Search icon CANCEL
Subscription
0
Cart icon
Your Cart (0 item)
Close icon
You have no products in your basket yet
Save more on your purchases now! discount-offer-chevron-icon
Savings automatically calculated. No voucher code required.
Arrow left icon
Explore Products
Best Sellers
New Releases
Books
Videos
Audiobooks
Learning Hub
Conferences
Free Learning
Arrow right icon
Microsoft Dynamics NAV 2016 Financial Management
Microsoft Dynamics NAV 2016 Financial Management

Microsoft Dynamics NAV 2016 Financial Management: Master the world of financial management with Microsoft Dynamics NAV 2016 , Second Edition

Arrow left icon
Profile Icon Nicolàs Lorente Profile Icon Lorente Profile Icon Bala
Arrow right icon
£20.98 £29.99
Full star icon Full star icon Full star icon Half star icon Empty star icon 3.3 (7 Ratings)
eBook Jan 2017 222 pages 2nd Edition
eBook
£20.98 £29.99
Paperback
£36.99
Subscription
Free Trial
Renews at £16.99p/m
Arrow left icon
Profile Icon Nicolàs Lorente Profile Icon Lorente Profile Icon Bala
Arrow right icon
£20.98 £29.99
Full star icon Full star icon Full star icon Half star icon Empty star icon 3.3 (7 Ratings)
eBook Jan 2017 222 pages 2nd Edition
eBook
£20.98 £29.99
Paperback
£36.99
Subscription
Free Trial
Renews at £16.99p/m
eBook
£20.98 £29.99
Paperback
£36.99
Subscription
Free Trial
Renews at £16.99p/m

What do you get with eBook?

Product feature icon Instant access to your Digital eBook purchase
Product feature icon Download this book in EPUB and PDF formats
Product feature icon Access this title in our online reader with advanced features
Product feature icon DRM FREE - Read whenever, wherever and however you want
OR
Modal Close icon
Payment Processing...
tick Completed

Billing Address

Table of content icon View table of contents Preview book icon Preview Book

Microsoft Dynamics NAV 2016 Financial Management

Chapter 1. The Sales and Purchase Processes

Sales and purchase are two essential business areas in all companies. In many organizations, the salesperson or the purchase department are the ones responsible for generating quotes and orders. People from the finance area are the ones in charge of finalizing the sales and purchase processes by issuing the documents that have an accountant reflection: invoices and credit memos.

In the past, most systems required someone to translate all the transactions to accountancy language, so they needed a financier to do the job. In Dynamics NAV, anyone can issue an invoice, with zero accounting knowledge needed. But a lot of companies keep their old division of labor between departments. This is why we have decided to explain the sales and purchase processes in this book.

This chapter explains how their workflows are managed in Dynamics NAV.

In this chapter, you will learn the following:

  • What Dynamics NAV is and what it can offer to your company
  • How to define the master data needed to sell and purchase
  • How to set up your pricing policies
  • What kind of documents you can issue
  • The workflows inside the sales and purchase area

Introducing Microsoft Dynamics NAV

Dynamics NAV is an Enterprise Resource Planning (ERP) system aimed at small and medium-sized companies.

An ERP is a system, a piece of software, that integrates the internal and external management information across an entire organization. The purpose of an ERP system is to facilitate the flow of information between all business functions inside the boundaries of the organizations. An ERP system is meant to handle all the organization areas on a single software system. This way, the output of an area can be used as an input of another area.

Dynamics NAV 2016 covers the following functional areas:

  • Financial Management: This includes accounting, G/L budgets, account schedules, financial reporting, cash management, receivables and payables, fixed assets, VAT reporting, intercompany transactions, cost accounting, consolidation, multicurrency, and intrastat
  • Sales and Marketing: This area covers customers, order processing, pricing, contacts, and marketing campaigns
  • Purchase: The purchase area includes vendors, order processing, approvals, planning, costing, and other such areas
  • Warehouse: In the warehouse area, you will find inventory, shipping and receiving, locations, picking, and assembly
  • Manufacturing: This area includes product design, capacities, planning, execution, costing, and subcontracting
  • Job: Within the job area, you can create projects, phases and tasks, planning, time sheets, work in process, and other such areas
  • Resource Planning: This helps you to manage resources, capacity, and so on.
  • Service: Within this area, you can manage service items, contracts, order processing, planning and dispatching, and service tasks
  • Human Resources: This helps you to manage employees, absences, and so on

Some of these areas will be covered in detail in this book.

Dynamics NAV offers much more than robust financial and business management functionalities. It is also a perfect platform to customize the solution to truly fit your company's needs. If you have studied different ERP solutions, by now you would know that customizations to fit your specific needs will always be necessary. Dynamics NAV has a reputation as being easy to customize, which is a distinct advantage.

Since you will probably have customizations in your system, you might find some differences with what is explained in this book. Your customizations could imply the following:

  • You have more functionality in your implementation
  • Some steps are automated, so some manual work can be avoided
  • Some features behave different from what they explained here
  • There are new functional areas in your Dynamics NAV

In addition, Dynamics NAV has around forty different country localizations that are meant to cover country-specific legal requirements or common practices.

Many people and companies have already developed solutions on top of Dynamics NAV to cover horizontal or industry-specific needs, and they have registered their solution as an add-on, such as the following:

  • Solutions for the retail industry or the food and beverages industry
  • Electronic Data Interchange (EDI)
  • Quality or maintenance management
  • Integration with third-party applications such as electronic shops, data warehouse solutions, or CRM systems

These are just a few examples. You can find almost 2,000 registered third-party solutions that cover all kinds of functional areas. If you feel that Dynamics NAV does not cover your needs and you will need too much customization, the best solution will probably be to look for an existing add-on and implement it along with your Dynamics NAV.

Anyway, with or without an add-on, we said that you will probably need customizations. How many customizations can you expect? This is hard to tell as each case is particular, but we'll try to give you some highlights.

If your ERP system covers 100 percent of your needs without any customization, you should worry. This means that your procedures are so standard that there is no difference between you and your competence. You are not offering any special service to your customer, so they are only going to measure you by the price they are getting.

On the other hand, if your Dynamics NAV only covers a low percentage of your needs, it could just mean two things: this is not the product you need, or your organization is too chaotic and you should re-think your processes to standardize them a bit.

Some people agree that the ideal scenario would be to get about 70-80 percent of your needs covered out of the box, and about 20-30 percent as customizations to cover those needs that make you different from your competitors.

Importance of Financial Management

In order to use Dynamics NAV, all organizations have to use the Financial Management area. It is the epicenter of the whole application. Any other area is optional and their usage depends on the organization's needs. The sales and the purchase areas are also used in almost any Dynamics NAV implementation.

Actually, accountancy is the epicenter, and the general ledger is included inside the Financial Management area. In Dynamics NAV, everything leads to accounting. It makes sense as accountancy is the act of recording, classifying, and summarizing, in terms of money, the transactions and events that take place in the company.

Every time the warehouse guy ships an item, or the payment department orders a transfer, these actions can be written in terms of money using accounts, credit, and debit amounts.

An accountant could collect all the company transactions and translate them one by one to the accounting language. But this means manual duplicate work, a lot of chances of getting errors and inconsistencies, and no real-time data.

On the other hand, Dynamics NAV is capable of interpreting such transactions and translating them to accountancy on the fly. In Dynamics NAV, everything leads to accountancy, so all the company's employees are helping the financial department with their job. The financers can now focus on analyzing the data and taking decisions, and they don't have to bother on entering the data anymore.

Posted data cannot be modified (or deleted)

One of the first things you will face when working with Dynamics NAV is the inability to modify what has been posted, whether it's a sales invoice, a shipment document, a general ledger entry, or any other data. Any posted document or entry is unchangeable.

This might cause frustration, especially if you are used to working with other systems that allow you to modify data. However, this feature is a great advantage since it ensures data integrity. You will never find an unbalanced transaction.

If you need to correct any data, the Dynamics NAV approach is to post new entries to null the incorrect ones, and then post the good entries again. For instance, if you have posted an invoice, and the prices were wrong, you will have to post a credit memo to null the original invoice and then issue a new invoice with the correct prices:

Document No.

Amount

Invoice 01

1000

Credit Memo 01

-1000

This nulls the original invoice

Invoice 02

800

As you can see, this method that is used for correcting mistakes always leaves a track of what was wrong and how we solved it. Users get the feeling that they have to perform too many steps to correct the data with the addition that everyone can see that there was a mistake at some point. Our experience tells us that users tend to pay more attention before they post anything in Dynamics NAV, which leads to making fewer mistakes in the first place.

So another great advantage of using Dynamics NAV as your ERP system is that the whole organization tends to improve their internal procedures, so no mistakes.

No Save button

Dynamics NAV does not have any kind of Save button anywhere in the application. Data is saved into the database while it is being introduced. When you enter data in one field, right after you leave the field, the data is already saved. There is no undo feature.

The major advantage is that you can create any card (for instance, customer card), any document (for instance, sales order), or any other kind of data without knowing all the information that is needed.

Imagine you need to create a new customer. You have all their fiscal data except their VAT number. You could create the card, fill in all the information except the VAT Registration No. field, and leave the card without losing the rest of the information. When you have figured out the VAT number of your customer, you can come back and fill it in. The not-losing-the-rest-of-the-information part is important.

Imagine that there actually was a Save button; you spend a few minutes filling in all the information and, at the end, click on Save. At that moment, the system carries out some checks and finds out that one field is missing. It throws you a message saying that the customer card cannot be saved. So you basically have two options:

  • To lose the information introduced, find out the VAT number for the customer, and start all over again.
  • To cheat. Fill the field with some wrong value so that the system actually lets you save the data. Of course, you can come back to the card and change the data once you've found out the right one. But nothing will prevent any other user posting a transaction with the customer in the meantime.
Left arrow icon Right arrow icon

Key benefits

  • • Familiarize yourself with Dynamics NAV and get up to date with the latest release – this is an invaluable tool for financial management
  • • Learn how to use reporting tools that will help you to make the right decisions at the right time
  • • Explore features inside the sale and purchase areas as well as functionalities including payments, budgets, cash flow, fixed assets, and business intelligence

Description

Microsoft Dynamics NAV is a global Enterprise Resource Planning (ERP) solution that provides small and mid-size businesses with greater control over their finances and a way to simplify their supply chain, manufacturing, and operations. Microsoft Dynamics NAV Financial Management explains all you need to know in order to successfully handle your daily financial management tasks. This book walks you through all the improvements in the latest release and shows you how to apply them in your workplace. You will learn about functionalities including sales and purchase processes, payments, bank account management, reporting taxes, budgets, cash flow, fixed assets, cost accounting, inventory valuation, workflows, sending and receiving electronic documents, and business intelligence. This book comprehensively covers all the financial management features inside the latest version of Dynamics NAV and follows a logical schema. By the time you’re finished this book you will have learned about budgets, cash flow management, currencies, intercompany postings, and accounting implications in areas such as jobs, services, warehousing, and manufacturing.

Who is this book for?

This book will appeal to financers and accountants who are using Dynamics NAV as their ERP and financial management system. Dynamics NAV consultants and project managers will find it useful for their daily work.

What you will learn

  • • Handle complete business processes for purchases and sales in Dynamics NAV.
  • • Use the banking features and the reconciliation process to gain greater insights into a company's financial status.
  • • Report data in a meaningful way that provides the company with insightful analysis.
  • • Set up dimensions and link them with master tables and journals.
  • • Work with multi-currency and intercompany postings. Receive and send documents electronically.
  • • Manage complete Fixed Asset by Setup, transactions, budgets, and Fixed Asset Reporting.

Product Details

Country selected
Publication date, Length, Edition, Language, ISBN-13
Publication date : Jan 06, 2017
Length: 222 pages
Edition : 2nd
Language : English
ISBN-13 : 9781786469588
Vendor :
Microsoft

What do you get with eBook?

Product feature icon Instant access to your Digital eBook purchase
Product feature icon Download this book in EPUB and PDF formats
Product feature icon Access this title in our online reader with advanced features
Product feature icon DRM FREE - Read whenever, wherever and however you want
OR
Modal Close icon
Payment Processing...
tick Completed

Billing Address

Product Details

Publication date : Jan 06, 2017
Length: 222 pages
Edition : 2nd
Language : English
ISBN-13 : 9781786469588
Vendor :
Microsoft

Packt Subscriptions

See our plans and pricing
Modal Close icon
£16.99 billed monthly
Feature tick icon Unlimited access to Packt's library of 7,000+ practical books and videos
Feature tick icon Constantly refreshed with 50+ new titles a month
Feature tick icon Exclusive Early access to books as they're written
Feature tick icon Solve problems while you work with advanced search and reference features
Feature tick icon Offline reading on the mobile app
Feature tick icon Simple pricing, no contract
£169.99 billed annually
Feature tick icon Unlimited access to Packt's library of 7,000+ practical books and videos
Feature tick icon Constantly refreshed with 50+ new titles a month
Feature tick icon Exclusive Early access to books as they're written
Feature tick icon Solve problems while you work with advanced search and reference features
Feature tick icon Offline reading on the mobile app
Feature tick icon Choose a DRM-free eBook or Video every month to keep
Feature tick icon PLUS own as many other DRM-free eBooks or Videos as you like for just £5 each
Feature tick icon Exclusive print discounts
£234.99 billed in 18 months
Feature tick icon Unlimited access to Packt's library of 7,000+ practical books and videos
Feature tick icon Constantly refreshed with 50+ new titles a month
Feature tick icon Exclusive Early access to books as they're written
Feature tick icon Solve problems while you work with advanced search and reference features
Feature tick icon Offline reading on the mobile app
Feature tick icon Choose a DRM-free eBook or Video every month to keep
Feature tick icon PLUS own as many other DRM-free eBooks or Videos as you like for just £5 each
Feature tick icon Exclusive print discounts

Frequently bought together


Stars icon
Total £ 128.97
Microsoft Dynamics NAV 2016 Financial Management
£36.99
Mastering Microsoft Dynamics NAV 2016
£45.99
Extending Microsoft Dynamics NAV 2016 Cookbook
£45.99
Total £ 128.97 Stars icon

Table of Contents

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

Customer reviews

Top Reviews
Rating distribution
Full star icon Full star icon Full star icon Half star icon Empty star icon 3.3
(7 Ratings)
5 star 57.1%
4 star 0%
3 star 0%
2 star 0%
1 star 42.9%
Filter icon Filter
Top Reviews

Filter reviews by




Mrs. N. Artamonova May 28, 2019
Full star icon Full star icon Full star icon Full star icon Full star icon 5
I always worked with software other than MS Dynamics. So to find out about functionality and getting familiarised with the settings and general principles of the software I found the book very useful. It does help if you know how accounting works and what finance department does, order to payment cycle namely.So if you never worked with MS Dynamics, load it to Kindle (preferably on tablet to see tables and images) and teach yourself basics and a bit beyond.I don't think the book is of any use to developers or more experienced users.
Amazon Verified review Amazon
Mohamed Tolba May 03, 2017
Full star icon Full star icon Full star icon Full star icon Full star icon 5
Excellent book, has helped me alot to start with and understand Navision, simple and direct to the point.
Amazon Verified review Amazon
dimtsan Aug 19, 2017
Full star icon Full star icon Full star icon Full star icon Full star icon 5
Great Book. I strongly recommend it to all Dynamics users. It describes perfectly all topics analyzing in depth all main aspects.
Amazon Verified review Amazon
Karthick Rajkumar Aug 14, 2019
Full star icon Full star icon Full star icon Full star icon Full star icon 5
Useful
Amazon Verified review Amazon
Mohamed Feb 24, 2018
Full star icon Empty star icon Empty star icon Empty star icon Empty star icon 1
Non! Ce ne vaut pas le prix
Amazon Verified review Amazon
Get free access to Packt library with over 7500+ books and video courses for 7 days!
Start Free Trial

FAQs

How do I buy and download an eBook? Chevron down icon Chevron up icon

Where there is an eBook version of a title available, you can buy it from the book details for that title. Add either the standalone eBook or the eBook and print book bundle to your shopping cart. Your eBook will show in your cart as a product on its own. After completing checkout and payment in the normal way, you will receive your receipt on the screen containing a link to a personalised PDF download file. This link will remain active for 30 days. You can download backup copies of the file by logging in to your account at any time.

If you already have Adobe reader installed, then clicking on the link will download and open the PDF file directly. If you don't, then save the PDF file on your machine and download the Reader to view it.

Please Note: Packt eBooks are non-returnable and non-refundable.

Packt eBook and Licensing When you buy an eBook from Packt Publishing, completing your purchase means you accept the terms of our licence agreement. Please read the full text of the agreement. In it we have tried to balance the need for the ebook to be usable for you the reader with our needs to protect the rights of us as Publishers and of our authors. In summary, the agreement says:

  • You may make copies of your eBook for your own use onto any machine
  • You may not pass copies of the eBook on to anyone else
How can I make a purchase on your website? Chevron down icon Chevron up icon

If you want to purchase a video course, eBook or Bundle (Print+eBook) please follow below steps:

  1. Register on our website using your email address and the password.
  2. Search for the title by name or ISBN using the search option.
  3. Select the title you want to purchase.
  4. Choose the format you wish to purchase the title in; if you order the Print Book, you get a free eBook copy of the same title. 
  5. Proceed with the checkout process (payment to be made using Credit Card, Debit Cart, or PayPal)
Where can I access support around an eBook? Chevron down icon Chevron up icon
  • If you experience a problem with using or installing Adobe Reader, the contact Adobe directly.
  • To view the errata for the book, see www.packtpub.com/support and view the pages for the title you have.
  • To view your account details or to download a new copy of the book go to www.packtpub.com/account
  • To contact us directly if a problem is not resolved, use www.packtpub.com/contact-us
What eBook formats do Packt support? Chevron down icon Chevron up icon

Our eBooks are currently available in a variety of formats such as PDF and ePubs. In the future, this may well change with trends and development in technology, but please note that our PDFs are not Adobe eBook Reader format, which has greater restrictions on security.

You will need to use Adobe Reader v9 or later in order to read Packt's PDF eBooks.

What are the benefits of eBooks? Chevron down icon Chevron up icon
  • You can get the information you need immediately
  • You can easily take them with you on a laptop
  • You can download them an unlimited number of times
  • You can print them out
  • They are copy-paste enabled
  • They are searchable
  • There is no password protection
  • They are lower price than print
  • They save resources and space
What is an eBook? Chevron down icon Chevron up icon

Packt eBooks are a complete electronic version of the print edition, available in PDF and ePub formats. Every piece of content down to the page numbering is the same. Because we save the costs of printing and shipping the book to you, we are able to offer eBooks at a lower cost than print editions.

When you have purchased an eBook, simply login to your account and click on the link in Your Download Area. We recommend you saving the file to your hard drive before opening it.

For optimal viewing of our eBooks, we recommend you download and install the free Adobe Reader version 9.