In a multi-nation or multi-company scenario, organizations always look for a business management solution that streamlines their finances and accounts. Microsoft Dynamics NAV is an all-in-one financial management solution that connects financial transactions and information across affiliate companies and multi-site and international deployments. As a mature financial management solution, Dynamics NAV addresses complex requirements such as multi-currency and multi-company. Dynamics NAV also offers deep insight into the business to help guide operations and strategic initiatives through rich reports and analytics.
Managing Receivables:- You can customize and automate customer statements and installment payments. With Dynamics NAV, you can generate reminders for customers with overdue balances. NAV enables you to define finance charge terms, including interest rates, grace periods, minimum amounts, and currency, and generate finance charge memos manually or automatically based on preset due dates.
Managing Payables:- With this feature, you can add payments lines for purchase invoices that are due in the Payment Journal window. 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.
Invoicing Prepayments:- These payments are invoiced and posted to a sales or purchase prepayment order before final invoicing. With prepayments functionality, you can collect deposits required from customers or to remit deposits to vendors. It ensures that all payments are posted against an invoice.
Managing Bank Accounts:- With Dynamics NAV, you can link bank accounts within the software. This enables you to do electronic banking. With bank Account, you can perform following:-
- Processing payments received from customers
- Processing payments to vendors
- Voiding posted checks (referred to as financial voiding)
Managing Intercompany Transactions:- Dynamics NAV enables you to do business with subsidiary and internal partner organizations in the same way as you engage with your external vendors and customers. Mapping facilities for the chart of accounts and dimensions help ensure that information appears in the right places.
Accounting for Costs:- With Cost Accounting in Microsoft Dynamics NAV, you can efficiently control your 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.
Managing Inventory Costs:- With Microsoft Dynamics NAV, you can integrate your warehouse management into all of your business processes and you can constantly keep track of your storage locations and the delivery schedules for your goods.
General Ledger:- General Ledger Setup page specifies default settings for the general ledger and all finance related application areas, and controls certain behavior within the system. Once you’ve set up your Chart of Accounts, you can get started with the General Ledger setup window. FastTabs on the General Ledger Setup page are:
- Electronic Invoice
Working with Dimensions:- Dimensions are used to add data to entries before posting so that posted entries can be grouped and retrieved for analysis purposes. By combining the analysis of different dimensions, organizations can get better understanding of how well their businesses are operating.
Create Budgets:- Dynamics NAV provides you the flexibility to create budgets with separate names. The budget name is featured on all the budget entries you create.
Post Transactions Directly to the General Ledger:- With General Journal window, you can create transactions for smaller expenses or cash receipts. You can personalize your version of a general journal by setting up a journal batch or template.
Allocate Costs and Income:- Dynamics NAV enables you to allocate an entry in a general journal to several different accounts when you post the journal. The allocation can be made by three different methods such as Quantity, Percentage (%) & Amount.
Record and Reimburse Employees’ Expenses:- Dynamics NAV supports transactions for an employee in a similar way as for vendors. If employees spend their own money during business activities, you can post the expense to the employee’s account. Then you can reimburse the employee by making a payment to the employee’s bank account, similarly to how you pay vendors.
Analyzing Cash Flow:- Dynamics NAV provides useful insights that help you make solid decisions about what to do with your cash. Cash Cycle, Cash Flow, and Income & Expense charts deliver different ways to analyze cash flow.
Analyzing Financial Statements in Microsoft Excel:- Dynamics NAV enables you to overview the financial state of the company through KPIs. Using Excel also, you can analyze the data. Export of heavy financial statements such as the balance sheet is also available.
Closing Years and Periods:- With Dynamics NAV, you can prepare to close a fiscal year or period. You can make sure that all documents and journals are posted; making sure currency data are up-to-date.
Report VAT to a Tax Authority:- Dynamics NAV enables you to submit information about value-added tax (VAT) amounts for sales and purchases to tax authorities in your region such as the European Community (EC) Sales List.
Standard Sales Codes:- Dynamics NAV enables you to automatically create sales invoices as per standard sales codes that are assigned to the customers. You can either run the batch job manually or schedule automatic runs using the Job Queue feature. You can also specify a direct-debit payment method and a direct-debit mandate.
Fixed Asset:- With fixed assets functionality, Dynamics NAV enables small- to medium-sized businesses to manage insurance policies, monitor maintenance costs, generate statistics and reports, and publish fixed asset transactions. Basic transactions in fixed assets include depreciations, acquisition costs, write downs, and disposals.