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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

Product type Paperback

Published in Jan 2017

Publisher Packt

ISBN-13 9781786469496

Length 222 pages

Edition 2nd Edition

Tools

Dynamics NAV

Concepts

Enterprise Resource Planning

Authors (3):

Anju Bala

Cristina Nicolas Lorente

Laura Nicol√†s Lorente

View More author details

Table of Contents (9) Chapters

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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Authors (3)

Nicolàs Lorente

Nicolàs Lorente

Laura Nicols Lorente started working with Dynamics NAV back in 2005, first in the support department, mostly solving functional issues and doubts. She soon jumped to full deployment: consulting, analysis, development, implementation, migration, training, and support. Right at the beginning, she realized that it was very important for a Dynamics NAV consultant to have a deep knowledge of business workflows. Technical skills are just not enough. So she started training herself in accounting, taxation, supply chain, logistics, and so on. She discovered a whole new world and found it very interesting. After having enough consultancy experience, she got to manage the first project on her own. And then, she realized that even tech and business knowledge is not enough; she also needed management skills. So, after reading different management books and trying different approaches on the projects she worked on, she decided to deepen her knowledge by taking a master's degree in project management. She is now transitioning to agile management and agile development for better project success. She continues her training in the three areas (tech, business workflows, and management) whenever she gets a chance to. The Web is a huge source of inspiration for her: groups, forums, blogs, books, and so on. She also contributes by sharing her knowledge and experience with the Spanish Dynamics NAV community. Laura is also a coauthor of the book Implementing Microsoft Dynamics NAV 2013, which had really good comments coming from different Dynamics NAV experts.

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Lorente

Lorente

contacted on 9 may '16

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Bala

Bala

Anju Bala is MCT/MCP/MCTS in Microsoft Dynamics NAV and AX. She is an ITIL Expert and Prince 2 certified as well. She has both business and technical skills and has been working with Dynamics NAV since 2010. She started in the ERP world as a trainer, but soon evolved the skill set of a complete Dynamics NAV professional, including all the tasks involved in Dynamics NAV implementation: consulting, analysis, development, implementation, training, and support to end users. Over the course of her Dynamics NAV career, Anju has often been designated as the primary person responsible for the success and failure of a Dynamics NAV implementation. Her extensive career in the Dynamics NAV business is evidence of her success rate and expertise. She specializes in Microsoft Dynamics NAV and Microsoft Dynamics AX. You can find out more about her and get in touch with her through her LinkedIn profile at https://in.linkedin.com/in/balaanju.

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