In this training video, Tensoft COO Dan Berube provides a brief overview of General Ledger in Microsoft Dynamics 365 Business Central. It covers the following functionalities:
- 0:08 How to create a journal entry, and turn it into a template
- 4:51 Personalize the general journal window to add or remove fields
- 8:06 General ledger setup
- 10:04 Trial balance reports
- 13:28 Analysis by dimensions
Below is a partial transcription of this training video:
“As we are still talking about the accountant role and some of the things there obviously one place that we use the system a lot is Journal entry. Standard functionality here but there are few nice features that make entering journal entries, also classifying or reclassifying those journal entries to those dimensions easy for us to do. So, I am going to come in here again from my Role Center page. We will come into a Journal Entry. I’ve a Journal entry batch for the demo. A journal or batch of journals can be user-defined-so if we have multiple people in the organizations that post journal entries, I may create a journal named Me. I don’t want anybody else in there, I may not be finished with my journals. People can create their own batches and work in their own workspaces when they create journals.
I am going to delete these lines to start. And in this scenario maybe we are coming up on a month end and we have to do an accrual for salaries. We pay people every two weeks but at the end of month we have few days in the month where they are going to be paid next month where we need to book an accrual for that. Now my journal entry for that is very similar- it’s the same lines over and over again every month. So, what I can do is get a standard journal. So, I’ve created this journal in advance of the demo but if you look right below that, the first time we create one of our journals that maybe we do something over and over again, I can save that journal as a standard journal and that becomes something that I can reuse over and over again. So again, very easy to create a journal entry and even turn that into a template that you can use over and over again.
In my case, I have that template, so I am going to get that standard journal called ‘Salary’. We bring that in. I am going to get that journal entry in the same way that I post that every single month. Let’s say we are doing it at Sept 30th, its end of the month. This will give something to report off of later. We come across and we see that we have some amounts in here. Now I have created my journals and saved the amounts in the journal. If it’s something that the journal entry is same, but the amounts change there is also an option to create a recurring journal and not save the amounts. So, maybe we change the dates and the amounts and then it allows us to post. So, it’s really saving me a lot of time in creating that journal entry. The other thing you will notice here is that I have the department code here. That’s my dimension. So, I have a dimension here that I am assigning to my ‘Salaries Expense’. So, it’s just not my account, but my department as well. Everything looks good here. We will go ahead and post.
The other thing what we will look at here is that if you remember few minutes ago we created a new dimension called tradeshow. So, our marketing departments out there- they are at CES- they’re at a tradeshow. I know that they are incurring expense- may be the manager from marketing is submitting an estimate of the expense so far they have incurred for going to CES. So, I’ll keep my date the same in this example. We come across, I’m going to look up my account in my ‘General Ledger’ so that I can book that accrual and expense. So, let’s just pick an account- now we’re looking at our chart of accounts. So, we’ve an accrued expense account here, so we put that. Maybe they spent $10,000. I’m expecting invoices from all my vendors to come in for that …”
Other Microsoft Dynamics 365 Business Central Training Videos:
• Dimensions: How Can Dimensions Help Streamline Chart of Accounts in Microsoft Dynamics 365 Business Central?
• Microsoft Power BI: A Quick Introduction to Microsoft Power BI
• GL categories: How to use GL categories for Financial Reporting in Microsoft Dynamics 365 Business Central
Stay tuned for our upcoming training video on “Purchase Order” in Microsoft Dynamics 365 Business Central.