Finance
Business Central includes a standard configuration of most financial processes, but you can change the configuration to suit your business. For more information, see Setting Up Finance.
The default configuration includes a chart of accounts and standard posting groups that make the process of assigning default general ledger posting accounts to customers, vendors, and items more efficient.
The following table describes a sequence of tasks, with links to the topics that describe them.
To | See |
---|---|
Apply incoming payments, reconcile bank accounts during payment application, and collect outstanding balances. | Managing Receivables |
Make payments, apply outgoing payments, and work with checks. | Managing Payables |
Make your customers submit payment before you ship to them, or submit payment to your vendors before they ship to you. | Invoicing Prepayments |
Reconcile bank accounts and transfer funds between bank accounts. | Reconciling Bank Accounts |
Set up intercompany partners and process transactions, manually or automatically, between legal entities within the same company. | Managing Intercompany Transactions |
Analyze the costs of running your business by allocating actual and budgeted costs of operations, departments, products, and projects to cost centers. | Accounting for Costs |
Manage inventory and manufacturing costs, report costs, and reconcile costs with the general ledger. | Managing Inventory Costs |
Understand the general ledger and the chart of accounts. | Understanding the General Ledger and the COA |
Combine general ledger entries from multiple companies in one virtual consolidated company for financial analysis. | Consolidating Financial Data from Multiple Companies |
Add dimensions for richer business intelligence. | Working with Dimensions |
Create G/L budgets to forecast different financial activities and assign dimensions for business intelligence purposes. | Create G/L Budgets |
Record income or expenses directly in the general ledger without posting dedicated business documents. | Post Transactions Directly to the General Ledger |
Post reversing entries to undo value postings in the general journal or quantity postings on purchase and sales documents. | Reverse Journal Postings and Undo Receipts/Shipments |
Allocate an entry in a general journal to several different accounts when you post the journal. | Allocate Costs and Income |
Assign extra costs, such as freight and physical handling that you incur during trade, to the involved items so that the cost is reflected in inventory valuation. | Use Item Charges to Account for Additional Trade Costs |
Post employees' personal expenses for business-related activities and reimburse employees by making payment to their bank account. | Record and Reimburse Employees' Expenses |
Recognize revenues and expenses in other periods than when the transactions were posted. | Defer Revenues and Expenses |
Learn about the available options to automate sending subscription invoices to your customers and register recurring revenue. | Recurring (subscription) Revenue |
Learn how to use additional currencies and update currency exchange rates automatically. | Update Currency Exchange Rates |
Import salary transactions from your payroll provider into the general ledger. | Import Payroll Transactions |
Use functions to calculate value-added tax (VAT) on sales and purchase transactions so that you can report the amounts to the tax authorities. | Work with VAT on Sales and Purchases |
Prepare a report that lists VAT from sales, and submit the report to tax authorities in the EU. | Report VAT to Tax Authorities |
Manually convert service contracts to change their VAT rate. | Convert Service Contracts that Include VAT Amounts |
Monitor the flow of cash in and out of your business. | Analyzing Cash Flows in Your Company |
Follow and end-to-end procedure on using use account schedules to make cash flow forecasts. | Walkthrough: Making Cash Flow Forecasts by Using Account Schedules |
Work with financial statements and overviews in Excel. | Analyzing Financial Statements in Excel |
Learn how to use the Accountant Role Center, invite an external accountant, and use the Accountant Hub to manage accounts for multiple clients. | Accountant Experiences in Business Central |
See Also
Setting Up Finance
Sales
Purchasing
Closing Fiscal Periods
Managing Projects
Importing Data from Other Finance Systems
Working with General Journals
Working with Business Central