Getting to Know Microsoft Dynamics NAV for Better Financial Management
Microsoft Dynamics NAV is a proven Enterprise Solution for Small to Mid-Sized companies. NAV’s latest enhancement, NAV 2013, has many new features for better financial management for your wholesale distribution or manufacturing company. Some of the latest Financial Management enhancements include:
Inter-Company Posting allows your company to manage accounting for more than one company in the same posting process including the ability to send documents to partner companies.
Responsibilities Center in Microsoft Dynamics NAV allows setting up profit center and/or cost centers. Your company can sell items with specific prices and that are related to a responsibility center. You can connect a user to a responsibility center so that only sales and purchase documents related to the particular user are displayed.
Cost Accounting provides an efficient way to control the company’s cost by providing visibility and insight into budgeted and actual costs of operations, departments, products and projects. Cost accounting synchronizes cost information with the general ledger, and then allocates that information to different cost centers and cost objects. Cost Accounting in NAV includes the ability to:
- Transfer costs from the general ledger.
- Enter and post internal charges and allocations directly in the Cost Accounting Cost Journal.
- Pre-define recurring cost allocation rules on cost allocation cards and execute in a batch job.
- Undo allocations.
- Cost budgets and transfer cost budget entries to actual entries.
Also, Cash Flow Forecast in Dynamics NAV provides a prediction of how a company’s liquidity-cash and other treasure positions-will evolve over time. It consists of two things; Cash Receipts and Cash Disbursements-the money you expect to receive and the cash you expect to pay out, plus the liquid funds you have available. These elements together show you a direct flow forecast.