Jun 14, 2022
One of the main points of frustration for Business Central users is handling journal entries. We often receive feedback on how users spend a lot of time manually entering things and doing reversals for accruals in the system. There is a ton of functionality in BC that not many are aware they can take advantage of.
NVS Accounting Manager Cari Corozza shares how they were able to help a company go from 15 days to five days close. By enabling the company to save ten days in the accounting cycle, they can spend more time putting together account schedules, financials, analyses, and other important work.
Essential points covered in this episode:
✔️ How much time do you spend manually posting transactions to convert to ledger entries? One of the first things we recommend at New View Strategies is using recurring general journals. This allows you flexibility with journal entries booked month after month, quarter after quarter, or maybe just once a year. This essentially builds a template for those journal entries and allows the user to say how often they want those journals to be generated and whether or not they want the amounts to be reset or stay the same.
✔️ What's the best way to put things from Excel into Business Central for journal entries? Many people will use configuration packages or edit in Excel or journal imports. Corozza points out that copying and pasting are seemingly simple yet the most efficient and accurate form to get journal entries. "What I found in all of my years is that it's efficient and accurate for getting journal entries either from Business Central to Excel or from Excel to Business Central. Once we help them create these templates in Excel, they can fill them out every month and then copy and paste them into their general journals. You can also copy and paste into recurring general journals as long as those additional fields are set correctly."
✔️ Microsoft continues to invest in development to bring new features that accountants need, saving time and frustration in their month end. Always stay on top of the different changes and benefits that Microsoft introduces. Learn to use functionalities you may not know and post financial transactions to accounts easier and faster.
Remember that the improvements made in the BC/NAV systems are supposed to help save you time and energy and not the other way around.
About Kerry Peters & New View Strategies:
Kerry Peters is the CEO of New View Strategies, a company known for solving mission-critical business problems and a straight-talking, experiential approach to training and process improvement for Microsoft Dynamics 365 Business Central and Dynamics NAV. Our relationships are long-term, and our clients report that they have boosted efficiency, solved business problems, and had fun in the process!
Let the experts help you tap into the true power of your BC / NAV system.
You're struggling with challenges, and you know your Business Central / NAV ERP solution can help, but you're not sure how. We do. Whatever you're challenged with or searching for, we've been there – as a user and partner. You won't find the level of no-nonsense, front-line experience we offer anywhere else, and we're here to put that experience to work for you.
✅ Why Choose New View?
With our team's average of 15 years of real-world BC / NAV partner and end-user experience, we know where to look and what to ask to discover how to make your BC / NAV investment work better for you.
Contact us today: https://getyournewview.com/services/