Microsoft Dynamics 365 Business Central is a complete business management system that includes financial management among its many capabilities. This article will present a high-level overview of how to manage your company's finances using Business Central.
Step 1: Establish Your Finance Administration System
You must first configure your financial management system within Business Central. You can accomplish this by following the steps indicated on the Microsoft Learn page titled "Set up financial management." This page will assist you in generating a chart of accounts, establishing financial dimensions, configuring bank accounts, and more.
Step 2: Accounts Payable Management
After establishing your financial management system, you may begin managing your accounts payable. The "Manage accounts payable" page on Microsoft Learn gives thorough instructions for creating purchase orders, processing vendor invoices, managing payments, and reconciling accounts payable.
Step 3: Handle Receivables
You will also need to monitor your accounts receivable in addition to your accounts payable. The "Manage accounts receivable" article on the Microsoft Learn website gives comprehensive instructions for creating sales orders, processing client invoices, managing payments, and reconciling accounts receivable.
Step 4: Create Financial Reports
Business Central allows you to develop financial reports that provide insight into the financial health of your organization. The Microsoft Learn page titled "Create financial reports" gives thorough instructions on how to generate balance sheets, income statements, cash flow statements, and other financial statements.
By following these procedures, Microsoft Business Central can be used to successfully manage funds. Check out the additional Business Central-related materials available on the Microsoft Learn website for more information.
Are you ready to streamline your financial management processes and have more questions or need some help? Get started today by contacting us.