Finances and Accountancy

The functionalities you need

See what elements of the Microsoft Dynamics 365 Business Central system you can use to improve work in your company.

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Cash management

Cash register

The cash register function built into the Microsoft Dynamics NAV 2016 system allows you to carry out cash transactions, prepare cash reports, as well as ongoing control of the cash balance in the cash register.

Bank accounts

The ERP system enables both manual record of bank statements to conduct ongoing control of the account balance, as well as configuration with electronic banking software offered by the bank and automatic account handling, thanks to which it is possible to automatically import bank statements from most bank accounts available on the market, or to pair imported data with invoices based on selected, predefined criteria (e.g. by amount, description, authorization code).

Support for multiple currencies

The system is fully prepared to perform transactions and their correct posting in many currencies, and thanks to the automatic import of NBP exchange rates, it is also possible to present values in selected currencies simultaneously, as well as create common financial results for operations, regardless of the currency in which were carried out. You can also set an additional reporting currency in the system and display balances in two currencies.

DWR

Additional reporting currency – the ability to define one additional reporting currency (in addition to the local currency).
Calculating and booking exchange

Rate differences for accounts and foreign currency cash desks

Pursuant to Polish law, withdrawals of funds in a foreign currency should be converted according to the exchange rate at the moment the funds are credited to the account. The system uses the FIFO method for this purpose, which means that withdrawals are converted at the rate on the day on which the first funds available at a given moment were received on the account or at the cash desk.

Cash balance control

The system general ledger consists of a chart of accounts that contain information on all transactions performed as part of the company’s operations. Based on them, the account sheets allow you to carry out detailed calculations, such as cost accounting, cash flow and cash control.

Statement of receivables and liabilities

The creation of statements of receivables and liabilities is handled with the use of the internal flow function.
This tool enables the actual assessment of the company’s financial condition in relation to the planned financial results.

Handling of bank accounts and payments

Suggesting a payment

The system has an automatic payment suggestion function, which greatly facilitates meeting deadlines and prevents double payments for one invoice. In addition, the system was supplemented with the Polish functionality of ‘Payment sheet to the supplier / buyer’, indicating unpaid invoices and generating direct debits exported to electronic banking, on the basis of which transfer orders are generated. Then – after posting by the bank, you can download a list of payments made and enter them in the system.

Posting of bank statements

The booking of bank accounts is done through the Journal of Bank
Statements, which contains information for each account separately about the initial balance, the balance of the entered operations, as well as the forecasted balance after posting. In addition, this tool also has such functions as the import of statements or their automatic settlement.

Electronic banking

Thanks to the configuration with electronic banking software, offered by most banks, it is possible to automatically handle the accounts.

Settlement of receivables and liabilities

It is possible to pair and bill both before and after posting.

Reconciliation of the balance on a bank account

Proposals and booking compensations

Thanks to the function of linking the buyer and supplier files, if a given contractor performs both of these roles and has both liabilities and receivables to the company, it is possible to post their compensation in the books. If the buyer / supplier accounts are linked, the balance of liabilities and receivables will be visible in both files.

 

Calculation and booking of unrealized exchange rate differences

A tool for the valuation of the current value of the company’s receivables – for all unposted invoices at the current rate.

Management and debt collection

Aging of receivables

The receivables aging tool allows you to determine which of them are within the due date and which are overdue.

Statement of receivables over time

This summary allows you to visualize the maturity of all receivables on a timeline, which allows you to forecast revenues, plan expenses, and launch debt collection procedures at the right time.

Detailed buyer’s trial balance

It presents all data on buyers’ accounts, including account balances and turnover.

Buyer Balance Confirmation

Functionality related to the requirements of Polish law. Generating a document confirming open receivables in the system, sent to the buyer.

Prompts – requests for payment

The ERP system enables automatic generation of reminders reminding buyers about overdue liabilities. Prompts inform you about the need to settle the arrears and additional fees.

Interest notes

In the event of non-payment after sending a reminder about overdue receivables, the system automatically generates interest notes, detailing the amount of interest and / or additional fees.

Handling of liabilities

Aging of obligations

Also, liabilities to contractors can be aged by the system, thanks to which it is easy to maintain control over payment dates.

Statement of liabilities over time

A statement of commitments over time helps you plan the level of expenses and budgets, as well as activities aimed at ensuring the financial liquidity of the company.

Detailed supplier trial balance

List of open settlements. Payments, invoices, value of receivables, list of documents, payment history.

Confirmation of vendor balances

Functionality related to the requirements of Polish law. Generating a document confirming open liabilities in the system, sent to the supplier.

Forecasting cash flows

Cash flow chart of accounts

Cash flow chart of accounts In the system, you can define cash flow accounts in many configurations, tailored to the organizational specifics of the enterprise, including for the entire company, for individual departments, or selected aspects of business activity.

Create cash flow forecasts

Thanks to the analyzes of cash assets from previous periods, it is possible to periodically create income and expenditure plans. This information can also be enriched with detailed data from such system elements as account sheets, forecasts, general ledger, sales and purchase reports, or fixed asset files.

Records of planned revenues and expenses

The register of forecasts and plans enables their later verification and comparison with actual results.

Flow analysis

Thanks to historical, current and forecast data, a detailed analysis of cash flows in the enterprise is possible, thanks to which it is possible to gain knowledge about periodic and regular phenomena and financial cycles, which provides the basis for more effective management of the enterprise.

VAT settlements

VAT returns

The ERP system has tools for the preparation of VAT returns for the purposes of settlements with the tax office.

VAT settlement sheet

The VAT sheet is a tool for tax settlement, giving you full control over the elements of the tax declaration, with the possibility of modifying and agreeing them before sending to the tax office.

Defining VAT rates and posting settings

The system enables full control over defined tax rates as well as settlement periods and VAT obligation dates.

VAT due and charged

The tools of the system for handling VAT returns allow you to deduct from the output tax (on generated revenues), input tax, which is part of the price of materials, products and services purchased for the purposes of running a business.

Reverse charge VAT support

The reverse charge is a tax procedure that transfers the VAT settlement obligation to the buyer. The ERP system has a functionality that allows you to carry out such a transaction, meeting the statutory requirements.

Support for the postponed VAT (future period VAT)

This is a function that allows you to suspend the VAT settlement in special situations that require it – e.g. in the case of correcting invoices, where VAT may be deducted only after the recipient confirms receipt of the invoice.

VAT service is not deductible

If it is not possible to deduct all input VAT from output VAT (e.g. in the case of purchasing a fixed asset or inventory), the system allows for the deduction of the allowed part of the tax, and the rest is posted as an element of the purchase amount.

Closing VAT periods and posting VAT settlement

Pursuant to Polish law, for tax declarations, the accounting period is independent of the accounting period in which a given transaction was entered in the books. Thus, the system allows you to generate a declaration for any selected VAT period.

Managing the company's assets and fixed assets

Fixed asset files

Thanks to the function of fixed assets files, it is possible to build a complete register of the company’s assets, their classification, depreciation, as well as insurance and maintenance management.

FA accounting groups and posting settings

In accordance with the requirements of Polish law, the files allow grouping according to the currently applicable classification of fixed assets and assigning appropriate depreciation rates to groups.

Depreciation books (balance sheet, tax, other)

The fixed asset management module allows you to create an unlimited number of depreciation books. Depending on the needs, these ledgers can be combined with the general ledger – for billing and tax purposes, or not – then they are used only for internal control and creating the balance of the value of funds.

Automatic accrual and posting of depreciation

By assigning fixed assets to appropriate groups and assigning them rates and depreciation rules, it is possible to automatically calculate and post depreciation.

Create an amortization plan

The ERP system allows you to create an annual depreciation plan, i.e. a report presenting the expected depreciation costs of all registered fixed assets in the enterprise.

Equipment inventory

The ERP system also allows you to keep a register of equipment, including assets not entered in the register of fixed assets.

SA insurance records

The fixed asset management module enables complete insurance management, including assigning assets to insurance policies, monitoring coverage and annual insurance premiums.

Maintenance of fixed assets

It is possible to record maintenance costs in the fixed asset files, as well as to keep a maintenance calendar. This data can be used both in the budgeting process and in purchasing plans in the event of a need to replace a fixed asset.

Purchase, value increase / decrease and FA sale

In the ERP system, it is possible to post through an invoice both the purchase cost, operating expenses and the operation of increasing the value of the fixed asset. Similarly, the system also enables the sale, liquidation and reduction of the value (partial sale) of fixed assets through a sales invoice.

Income statement and financial reporting

Defining a multidimensional chart of accounts

With the help of ERP system tools, it is possible to create advanced, multi-dimensional charts of accounts, adapted to the organizational structure of the enterprise, including for capital groups composed of two or more subsidiaries.

Multivariate analysis and account sheets

The analytical tools of the ERP system available in the account sheets allow you to conduct very detailed analyzes and generate reports based on data collected in all areas of the company’s activity integrated with the system, including, in particular, the creation of:

  • profit and loss account (both in the spreading and comparative layout)

  • detailed records of revenues and costs (including profit and cost centers, product groups, sales channels, etc.)

  • records of the costs of work in progress

  • reports calculating the actual cost of production

  • analysis of the profitability of orders and projects

  • advanced cost accounting

Support for Intrastat declarations

Automatic generation of declarations for a selected period

In accordance with the requirements of the European Union, all companies engaged in trade in goods with Member States are required to submit monthly reports to customs and statistical authorities within Intrastat.
The ERP system enables automatic generation of these declarations.

Generating the XML file for the declaration

The ERP system enables the export of Intrastat declarations in XML format, compliant with the requirements of the Ministry of Finance in the scope of handling electronic declarations.

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