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Finance where I'm from: Accounting in Australia with Microsoft Dynamics 365 Business Central

by Charmaine D'Silva
Solution Specialist, Evolution Business Systems, Evolution Business Systems

As consultants in Melbourne, Australia working with Dynamics 365 Business Central, we have found two great features of this software to be the Electronic Funds Transfer or EFT function and the ability to simplify the monthly or quarterly Business Activity Statement (BAS) lodgment process. These features reduce the need for manual data entry, thereby saving our clients time and increasing data integrity. This article looks at both features in greater detail.

EFT payments

The Electronic Funds Transfer or EFT function simplifies vendor payments for our clients and allows them to streamline the electronic payment process by creating Australian Banking Authority files or ABA files to pay EFT vendors. These files can be uploaded online to any bank in Australia, with the banking software containing security measures to protect identities and passwords. 

The process begins with the client setting up their vendors for EFT payment and entering the vendor's bank account details and lodgment references on the Vendor card in Dynamics 365 Business Central.

setting_up_a_vendor_eft.png

After the vendor payment batch has been checked and authorized, the ABA file can then be created, exported and uploaded to the client’s bank website to process the payment of funds. This file is based on the entries in the payment journal and once created, an entry is also made in the EFT register, which allows the client to drill down and view the related vendor ledger entries.

create_eft_payments_file.png

This function allows our clients to pay multiple bills and suppliers in one bulk payment, reducing the risk of errors by eliminating the need for manual data entry and streamlining the process.

Business Activity Statements (BAS)

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Accounting Banking Business Central Dynamics 365 Finance where I'm from Financial Management Financial Services Regulatory Compliance Tax Management
About Charmaine D'Silva

This post was written by Charmaine D’Silva, Solution Specialist at Evolution Business Systems. Charmaine brings with her more than 9 years of accounting and finance experience throughout industry sectors including Hospitality, Utilities and NFP.

If you have out-dated business software that’s limited in its reporting and analytical capabilities – then you should to talk to EBS about a powerful business management software solution – Microsoft Dynamics 365 Business Central. To find out more about our suite of Microsoft business management software solutions, please contact us here https://www.ebsys.com.au/contact  or call Paul Woods at EBS for an obligation free discussion on 1300 303 973.

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