General Ledger

Dynamics 365 Business Central – YouTube Video Series – A closer look at Dimensions in Business Central

Gavin WhittakerLeave a comment

Introduction

Dimensions are a really powerful feature of Business Central that enable additional reporting and analysis capabilities that go beyond the conventional Chart of Accounts, which only offer a single General Ledger code.

In this three part series I use a fictitious company called “IT Solutions Ltd” to explain the concept of Dimensions and the various features. This company sells various IT products like Business Central and Dynamics GP along with services such as Consultancy, Training and Development. As we go through the series we look at how IT Solutions Ltd use dimensions in Business Central to get the most out of reporting and analysis.

Part 1

In Part 1 I set the scene as to what a Dimension is and why they are used. I then delve into a transaction to show them in action 🙂

Part 2

In Part 2 we look at some of the functionality available with Dimensions like making them mandatory and setting defaults. We also look at blocking certain Dimension Combinations.

Part 3

In Part 3 we round things off by adding a new Dimension and describing the difference between Global and other kinds of Shortcut Dimensions. Finally, we finish off by looking at how to analyse the data using inbuilt Business Central lists and reports using Global Dimensions.

The full playlist can be found below

Hope you like it 🙂

Dynamics 365 Business Central – YouTube Video – What are the Direct Cost Applied and Purchases Accounts and why are they used?

Gavin WhittakerLeave a comment

Introduction

When discussing Direct Cost Applied and Purchases accounts with newcomers to Business Central, they invariably initiate a conversation about their purpose and significance. As a result of this, I decided to create a video where I share my insights 🙂

Hope you find it useful 🙂

Dynamics 365 Business Central – How to post a VAT only journal for VAT adjustments

Gavin WhittakerLeave a comment

Introduction

There may be times when you need to post a full VAT only journal to record a VAT adjustment. In these scenarios you want no effect in the General Ledger, but wish to have an adjusting VAT entry appear on the VAT statement.

In this post, I’ll walk through the necessary steps for setting up VAT for these scenarios. Once the setup is complete, I’ll explain the process for posting the VAT only journal.

VAT Setup

First, we need to add the necessary VAT combination in the VAT Posting Setup window. For this I go to the “VAT Posting Setup” window.

In this window I add the following VAT combination.

Now if I use the combination of “Domestic” and “Full Norm” in a journal this should calculate full VAT at 100%.

VAT Journal

Now the VAT Posting Setup is complete, I’ll post the correcting VAT adjustment journal using the “General Journal” page as per the screen shot below.

In this journal I’m doing the following:

1) First I’m selecting the VAT GL Code

2) Then I’m selecting the relevant VAT Business and VAT Product Posting Group for the Full VAT combination

3) Lastly, I’m balancing the journal to the same VAT GL code

This produces the following GL Entries. As you can see there is no effect in the General Ledger.

The posting also creating this VAT Entry

Therefore, although we have no effect in the General Ledger, we have a VAT entry to record the adjustment on the VAT Statement. We just need to edit the VAT statement to pickup the VAT Business and VAT Product posting combinations

VAT Statement

To ensure this is picked up on the VAT Statement go to the VAT Statement page and add the combination:

Conclusion

This post shows how you can setup Business Central to post VAT adjustments that won’t affect the General Ledger but do create adjusting VAT entries.

Thanks for reading!