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#banking

#dimensions

#generalledger

#reconciliations

Dynamics 365 Business Central

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Dec 26, 2023

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AI Summary

  • Check the direct posting setting on general ledger accounts such as Bank Accounts, Accounts Receivable, Accounts Payable, Inventory, and Fixed Assets to ensure they are set to 'NO' in order to keep your subsidiary ledger in balance with your general ledger.
  • Consider making Prepaid Expenses and Deferred Revenue subsidiary ledgers and utilize Deferral Templates to record them once and use Deferral Summary reports for balancing monthly.
  • For sales and cost of sales accounts, turning off direct posting can help balance sales reports to the general ledger, with accruals posted to other general ledger accounts in the sales and cost of sales section.
  • Take advantage of features in Business Central for banking, such as setting up ACH or electronic payments, importing bank transactions, and linking your account from BC to the bank for reconciliations.
  • Reconcile balance sheet accounts every month to ensure accuracy in the income statement, and use the GL Review feature in Business Central to easily track amounts representing the balance on all accounts in the general ledger.
  • Utilize tasks in Business Central to assign and track work, replacing emails to accounting staff.
  • Explore features like GL, Sales and Purchase Budgets, Cash Flow Forecasts, Statistical Accounts, Analysis Reports, and Analyze Views in Business Central to improve your use of the software.
  • Consider using Dimensions to reduce the complexity of your chart of accounts.
  • Contact your partner or reach out to the community sites for help and set a goal to improve your use of Business Central in 2024.

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