Microsoft Dynamics NAV 2016: 8 Financial Management ERP Benefits

Microsoft Dynamics NAV 2016: 8 Financial Management Enhancements

The new Microsoft Dynamics NAV 2016 has just been released.  It has new ERP functionality in mobility, business insights and cloud services.  Microsoft has a long proven track record of creating products which continue their standards of excellence in their well thought out product “Roadmap”.  NAV 2016 is fully equipped with a robust profile to support small to mid-sized businesses.  The newest version of NAV is fully equipped to support your company’s financial processes by providing better control and visibility in these ways:

8 Crucial Financial Management ERP Features in Microsoft Dynamics NAV 2016

1. Cash Flow Forecast:  Forecast estimates the breadth of a company’s liquidity—cash and other treasure positions—and the span of growth and evolution over time.  This feature is two-fold, and is comprised of cash receipts (the money you expect to receive) and cash disbursements (the cash you expect to pay out) also accounting for the liquid funds you have available. Microsoft NAV 2016 utilizes an understanding of these elements to formulate predictions to make a direct Cash Flow Forecast.

2. Multiple Currencies:  NAV is able to calculate and manage multiple currencies simultaneously, including payables and receivables, and assimilates values from general ledger reports, resource and inventory items and integrates bank accounts using Cash Management features. Microsoft Dynamics NAV 2016 Multiple Currencies makes it possible to:

• Comply fully with Euro legislation during the transitional period of the Euro, also known as triangulation, in the European Monetary Union countries. 
• Stay up to date with the changing exchange rates that are stored and maintained automatically in the exchange rate table, and have accurate currency conversion.
• Specify the format of a currency exchange rate table so that amounts will always be displayed correctly to your specific format on all forms and reports in your system.
• Modify and enter rates for specific periods of time within the exchange rate table.
• Apply exchange rates for transactions on a particular day to calculate a specific conversion of currency to a local amount.
• Keep historical records of the exchange rates in order to track fluctuations over a period of time.
• Make business transactions in any number of currencies for any customer and vendor. For example, the system makes it possible for an invoice in one currency to be paid with another currency.
• Simplify the dynamic range of currency conversion updates..
• Keep track of the currencies used for receivables and payables for aging and reports.
• Adjust receivables and payables and post unrealized gains and losses in the general ledger using the Exchange Rate Adjustment option.

3. Bank Account Management: Cater to your diverse business needs across different currencies easily by using this feature to create, operate, and manage multiple bank accounts.

4. Electronic Payments and Direct Debits:  Use vendor documents to create payment proposals and generate bank payment files in ISO20022/SEPA format or take advantage of the Bank Data Conversion Service to generate the appropriate electronic payment file for your bank.  Easily keep track of the payment export history for your electronic payments and recreate a payment file whenever needed. Apply payments is a feature which comes with simple streamlined process to mark and process the desired transactions. Create direct debit collections to get the money directly from your customer’s bank account and generate a bank direct debit file in ISO20022/SEPA format.

5. Reconciliation of Incoming and Outgoing Bank Transactions:  Import bank transaction data from electronic files sent from your bank in ISO20022/SEPA format—or use the Bank Data Conversion Service for other file types. Apply the bank transactions automatically to open customer and vendor ledger entries and create your own mapping rules. Review the proposed applications and account mappings in an easy and intuitive way. It is possible to modify the algorithm behind the record matching by modifying, removing or adding rules.

6. Check Writing:  Generate Computer printed checks with a unique number series for each bank account. You can specify on the payment journal line whether you want this payment to be made with a computer or a manual check. This feature helps your internal control in that it can ensure the computer check is printed prior to a check being posted.  This eliminates time being wasted in the interim.  Check printing comes with flexible user options, such as voiding a check, reprinting, using check forms with preprinted stubs, testing before printing, and also the possibility to consolidate payments for a vendor into a single check.

7. Bank Account Reconciliation:  Import bank statement data from electronic files sent from your bank in ISO20022/SEPA format—or use the Bank Data Conversion Service for other file types. Reconcile your bank statement data automatically to open bank account ledger entries and keep track of all bank statements.

8. Cost Accounting:  Cost Accounting provides an efficient way to control the company’s costs by providing visibility and insight into budgeted and actual costs of operations, departments, products, and projects. Cost Accounting synchronizes cost information with the general ledger, and then allocates that information to different costs centers and cost objects.

This module in NAV enables your company to:

• Transfer costs from the general ledger.
• Enter and post internal charges and allocations directly in the Cost Accounting Cost journal.
• Predefine recurring cost allocation rules on cost allocation cards and execute in a batch job.
• Undo allocations.
• Create cost budgets and transfer cost budget entries to actual entries.

Learn more about all of the features in Microsoft Dynamics NAV here

Contact us today with any questions about Microsoft Dynamics NAV 2016

Posted by iCepts Technology Group, Inc. a Pennsylvania Gold ERP Microsoft Dynamics NAV Partner

About iCepts Technology Group, Inc. Middletown, PA

We are a Microsoft Dynamics NAV Partner offering implementation, service, and support for Microsoft Dynamics NAV in: PA, DC, DE, MD, NC, NJ, NY, OH, VA, WV, and the entire Mid-Atlantic Region. We also offer implementation, service, and support for Accellos One Warehouse Management Systems in: PA, DC, DE, MD, NC, NJ, NY, OH, VA, WV, and the entire Mid-Atlantic Region.

As experienced SCM, WMS and ERP consultants and value added resellers (VARs), we provide start to finish services for the solutions we represent Microsoft Dynamics NAV for Distribution and Manufacturing, Accellos Warehouse Management System (WMS), Server virtualization, open source VOIP phone systems and infrastructure and security. We provide services that cover process analysis, implementation, training, security and networking. Naturally, we also provide full ongoing support for years after implementation to help our clients succeed. We are your one stop shop for your business technology needs.

Phone 717.704.1000
Email info@icepts.com

Another version of this article was posted on iCepts Blog October 28, 2015 by Greg Miles: Financial Management ERP Features in Microsoft Dynamics NAV 2016

By Greg Miles - iCepts