Microsoft’s continued commitment and development of Enterprise Resource Planning Systems (ERP) has resulted in the release of Microsoft Dynamics NAV 2018. NAV 2018 is an end-to-end robust business management solution designed to help organizations achieve greater efficiency, streamline business processes, and empower employees to react quickly to changing business needs with intelligent insights-anywhere and on any device. Microsoft Dynamics NAV 2018 Enhanced Financials, along with its core financial management features give companies a vast array of accounting and financial capabilities for small to medium sized companies.
New Financial Accounting Features:
- In financial accounting, dimension filters can now be applied to all dimensions. These are available, among others, in the chart of accounts, general ledger, accounts payable and receivable.
- Out-of-the-Box Microsoft Excel Report Templates such as Trial Balance, Cash Flow, Profit and Loss and others can be constantly updated.
- Moreover, lists (e.g. journals) can now be accessed in Excel and changes written back, taking business logic into account. (Both require an Office 365 account).
- Dynamics NAV 2018 also offers an additional sub ledger for employees with individual “employee” ledger entries as well as an account type “employee” in the general journal (e.g. for settling travel expenses). In addition, the new Accountant Hub provides cloud-based support for external accountants.
Core Financial Accounting Features:
- Account Schedules
- Bank Management
- Bank Reconcilation
- Basic XBRL
- Cash Flow Forecast
- Change Log
- Check Writing
- Cost Accounting
- Dimensions-Basic and Advanced
- Fixed Assets-Basic and Advanced
- General Ledger
- Inter-Company Postings
- Payment Handling
- Responsibility Centers
- Unlimited Companies
Learn more and download the Microsoft Dynamics NAV 2018 Product Guide:
Microsoft’s continued commitment and development of Enterprise Resource Planning Systems (ERP) has resulted in the release of Microsoft Dynamics NAV 2018. Dynamics NAV 2018 is a robust business solution from Microsoft that continues to be enhanced which is quick to implement, easy to use and has the power to support your business ambitions.
This latest ERP solution offers significant enhancements to the core application, as well as deeper integration with Office 365 and other Microsoft Applications.
Furthermore, employees are empower to respond to changing business needs through greater intelligence insights which can be accessed on any device.
Key Enhancement to Microsoft Dynamics NAV 2018 include:
- Simplified Set Up which can help automate and lower the cost of implementation.
- New User Task Functions that improves user productivity by reminding task to be done by yourself of assigned to other employees.
- Out-Of-The-Box Excel Report Templates such as Trial Balances and Cash Flow Statements that can greatly streamline business processes.
- Deeper Utilization of Microsoft Cognitive Services for image recognition of inventory items and contacts.
- New Employee Ledger that is an additional “sub ledger” for employee accounting entries.
- Dynamics 365 for Sales (CRM) connectivity and synchronization improvements.
- Optical Character Recognition (OCR) Capabilities process improvements.
- New Embedded Power BI (Business Intelligence) Reports which empower employees through better relevancy, improved visualization and visibility.
- Office 365 Deeper Integration as well as other Microsoft products such as PowerApps, Flow, Power BI and third party applications.
Along with these enhancements include NAV 2018 core functionality such as :
- Financial Management and Accounting
- Supply Chain Management, Inventory Control, Manufacturing , Warehousing and Operations
- Sales, Service, Contact and Opportunity Management
- Project Management, Estimate and Projects
Learn more and view the Microsoft Dynamics NAV 2018 Product Overview and Capabilities Guide:
Microsoft Dynamics NAV delivers integrated functionality to support all your sales, procurement, fulfillment, manufacturing, warehousing and financial management needs so you can accelerate goods through the supply chain to quickly and profitably satisfy customers. A flexible, attractively priced business solution, Microsoft Dynamics NAV offers organizations the ability to synchronize supply chain processes, automate for faster execution, reduce cycle time, increase customer satisfaction, enhance trade partner collaboration, and gain business insight.
This Enterprise Resource Planning (ERP) solution provides integrated, real-time data in open, standard formats that can be easily shared using common communication and collaboration tools to synchronize the entire supply chain. That means there’s transparency both within the organization and across organizational boundaries, so trade partners can work together effectively to satisfy customers, respond to changes, and profitably meet the challenges of competitive markets.
Microsoft Dynamics NAV is built on Microsoft technology and works smoothly with many other Microsoft products and technologies commonly in use by businesses everywhere. Either in the cloud, on-premise, or a hybrid combination, Dynamics NAV can help your organization meet today’s business challenges today and in the future.
Key benefits of Optimizing your Supply Chain with Microsoft Dynamics NAV include:
- Connecting people throughout the supply chain with the information they need to save time, reduce costs, and increase customer satisfaction.
- Enhancing productivity by integrating, streamlining, and automating processes for faster fulfillment.
- Improving replenishment and inventory management.
- Gaining insight for business and supply chain improvement.
- Achieving a fast return on investment and a low total cost of ownership.
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Microsoft Dynamics NAV 2017 is designed to have ready-to-use financial statements available that allow you to gain accessible insights into the financial performance of your business including Payment Reconciliations.
In Microsoft Dynamics NAV, you can reconcile your bank payments in the Payment Reconciliation Journal, completing payments and reconciliation in one place and in one step. Now in NAV 2017, you can match customer payments, vendor payments, and bank transactions all in the Payment Reconciliation journal. Furthermore, your company can also filter the statement information to view only the transactions that need attention, hiding those that do not. You can see a summary of outstanding bank information and drill-down to see the detail in payment reconciliation. To verify before posting the reconciliation, you can print the outstanding bank information on a test report.
Enhanced Financial Management in NAV 2017 with Reconciling Bank Payments can help your organization:
Achieve an Efficient Payment Reconciliation Protocol: Display only unmatched transactions and match transactions against customer, vendor, and bank accounts. Easily adjust for unmatched transactions using a straightforward entry. View open transactions to verify your bank account.
Avoid doing Double Work: Use a single-step process to match all transactions at once, then post and update the bank reconciliation at the same time.
Eliminate Errors: –Set security permissions for one person to import statements in the enhanced, secure end-to-end process.
Learn more about Microsoft Dynamics NAV 2017 Features