewal and disposal of fixed assets.
Reclassify a fixed asset or part of a fixed asset—for example, from one department to another. You can split one fixed asset into several fixed assets, or combine several fixed assets into one fixed asset. When you need to dispose of one part of a fixed asset, you can split it into two assets and then dispose of the appropriate one.
Bank Account Management
Create, operate and manage multiple bank accounts for catering to your diverse business needs and across different currencies.
Electronic Payments and Direct Debits
Create payment proposals based on vendor documents and generate bank payment files in ISO20022/SEPA format or use the Bank Data Conversion Service for generating the appropriate electronic payment file for your bank. Keep easily track of the payment export history for your electronic payments and recreate a payment file whenever needed. Apply payments comes with simple streamlined process to mark and process the desired transactions.
Create direct debit collections to get the money directly from your customers’ bank account and generate bank direct debit file in ISO20022/SEPA format.
Reconciliation of Incoming and Outgoing Bank Transactions
Import bank transaction data from electronic files sent from
you bank in ISO20022/SEPA format – or use the Bank Data Conversion Service for other file types. Apply the bank transactions automatically to open customer and vendor
ledger entries and create your own mapping rules. Review the proposed applications and account mappings in an easy and intuitive way. Modify the algorithm behind the record matching is possible by modifying, removing or adding rules.
Bank Account Reconciliation
Import bank statement data from electronic files sent from you bank in ISO20022/SEPA format – or use the Bank Data Conversion Service for other file types. Reconcile your bank statement data automatically to open bank account ledger entries and keep track of all bank statements
Generate Computer printed checks with unique number series for each bank account. You can specify on the payment journal line whether you want this payment to be made with a computer or a manual check. Assists internal control by ensuring that the computer check is actually printed before posting the Payment. Check printing comes with flexible user options like voiding a check, Reprinting, Using check forms with preprinted stubs, testing before printing and also a possibility to consolidate payments for a vendor into a single check.
Microsoft Dynamics NAV Tablet client is targeted at users in small and medium sized businesses that want to access data from a tablet. Some of the advantages of offering tablet solutions are portability and flexibility, when the user is away from the desk.
The tablet is lighter than a laptop, and thereby provides portability. Most tablets have an on-screen keyboard, but the keyboard plays a less central role on the tablet, and this forces you to have to consider the touch experience on Windows, iOS, and Android tablets.
Having a Microsoft Dynamics NAV solution that runs on a tablet puts it in the hands of many more users, so the system is easier to distribute, and your organization get more results, more productivity, and more value from the NAV solution. Other advantages are that by using a tablet, you can capture data closer to the source, for example, at the customer site, and thereby improve accuracy and reduce end-to-end time.
The following illustration shows the intended use of the various Microsoft Dynamics NAV clients.
As you can see, the Tablet, Windows, and Web Clients are not only fully integrated with each other, but also use the same interface. This means that changes will appear automatically on all three Clients, regardless of whether they’re made on the Tablet, Windows, or Web Client.
After installing the Tablet Client on your device, you’ll be able to perform most of the tasks you typically complete from your computer. To begin with, you can:
- Access applications and business data according to your role as a user;
- Manage various information, from customer lists, phone numbers, orders, and invoices to
key performance indicators;
- Create new entries for customers, quotes, orders, etc.;
- Customize the way you access business information; for example, you can transform list
views into graphical views for a clearer representation of data;
- Write directly on the tablet; with the Tablet Client, you can verify and sign documents
directly on your tablet;
- Take pictures with your tablet’s camera and attach them to documents or applications right
away; the Tablet Client saves you the hassle of taking pictures with your phone and loading
them on to your computer;
- Use your workstation to develop or customize pages in Dynamics NAV 2015 Development
Environment; then, you can test the new solution tailored to specific needs, scenarios, or
work roles from the same workstation, using the Tablet Client.
This is a great option for service engineers, sales field organizations, executives and decision-makers, or anyone in your organization who wants access to Dynamics NAV from a touch enabled mobile device. Get visibility into every angle of your business using the Role Center. Tap to drill into details about your customers, vendors, inventory, or any other data from Dynamics NAV. Quickly create invoices and quotes, and email them with just a few taps.
Keep in mind this tablet application requires access to Microsoft Dynamics NAV 2015 and your experience will vary depending on your Dynamics NAV server connection.
Install the Application now!
As we approach the end of December, now is the time when most of you are closing out your fiscal year in Microsoft Dynamics NAV. At Solution Dynamics, we want this process to be as painless as possible for you. We’ve put together this general checklist for you to follow, to ensure you don’t miss a step! Please keep in mind that this is a general guide and depending on your NAV version, the way your system is set-up, and what business processes you have in place, you might need to do some things a bit differently.
- Post All Open Journals – Payments, Deposits, Cash Receipts, and Payroll
- Post Recurring Entries for the year to be closed.
- Inventory Reconciliation – As of End of Fiscal Year Date
Inventory Revaluation – Depending on your Industry – or to correct errors, you may be able to re-value inventory as part of the year-end process. Now is the time.
Accounts Receivable Reconciliation -Tie the Customer Trial Balance Report to the A/R Account by Customer Posting Group (this report ties to the G/L. Note: Aged A/R may not tie if you use Foreign Currency)
Accounts Payable Reconciliation – Tie the Vendor Trial Balance Report to the A/P Account by Vendor Posting Group (This report ties to the G/L. Note: Aged A/P may not tie of you use Foreign Currency)
Fixed Assets – Calculate Depreciation and Post Depreciation to the G/L.
Manufacturing – Complete all “Finished” Production Orders and reconcile WIP values.
Bank Accounts – Reconcile each Bank Account using the Bank Reconciliation Module. Compare the Book Values to the Chart of Accounts for each Bank Account Posting Groups G/L Account.
- Run the Adjust Cost Routine.
- Run the Post Cost to G/L Routine.
- Run the Inventory Reconcile to G/L Report – by Inventory Posting Group.
- Tie the Received Not Invoiced Posted to G/L to your Inventory Accrual Account (Liability).
- Tie the Shipped Not Invoiced Posted to G/L to your Accrued COGS Account.
- Tie the Net Inventory Interim Posted to G/L to your Inventory Interim Account (Asset).
- Tie the Inventory Posted to G/L to the Inventory Asset Account
Lock out Posting to Year that Will Be Closed
- Enter the Currency Conversion Rates that will be used for gain/loss valuation at the end of the fiscal year.
- Run the Gain / Loss conversion routines; one Currency at a time for Customers, Vendors and Bank Accounts.
- Change the Posting Dates in G/L Setup.
- Check User Posting Setups – Only Set Values for users that are Exceptions
- Verify that the upcoming Fiscal Year calendar exists in the Accounting Periods setups, and that it is correct. If it is not there, or not correct- create the periods for the next year or two.
- Close the Accounting Periods for the Year to be closed.
- Close the Income Statement, by Dimension.
- Open the General Journal and Enter the Retained Earnings Account(s), post the Closing Entry using a Closing Date
- Verify the P&L Accounts have zero balance for new Fiscal period.
Budgets – Create the Budget for the upcoming Fiscal Year following your organizations business rules.
- Run the Year End Balance Sheet.
- Run the Year End Income Statement.
- Run any Statements of Operations.
- Run the Trial Balance Report and verify balances.
- Run Statement of Cash Flows
If you get stuck on any of the steps, please contact us and we’d happy to walk you through it.
The decision to host your Microsoft Dynamics ERPsolution in the cloud or locally on your own server is complex on many levels. And, like with any major business decision, both have pros and cons to consider prior to purchase. We at Solution Dynamics want to make sure you have all the information you need to navigate your way through this decision-making process. Here are some things to consider before you buy:
The Sky’s the Limit: Things to Consider with the Cloud
1) CONSIDER THE COST
A) Initial Cost - Cloud-based solutions significantly reduce your initial costs, which is one of the biggest challenges of traditional on-site ERP solutions. You need to factor in both the software license costs and the cost for your IT department to support a local installation in terms of both time and money. When estimating service-related costs, measure out the length of the project. There might be a learning curve for you IT department so it is crucial that you understand how much attention your organization typically needs, and where your IT gurus should be focusing their efforts. Even with a top-notch IT team, the cost of a local install might still be too high for the organization to bear in the long run.
B) Recurring Costs - Another significant factor to consider with a cloud-based solution is recurring costs. While cloud-based installs incur fees on a monthly basis, you will always know how much your company will pay month-to-month and you can budget for that expense. On the downside – it is an expense that never ends, and typically increases significantly over time. The monthly fee will usually include updates, keeping you current with security patches, new features and more, which eliminates the time spent and productivity required of your in-house departments to implement. The downside is you upgrade when they tell you, not when you want. By contrast, a local install gives you more control and flexibility with upgrade and new version; but, keeping a local install current has it costs too, and requiring you to set aside funds for new releases and upgrades. A savvy Microsoft Partner, with reasonable rates and the intellectual expertise to stay up-to-date on the product as well as the readiness to work with your employees through each new upgrade makes all the difference in the world.
2) LOGISTICS - Freedom from the logistical issues associated with running a local install is yet another benefit of a cloud solution. This is especially true for smaller companies that may not already have the necessary hardware or employee infrastructure in place to get it up and running. Not only can the cost increase rapidly, but the time it takes to acquire and set up the hardware must also be taken into consideration, especially if quick deployment is a priority. But, most companies have at least some of their systems running on local servers. Moreover, most ERP vendors don’t have all the software you need/want in the cloud. If you aren’t 100% in the cloud, you are still going to need some local expertise.
There’s No Place Like Home: Things to Consider With a Local Install
1) SECURITY - No organization is safe from hackers, malware on the web, or other unforeseen disasters. For companies that want total control over their own security, a local install is the more attractive option. Even with a single IT superstar, having your Dynamics ERP installed locally will give you that added control that you may seek. On the other hand, a local install without proper risk management and disaster recovery procedures can still leave you vulnerable. With over 220,000 companies now using Microsoft Dynamics software worldwide, there’s plenty of information out there on how other users and implementers have managed to minimize the risk. Not to mention the fact, that a solution partner worth their weight will have the knowledge and experience to provide you with a solution that meets every one of your needs, including security.
2) CONTROLLED COSTS - While a cloud-based install eliminates the upfront expense, a local install has the advantage of offering the most flexible costs over time and lower risk. When your company is paying a monthly fee, your ability to function depends on that fee being paid. When the cloud provider controls your software, your data, and the pricing structure – you are at their mercy. They may be less expensive in the short-run, but are almost always more expensive in the long run. With a local install, you have far greater long-term control to adapt to changing financial circumstances. Also, there are a number of purchasing options with local installs that will allow you to spread out your costs and reduce the start-up expense. In fact there are usually more purchasing options with local installs than with cloud purchases – which means sometimes the local option is a better choice in the short-term and the long-term. With local the local purchase option, if your company experiences a bad month, you can delay upgrades, suspend maintenance fees and cancel support costs until things turn around. The choice between cloud-based install and local install relies heavily on the balance between costs and whether the right infrastructure and business practices are can be put in place.
So Which Solution is Right For You?
It all depends on how you prioritize the following key factors:
- Long-Term Costs
If you want the best of both worlds, you trick is to find a Microsoft Partner that can offer both cloud and local install options. A partner who is keeping up-to-date with the latest in Microsoft Dynamics ERP software and can help you manage either approach in a cost effective manner.
Once you align your priorities, you can choose what's right for you. Not sure where your company stands on these key factors? Solution Dynamics’s team of experts can work with you to define your priorities to find a solution that makes the most sense for you!
What are your top priorities when choosing whether to go cloud or local install? Comment below!
I’m sure by now you’ve heard that Microsoft Dynamics NAV 2015 is available worldwide. This new release offers new mobile-first, cloud-first features; including apps optimized for tablets and other touch devices, personalized home pages and new capabilities for electronic payments and automated account reconciliation.
At Solution Dynamics, we strive to keep you abreast of what’s new by providing you with the information that matters to you. That being said, this will be the first in a series on the new features and functionality of the 2015 release.
Here are some of the product capabilities for Manufacturing:
Production Bill of Materials
- Create Bills of Material (BOM's) and calculate the standard cost.
- Have different components of your BOM included or excluded by date range.
- Create and manage different versions of the manufacturing bill of materials and routings.
- Create production work centers (single machine) or machining centers (multiple machines)
- Create and maintain setup times, run times, wait times, queue times by routing.
- Create and maintain versions of production routings.
- Create and manage production orders.
a. Planned Production Orders
b. Firm Planned Production Orders
c. Release Production Orders
- Post consumption (relieve inventory) and output (labor) to the production orders.
- Calculate the net inventory requirements based on yor production orders.
- Production orders includes a manual supply-planning tool as an alternative to automatic
planning. The order planning window provides the visibility and tools you need to manually
plan for demand from sales line or production orders and then create the different type of
supply order needed (Purchase order, Production order or Transfer order).
This enables you to run Agile Manufacturing, Supply Manufacturing, Supply Planning, and Capacity Planning.
Basic Supply Planning
Plan material requirements based on demand with support for master production scheduling
and materials requirements planning, Includes:
- Automatic creation produciton orders, purchase orders and transfer orders.
- Action messsages for fast and easy balancing of supply and demand.
- Support for bucketless and bucketed material requirements planning.
- Setup for items with their own reordering policy (by location), including registration of
whether they are manufactured by or purchased from a third party.
Managing demand forecasting based on items by location.
Basic Capacity Planning
- View loads by work center or machine center.
- Use the different type of production orders to simulate production requirements.
- Use demand forecasting to help determine the capacity need.
Manage finite loading of capacity-constraint resources. Taking capacity constraints into account
so that no more work is assigned to a work center than the capacities can be expected to
execute during a given time period. This is a simple tool without any optimization. Used with
Order Promising, Finite Loading also enables the system to calculate capable-to-promise (CTP).
For more information on how Solution Dynamics can streamline your Manufacturing Process, contact us today!
Your company has decided to make an investment in a new Enterprise Resource Planning system. There are many options to choose from and the task of deciding which one is best for your company seems daunting enough, without even considering which solution provider to go with. The fact of the matter is that the right partner can make all the difference in the world when it comes to the successful implementation of an ERP system that works for you. Here are three key things to consider when selecting an ERP Solution Provider:
Selecting and installing the software is just the first step in preparing your new ERP software. But implementation is the most important part of the process. The best software will be of little use if the implementation is done poorly. Experience counts. You want to be sure that the partner that you choose knows what they are doing and is in it for the long-haul. Unfortunately many of the ERP solution providers in and around the twin cities have only been around for a couple of years or so. Solution Dynamics has been customizing, implementing, and supporting ERP/MRP/CRM systems for over 35 years. We know what we are doing and will make your project a success.
2. Industry Expertise
Knowing your business and what you do, helps the implementation partner understand what is important, and what will work for you. Having strong business acumen along with technology skills will also lead to a better overall implementation. You need a partner that has the ability to understand and execute on all the functionality of the entire system. At Solution Dynamics, on average, our team has over a dozen years of experience in this marketplace we understand your business and the products we sell and support.
Any partner worth their weight should be able to find a solution that fits your business needs without a lot of unnecessary, costly customizations. At Solution Dynamics, much of our work results from fixing implementations that were botched by other implementation companies. We also help clients undo unnecessary customization done by other implementation companies. We work hard on the front end to identify your pain points and create a solution that truly works the way your business does, before we even implement it.
As you can see, selecting the right software application is only a small part of the equation. It’s selecting the best implementation partner to make that system the right fit for your business, now and into the future, that is the most important part!
Are you considering replacing your current business information systems, your Financial, Manufacturing, or Distribution systems? Wondering how to start? What are the current trends, who are the dominant players, what are your needs, what should you do first?
Stop! The research has already been done and Solution Dynamics can help. This is exactly the software research and analysis we’ve been doing live in the field for over 35 years. Our data and information comes from leading industry sources combined with direct real-world application experience with clients who are dealing with real-world challenges. We are here to share this experience with you – so you can save hours searching and agonizing over what data is reliable and which theories will hold up in your real-world business environment.
Our process of helping clients define their needs, enables us to find solutions geared to their specific goals and issues. The result is the creation of a roadmap for success – a step by step plan to move from where they are today to their desired state.
Because this is our singular focus, we must always be on top of the latest trends, opportunities, and shifts in the market place. We are clear not only on what is happening in the market, but how it is affecting the way our clients and prospects do business.
Now, we are offering a free, no obligation review of your current systems, and basic needs assessment. This service (which is valued at $4,975) will help you formally document your current situation: the environment/hardware software/etc., pains/needs, identify solutions to these issues, and create a roadmap with a plan for moving forward to make this change easier and more manageable. Contact us today to set up an appointment to get started.
At the Directions 2014 conference last month in San Diego, Microsoft announced the release of Microsoft Dynamics NAV 2015. As of October 6th this latest edition of NAV is officially available for new installs and upgrades.
Upgrades included in Microsoft Dynamics NAV 2015 include:
- Mobile and Tablet Apps available providing anytime/anywhere access to your system.
- Enhanced User Interface creating more consistency and easier data visualization.
- Create Easy to Edit Custom Report Layouts in Microsoft Word for use in NAV 2015.
- User Data Viewing controlled by individual permission settings.
- Integration with 25 Major Banks creating more ways to automate.
- Report Scheduling enhancements.
- Microsoft Office 365 Integration
All in all the enhancements in Microsoft NAV 2015 are worth checking out. If you’ve been waiting for a good reason to move forward on a new implementation or an upgrade to your current system, now is a great time to go for it. The Solution Dynamics technical team is up to speed on all of the enhancements and ready to talk you through the value to your organization.
Wanted: Microsoft Dynamics NAV Implementation partner. Must have great project management skills and deep knowledge of: NAV, enterprise resource management challenges, and our industry. Must be professional, and personable. Ideally we want someone that won’t treat us like a number. Must be ready to work immediately at a price we can afford.
Now the only question is, how do you interview potential partners to make sure they are right for you? Here are 12 questions you can ask when you are interviewing potential Microsoft Dynamics NAV implementation partners.
1. Is your headquarters local?
2. How long have you been in this location?
3. Are the majority of your people located here?
4. How long have you been in business?
5. Are you financially sound?
6. Have you ever been sued by a customer?
7. How long have you been implementing this product?
8. What is the average years of experience your locally based people have with this product?
9. Do you know my type of business?
10. Can you help us analyze/change our processes & procedures to better align with best practices?
11. Will you scope our project before we sign the contract?
12. What percentage of your projects come in over budget?
If you are looking for a new ERP or MRP system, or if you are considering upgrading your NAV system. Please give a call and we will be happy to answer these 12 questions and many more for you.
Don’t miss our Microsoft Dynamics Software Update event for current NAV users on September 23, 2014 in Bloomington, MN. If you already use Microsoft Dynamics NAV, this is a great opportunity to see what is new.
10:00 What is New with NAV
10:15 NAV Sales Tax Management
10:45 NAV E-Commerce
11:15 NAV Reporting & Dashboards
11:45 Lunch and the R&D Tax Credit
This session is designed for anyone currently using Microsoft Dynamics NAV and interested in keeping up with the latest options. Come for the updates and stay for lunch.