Article

5 Accounting and Finance Problems SOLVED by Dynamics 365 Business Central 2022 Wave 1

by Cynthia Priebe
Senior Trainer and Consultant, New View Strategies
February 01 2022

Once you see what’s new and planned for accounting and finance users in Dynamics 365 Business Central 2022 Wave 1, you may not jump for joy like I did, but I think you will at a minimum be very happy with the problems that are being solved.  I am so excited to see that this list includes tweaks needed to make some of the more recently introduced features more usable. You might even say the updates will take some functionality all the way to the finish line!

Anyone can get a list of the enhancements scheduled for rollout between April 2022 and September 2022 by clicking here.  I prefer to think of the improvements as problems solved, so here is my list of a few of the current Business Central problems and the improvements that will solve them.  Remember, some of the functionality will be provided automatically, while others will require being enabled through Feature Management.

1. Making unnecessary payments to a vendor that is also a customer

If you work with an entity as both a customer and a vendor, you may have inadvertently paid their vendor balance without considering the amount they owe you as your customer. After this update, you will be able to link the customer and vendor records to see the balance as a customer on their vendor card and the balance as a vendor on their customer card. Most importantly, a new action named Net Customer/Vendor Balance on the Payment Journal will create payment journal lines for the net balance of these linked entities. No more overpayments!

2. Deferrals require posting outside allowable posting date range

I couldn’t wait to share the Deferral feature (to recognize revenue or expenses in future periods upon posting the initial transaction) when it was first introduced. However, I soon realized that for many it was controversial. Why? Unfortunately, to post a deferral the Allow Posting To date must be open to future dates allowing for any posting not just the deferral. With this release, Allow Deferral Posting From/To fields will be added to General Ledger Setup. This allows posting dates to be opened for deferrals only, while still disallowing other entries from being posted.  (A related change, Beginning of Next Calendar Year has been added as an option for Start Date in Deferral Schedules.)

3. Financial reporting by location requires Dimensions be manually set on transactions

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About Cynthia Priebe

Cynthia is a Senior Trainer and Consultant with New View Strategies, the go-to source for actionable training and process efficiency in Microsoft Dynamics 365 Business Central. Cynthia is recognized for her ability to look at operational and reporting challenges with a fresh take and propose solutions using core features and functionality. Focused for close to 20 years on Dynamics NAV and now D365 Business Central, she adores helping clients and partners with solving problems, enhancing productivity, and finding The Righter WayTM to work in Business Central. She is a regular presenter at industry conferences, on the original team to write the MB-800: Microsoft Dynamics 365 Business Central Functional Consultant certification exam, a Microsoft Certified Trainer, and a certified Microsoft Dynamics 365 Business Central Functional Consultant. You can reach Cynthia on LinkedIn.

At New View Strategies, all our experts have “been there, done that” – we are experienced, former users who have walked in your shoes. We  work with frustrated Business Central/NAV users who struggle to use their system and find the answers they need. We teach them to truly understand how the system can support their business processes to make immediate and lasting improvements, and as a result get more done in less time, make better business decisions, and even love their system. In addition to helping end users, New View Strategies offers Consultant Accelerator programs to help get new-to-BC consultants up, running, and billing as soon as possible. 

We can help, drive real change via a custom class delivered remotely or at your site, or choose from over 40 online and in-person classes at  https://getyournewview.com/complete-curriculum/

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James
Submitted by james.crowter on Fri, 02/11/2022 - 08:58 Permalink
Agree, great list, especially being able to use deferral posting finally. Just wish they had h=gone a bit further and allows us to set data restrictions as a date formula (eg. CM, CM+1M, CY+1Y) to avoid having to change them every period.