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This post examines the “Close Income Statement” routine in Business Central, detailing four options for closing income statement General Ledger accounts. These options range from posting a simplified entry without dimensions to producing detailed postings with dimensions, each impacting the analysis and reporting of retained earnings differently.… Continue reading →
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This post provides guidance on posting opening VAT balances in Business Central when transitioning from another system during a VAT period. It highlights the necessity of recording VAT figures through a General Journal entry to ensure all relevant transactions are submitted correctly, thus enabling accurate VAT statement reporting.… Continue reading →
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This post explains how to batch post Sales or Purchase Invoices in Business Central using a single Posting Date, similar to Dynamics GP. It details the steps to select multiple invoices, utilize the “Post Batch” feature, and set a uniform Posting Date, achieving the desired transactional outcome.… Continue reading →
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The VAT Configuration Package simplifies the process of posting EU reverse charge invoices and handling Postponed VAT for UK businesses. It includes settings for Standard VAT, EU Reverse Charge services, and Pre-configured VAT Groups for accurate calculations. A General Journal for testing the VAT statement is also provided. Download access requires subscription.… Continue reading →
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The VAT Configuration Package for Business Central can be downloaded as a Word Document containing a .rapidstart file. Users should test the setup in a Training Company with their data, import the package, review and tailor VAT settings, and confirm configuration before applying it to ensure it meets their requirements.… Continue reading →
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The post emphasizes the necessity of properly setting up new Dimensions in Business Central to ensure they are visible in journals and documents. It outlines the process of creating a Dimension and highlights the critical final step of designating it as a “Shortcut” dimension in the General Ledger Setup for easier access.… Continue reading →
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This video introduces a series on “Getting Started with Business Central” aimed at assisting new users. It outlines the phases of a Business Central project, offering insights and considerations. Acknowledging individual project variations, it provides a general overview. The video aims to prepare and guide users as they embark on their Business Central implementation journey.……
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The “Balance” field on the General Journal page represents the running total of the selected line, while the “Total Balance” shows the sum of all unbalanced lines. Understanding these fields aids in verifying entries and ensuring journal balance before posting. This post explains their calculation and importance in journal functionality.… Continue reading →
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When invoicing from a Sales Order in Business Central, it’s crucial to update the Document Date and Posting Date to avoid posting errors. The Document Date determines the Due Date and Invoice Date, while the Posting Date affects ledger entries. Defaulting dates can lead to incorrect entries and can be mitigated using setup options or…
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This post explains how to account for bank fees when receiving customer payments, specifically with credit card payments like American Express. It details a step-by-step process for recording the cash received, the bank fee, and ensuring the full invoice amount is applied. The method ensures accurate recording for bank reconciliation and fees.… Continue reading →
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