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Financial Management in Microsoft Dynamics NAV | focus on your business

Business solution Microsoft Dynamics NAV for Financial Management provides your employees a way of how to increase the visibility of financial indexes and efficiency of the financial management in the whole organization – and all of this with the known tools and current skills.

Finance module is a central application area of the Microsoft Dynamics NAV solution where all financial information are posted, summarized and analyzed. It offers basic functions necessary for posting transactions such as charts of accounts, general journals, VAT reporting tools, recurring journals, budget planning and their comparison with balances, creation of your financial statements and reports or consolidation of companies (databases).

Solution Microsoft Dynamics NAV for financial management provides tools and overview which enables users to make better decisions. These tools and wider overview can help company to define competitive direction for business. Thanks the Microsoft Dynamics solution it is possible to accomplish financial and executive company management on reliable and efficient process.

Tools for financial management Microsoft Dynamics NAV offer a number of reporting methods, analysis and publishing of financial information. These effective analytical tools could be utilized for securing business efficiency. Follow up the business processes using the key productivity indicators (KPI) on the internet portal. Information could be easily exported into Excel for further analysis. Microsoft Dynamics NAV provides an option to create flexible reports, which enable target customers to submit business information in better format.

Main features | of standard Financial management module

  • Complete revision records creation
  • Historical data reporting (also in the cases when the local currency was transferred to Euro).
  • Financial Statement’s reporting in an additional reporting currency (VAT Statement, Annual Reports, Income/Balance Sheet statement)
  • Possibility of defining unlimited number of formats for your financial reporting.
  • Assigning budgets to single accounts, responsibility centres or projects on the basis of defined periods – days, weeks, months or years.

Components | of standard Financial management module

Module components Component’ description
Base You can use this component for setting up the company and posting to the General Ledger. It offers basic functions necessary for setting up company and posting to the General Ledger: charts of accounts, general journals, VAT functions, recurring journals and source codes. It also contains equipment for internal and external audits. It enables to post and record in a local currency. If you buy also Foreign currency component you will be able to post and record in additional currency. This component allows two languages from the beginning – international English and national language for particular country. It allows one installation of Microsoft Dynamics NAV Application server. This component has to be always included in the first purchase, because it contains one session and first company.
Bank Account Reconciliation This component enables you to reconcile your bank account in Microsoft Dynamics NAV with the bank statement. You can apply amounts from your bank account entries using the Bank Acc. Reconciliation form and keep track of all bank statements.
Budgets and reporting This component enables working with budgets of general ledger accounts. Once you create a budget you can print the balance of actual results in comparison to the budget and differences in percentage. You can work with more than just one budget. Budgets are usually created for period of appropriate general ledger accounts. You can create, print and work with the unlimited number of budget at the same time. That means you can work e.g. with 100% budget, 110% budget etc.
Account Schedules You use this component for financial audit. You can create report in terms of chart of accounts and budgets entries but also with the different order of the amounts, texts or details then in chart of accounts. Accounting schemes component is like a filter to the chart of accounts that enables you to choose accounts that you want to include (or the other way round you do not want to include). You can also use it for changing the order of accounts or for combination of amounts in different ways and you can set up printing of particular columns. What’s more you can make simple calculations..
Allocation journals This component enables you to allocate ledger entries to combinations of accounts, department and groups with the use of the allocation keys. These keys can be based on an amount, percentage or quantity. Allocation can be used for many purposes e.g. for allocating indirect costs (such as rent) to profitable departments.
More curencies This component enables you to manage unlimited number of bank accounts in local and foreign currencies.

Improvement of Financial Module Essence | number of useful enhancements

Essence International upgrades standard area of Finance module of Microsoft Dynamics NAV in several areas. Everyday operations such as cash receipts and cash payments can be now processed much easier and more effective thanks to the enhanced Cash Desk journal. In the Payment Calendar you can easily manage any leasing or other forms of sequential part-payments due to huge time saving by automatic suggestion of all part-payments and others accounting operation within the leasing. Financial module looks also at often difficult customer and vendor relationships and enables to apply their entries by mutual crediting.

Essence Finance module includes following enhancements:

  • Basics
  • Reports
  • Proforma Invoices
  • Credit
  • Bankers Automated Clearing Services
  • Cash Desk
  • Intrastat
  • Fixed Assets
  • Statistics prior posting
  • Cash Flow module
  • Payment Calendar

Basics | user friendly environment

Forms editability

Editability is very simple in Microsoft Dynamics NAV. Too easy data editability can cause unacceptable data modification. That is the reason why Essence International has created a tool that can prevent users from editing predefined sets data. You to easily preset default status of selected forms for individual users.

Export to MS Excel and to XML format

With this tool you will be able to efficiently export data from any Microsoft Dynamics NAV table to Microsoft Excel or to XML format. This tool also gives you opportunity to include all available fields or select only particular fields which can save users a lot of time with data manipulation later on. More over you can define relations among exported tables and link any field with one another from different tables.

Import from MS Excel

Except the Excel Export feature you can also import data from MS Excel worksheet back to Microsoft Dynamics NAV. You have a possibility to add a new field data lines into the selected table or you can update existing data.

Do you want to explore other module of Essence solution?

Go to: Manufacturing | Finance Management | Warehouse Management | Jobs Management – definition | Jobs Management – applicationCRM | E-support | Webshop

Reporting | reliable and easily accessible information

Account Schedules

Microsoft Dynamics NAV uses account schedules to analyze values posted to chart of accounts or to compare budgets to real postings to chart of accounts. Essence International has adjusted the account schedules in order to create and print following financial reports based on Czech legal requirements:

  • Balance Sheet
  • Balance Sheet in thousands
  • Profit and Loss
  • General Ledger
  • General Ledger CZ 2

VAT

Microsoft Dynamics NAV allows users to calculate and post VAT settlement and create reports for customs offices and taxing authorities. Essence International enhancement is the option to create and print VAT Statement based on Czech legal requirements as well as EC Sales List CZ.

G/L Entries application

This Essence International functionality enables easy year end inventory of g/l accounts and enables to print entries making the g/l account balance.

Proforma invoices | according to Czech legislation requirements

In certain business activities besides standard invoices, Proforma invoices are widely spread. Standard MS Dynamics NAV solution offers user a possibility to use Advance invoices. Our solution is improved so that it corresponds to Czech legislation requirements and allows user to carry out all steps corresponding to the Proforma invoices.

Credit | all advantages of bilateral application

If your vendors and customers relationships are on business and financially knotted together, you’ll surely welcome the possibility to use credit of payables and receivables. Using Credit you can apply and close opened customer and vendor entries in one operation. This is possible also in case of multilateral credit when there are applied entries of several customers and vendors. There can also be set up an automatic control on customers and vendors Registration No. when theirs entries are being credited.

Bankers Automated Clearing Services | radical simplification of relationships with banks

Due to our latest technology and good-quality security the Bankers Automated Clearing Services (BACS) offer radical improvement and simplification of your relations with banks and business partners. This granule enables sending of payments directly from the system, importing of bank statements to the system and/or an easier processing of high volume of payments.

Advantages of bankers automated clearing services

  • Easy processing of increasing number of payments
  • Facilitates communication between your company and your banks and makes a processing of your payments easier
  • Fully automated payment exports directly from the system
  • Direct bank statement imports into your system
  • Reduces a volume of paper document’s transfers
  • Completely new automated system of your payments

BACS satisfies growing demand for an electronic processing of payments. BACS is a very efficient module enabling fully automated and faster way of your payment’s clearing. BACS saves your time that you would spend with entering payments for the bank into extra files. So that you don’t have to enter data into electronic form twice you will use for execution of chosen payments data directly from the system.

To pay your suppliers in the solution provided by Essence all you need to do is to check the suggested payments in the Payment Journal and export them from the system. Data will be exported in a format acceptable by your bank so that the file can be send and processed within your bank account. In the similar way it is possible to import your bank statements into Navision. Bank statements in electronic form will simplify reconciliation of your bank accounts and can be automatically applied to the posted entries you have recorded in the application.

Cash Desk | simplification of everyday operations

Your everyday petty cash operations will become easy and undemanding job thanks to our Cash Desk. All cash desk operations could be now realized in journal that was designed especially for this purpose. There are always actual data about the bank account balance (cash desk) available and in case of using foreign currency cash desks also average exchange rate. For simplification of frequent operations there can be predefined codes for repeatedly used cash desk operations. By selecting them in the cash desk journal the predefined parameters will be automatically filled e.g. account to/from where we pay, operation type (cash income or outcome), general posting groups and VAT posting groups, etc.

Intrastat | reports trade to other EU countries

Microsoft Dynamics NAV registers all item movements. Based on these transactions you can run an Intrastat report according to Czech legislation. Essence International enhancements further enables to export the data to diskette and support the IDES format.

Fixed Assets | easy access to depreciation data

Essence International enhancement of fixed assets module enables to register all transactions relating to fixed assets. System calculates plan of book depreciation as well as tax depreciation, enables to depreciate fixed assets based on these plans. There are several reports that can be run and printed, e.g.:

  • Comparison of Ending Book Value and Tax Ending Book Value
  • Comparison of book depreciation and tax depreciation
  • Printouts about acquisitions, appreciations etc.
  • Book depreciation plans

Prior posting Statistics | overview of complicated accounting transactions

This Essence International functionality enables the user to run a report prior posting a transaction that displays which g/l accounts are going to be effected by posting and by what amounts. This functionality is much appreciated by users posting complicated accounting transactions.

Cash flow module | have an overview about your cash flow

Cash Flow module from Essence enables their customers to create different views on expected earnings and expenditures based not only on posted sales and purchase invoices but also on sales and purchase orders, incoming and outgoing documents or warehouse receipts and shipments which haven’t been invoiced.
In one form it is possible to change the displayed image for different currencies, group o customers and vendors or time interval. Cash Flow module from Essence allows transferring expected earnings or expenditures to different periods, or divides them between several time intervals. It is possible to manually enter new expected earnings and expenditures which are not yet supported by any system documents.

To facilitate statistical returns and data flow within a company it is possible to export these views into MS Excel based on user defined time intervals.

Payment calendar | power full tool for payment evidence

Payment calendar presents a tool for company leasing evidence or other forms of sequential part-payments not only equipment leasing from leasing companies but also leasing of your equipment to other companies. After complete set up of payment calendar system suggests all payments and others accounting operations within leasing into the recurring journal. From here all of the payments will be subsequently posted on the date in the leasing contract. If you conclude similar leasing contract you can repeatedly use archive Payment calendars as templates for new calendars. Extra financial services and deposit payments could be included in the Payment calendar and they can be equally allocated for leasing period including the possibility of automatic dissolution of paid deposit.

Essence International s.r.o.
Šumavská 15, 602 00 Brno
+420 734 751 895
info@essencebs.com

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