Today, we’ve reached the end of our blog series walking through videos comparing the differences and similarities in work processes between Dynamics GP and Dynamics 365 Business Central. For our last post, we’re looking at financial reporting tools. If you missed any past posts, you can catch them at the links below:
If you need help with your Dynamics GP to Business Central migration, contact TrinSoft today.
In this video, we’re going to talk about the financial reporting tools that are available in GP and compare that to the tools available in Business Central.
In my GP system, here are a few of the AFA reports that were built to support financial reporting, such as your balance sheet and income statements. In addition to AFA, many GP customers use Management Reporter for these reports because of its rich feature set.
Now let’s go to Business Central and look at how you can create financial reports using account schedules. To navigate to account schedules, select the search icon, enter account schedules and choose it from the search results.
Business Central comes with eight different account schedules out of the box. The first four are used for charts on the Business Central dashboard. The remaining four are financial statements that are created using account subcategories from General Ledger accounts.
Let’s take a look at account categories in a bit more detail. If you use the Cloud Migration tool to migrate your data from GP to Business Central, then your accounts and the categories assigned will get moved to Business Central.
If I select the cash account subcategory, on the right side I can see all the accounts that are included in this category. In addition, I can also see any accounts in my chart of accounts that are not currently assigned to a category and therefore will not be included on account schedules.
Let’s create a new category and assign the two missing accounts to that category. Now that I’ve created the new category and assigned it to the accounts, Business Central is reminding me to update the account schedules so these accounts will now be included on the reports.
If we navigate back to the account schedules, let’s look at one of the reports more closely. This message is just reminding me that the account schedules will be updated like we just did from the account categories and if I want to make a copy. We will select no and not make a copy.
By selecting the income statement, we can see the details of the makeup of the report, including row definitions as well as the look and feel of the report. Each row is numbered so that you can create formulas allowing you to sum up multiple accounts or multiply or divide values.
You can also indicate if you want certain rows bolded or italics, or to start on a new page. If we navigate to the Overview, then we can also select the different column layouts we want for the report, as well as select different date ranges.
As you select different date ranges, you can see the amounts change. You can also filter account schedules by dimensions. In this example, let’s say we want to filter on our sales department. Now I can see expenses for just my sales department.
In addition, I can also drill down into each one of the amounts to see further details on each line. Each account schedule can also be exported to Excel. In addition, if you create account schedules and want to use that in other companies, you can simply export it and then import it into other companies.
And that’s a quick look at account schedules in Business Central that can be used for your financial reporting needs.