Business Central includes a standard configuration for most financial processes, but you can change it to suit your business needs. Learn more at Setting Up Finance.
The default configuration includes a chart of accounts and standard posting groups, which make the process of assigning default general ledger posting accounts to customers, vendors, and items more efficient.
The following table describes a sequence of tasks, with links to the topics that describe them.
|Apply incoming payments, reconcile bank accounts during payment application, and collect outstanding balances.||Managing Receivables|
|Make payments, apply outgoing payments, and work with checks.||Managing Payables|
|Ask your customers to submit payment before you ship to them, or submit payment to your vendors before they ship to you.||Invoicing Prepayments|
|Reconcile and transfer funds between bank accounts.||Reconciling Bank Accounts|
|Set up intercompany partners and process transactions, manually or automatically, between legal entities within the same company.||Managing Intercompany Transactions|
|Analyse the costs of running your business by allocating actual and budgeted costs of operations, departments, products, and projects to cost centres.||Accounting for Costs|
|Manage inventory and manufacturing costs, and report and reconcile costs with the general ledger.||Managing Inventory Costs|
|Learn about the general ledger and the chart of accounts (COA).||Understanding the General Ledger and the COA|
|Combine general ledger entries from multiple companies in one virtual consolidated company for financial analysis.||Consolidating Financial Data from Multiple Companies|
|Add dimensions for richer business intelligence.||Work with Dimensions|
|Create general ledger (G/L) budgets to forecast different financial activities and assign dimensions for business intelligence purposes.||Create G/L Budgets|
|Record income and expenses directly in the general ledger without posting dedicated business documents.||Post Transactions Directly to the General Ledger|
|Reverse entries to undo value postings in the general journal or quantity postings on purchase and sales documents.||Reverse Journal Postings and Undo Receipts/Shipments|
|Allocate an entry in a general journal to several different accounts when you post the journal.||Allocate Costs and Income|
|Assign extra costs, such as freight and physical handling expenses you incur during trade, to the involved items. This way the cost is reflected in inventory valuation.||Use Item Charges to Account for Additional Trade Costs|
|Post employee expenses for work-related activities and make reimbursements directly to employee bank accounts.||Record and Reimburse Employees' Expenses|
|Allocate revenues and expenses to periods other than when the transactions actually posted.||Defer Revenues and Expenses|
|Learn about the available options to automate sending subscription invoices to customers and register recurring revenue.||Work with Recurring Revenue|
|Learn how to use additional currencies and update currency exchange rates automatically.||Update Currency Exchange Rates|
|Import salary transactions from your payroll provider into the general ledger.||Import Payroll Transactions|
|Calculate goods and services tax (GST) on sales and purchase transactions so you can report the amounts to the tax authorities.||Work with GST on Sales and Purchases|
|Prepare a report that lists GST from sales, and submit the report to tax authorities in the European Union (EU).||Report GST to Tax Authorities|
|Manually convert service contracts to change their GST rate.||Convert Service Contracts that Include GST Amounts|
|Monitor the flow of cash in and out of your business.||Analysing Cash Flows in Your Company|
|Follow an end-to-end process describing how to use financial reports to make cash flow forecasts.||Walkthrough: Making Cash Flow Forecasts by Using Financial Reports|
|Work with financial statements and overviews in Microsoft Excel.||Analyzing Financial Statements in Excel|
|Learn how to use the Accountant Role Centre, engage an external accountant, and use the Company Hub to manage accounts of multiple clients.||Accountant Experiences in Business Central|
Take a video tour
This video introduces some of the key capabilities for managing finances.
Setting Up Finance
Closing Financial Periods
Importing Data from Other Finance Systems
Work with General Journals
Work with Business Central
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