Microsoft Dynamics Business Central Financial Management

G/L accounts in the chart of accounts represent the financial structure of a company. You can set up balance sheet accounts and income statement accounts.

A dimension is the type of information that you want to add to your entry. For example, the cost controller wants to analyze the expenses per department.

Therefore, a dimension called Department can be set up. A dimension value is one of the possible values for a particular dimension that you can add to your entry.

For example, for each department a dimension value will be set up, which is named Sales, Administration, Manufacturing and so on. Dimensions are used for analysis purposes. They enable users to analyse expenses by department, sales by region, by customer group, etc.

Companies sell their items and services to customers. They also purchase items and services from vendors. Users working in the finance department process customer and vendor invoices and payments. Furthermore, receivables management also might involve sending reminders to customers. After setting up customers and vendors, you can use them in documents and journals.

One of the important tasks to perform by the finance department is processing payments and bank statements. Each bank account has its own card that contains different kinds of information. On the bank account card, you enter information that is specific to the individual bank account, and you can change this information, if this is necessary.