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Microsoft Dynamics NAV 2016 Financial Management

You're reading from   Microsoft Dynamics NAV 2016 Financial Management Master the world of financial management with Microsoft Dynamics NAV 2016

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Product type Paperback
Published in Jan 2017
Publisher Packt
ISBN-13 9781786469496
Length 222 pages
Edition 2nd Edition
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Authors (3):
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Anju Bala Anju Bala
Author Profile Icon Anju Bala
Anju Bala
Cristina Nicolas Lorente Cristina Nicolas Lorente
Author Profile Icon Cristina Nicolas Lorente
Cristina Nicolas Lorente
Laura Nicolàs Lorente Laura Nicolàs Lorente
Author Profile Icon Laura Nicolàs Lorente
Laura Nicolàs Lorente
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Toc

Table of Contents (9) Chapters Close

Preface 1. The Sales and Purchase Processes 2. Managing Payments and Banks FREE CHAPTER 3. Accounting Processes 4. Reporting and Business Intelligence 5. Foretelling - Budgeting and Cash Flow Management 6. Financial Management Setup 7. Other Financial Functionalities 8. Fixed Asset Setup and Transactions

Currencies


Different countries use different currencies. The application can post transactions such as invoices or payments in different currencies and translate them into the local currency (LCY) according to the corresponding exchange rate.

Imagine that your local currency is Euro (EUR) and you sell your products or services to the United States of America, where the currency used is Dollar (USD).

You would first assign the USD currency to all those customers who do use this currency. You do so in the Currency Code field found in the Foreign Trade FastTab of the customer card.

Tip

Always leave the Currency Code field blank when using the local currency.

Then, you would inform the correct exchange rate by navigating to Departments | Financial Management | Periodic Activities | Currency | Currencies, selecting the appropriate currency, and clicking on Exchange Rate, as shown in the following screenshot:

Note

Exchange rates have to be frequently updated in Dynamics NAV because they change constantly...

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