Microsoft Dynamics NAV For Beginners | Part 2: G/L Setup Window

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BDO

In the first post of our series, we explored how to set up your Chart of Accounts. Once you’ve set up your Chart of Accounts, you can get started with the General Ledger setup window. The G/L setup must be completed for each company in Microsoft Dynamics NAV.

What are FastTabs in the G/L Setup?

  • General
  • Numbering
  • Dimensions
  • Reporting
  • Application

Let’s proceed to Departments → Administration → Application Setup → Financial Management → Finance → Tasks → General Ledger Setup.

Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 1

Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 2

Important Features to Note in the General Tab:

  • Allow Posting From / Allow Posting To – Specifies the date range that all users can post transactions in. A specific accounting period cannot be closed in Microsoft Dynamics NAV, so setting the posting date range prevents users from posting entries outside that date range.
  • Register Time – Specifies whether the system registers the user’s time usage.
  • Local Address Format – Specifies the address format that is used on printed documents.
  • Allow G/L Acc. Deletion Before – The date in this field determines when G/L accounts can be deleted. G/L accounts that have entries on or after the date specified in this field cannot be deleted.
  • Check G/L Account Usage – Specifies that you want the program to protect G/L accounts that are used in setup tables from being deleted.

 

Dynamics NAV’s Numbering FastTab

Here you would enter the code for the number series that will be used to assign numbers to bank accounts.

Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 3

 

Next, in the Dimensions FastTab, you can specify the Global and the shortcut dimensions to be used for Financial Reporting.

Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 4

The benefit of the Global dimensions is that they allow you to filter and segment general ledger entries which can then be seen on reports and account schedules. We suggest that you select two dimensions which you will use frequently. They provide a fast and convenient way to enter dimension information directly on the line in journals, and header in sales and purchasing documents. The Global dimensions post directly to the general ledger entries so they can be filtered and segmented right on the Chart of Accounts page or in the general ledger entries page.

The system will automatically create the first two shortcut dimensions based on the Global dimensions. Just remember that you can select the other 6 shortcut dimensions based on the company’s preferences and business rules.

Changing the Global dimension is very straightforward.

Proceed to General Ledger Setup → Actions → Change Global Dimensions

Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 5Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 6

Just remember all transactions must be posted before you change this setup.

Reporting FastTab

The Reporting FastTab is typically used if an additional reporting currency is required. This enables users to run financial statements in both the originating and functional currency.

Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 7

In the Application FastTab, you can set up currency rounding tolerances. You can also determine how payments are applied to outstanding amounts for customer and vendors.

Microsoft Dynamics NAV For Beginners Part 2 GL Setup Window 8

For more information, please contact your BDO Client Manager or Florence Singh and visit BDO Solutions. For more of our Beginners’ Guide to NAV series, click here.


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