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Lorente Cristina Nicolas - Microsoft Dynamics NAV financial management

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Lorente Cristina Nicolas Microsoft Dynamics NAV financial management

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Delve deep into the world of financial management with Microsoft Dynamics NAV

Overview

  • Explore the features inside the sales and purchases areas as well as functionalities including payments, budgets, cash flow, fixed assets, and business intelligence
  • Discover how the different aspects of Dynamics NAV are related to financial management
  • Learn how to use reporting tools that will help you to make the right decisions at the right time
  • This book fully prepares you to successfully use Dynamics NAV as your key tool for financial management

In Detail

Microsoft Dynamics NAV is an Enterprise Resource Planning (ERP) application used in all kinds of organizations around the world. An ERP helps to integrate internal and external management information across an entire organization. It provides a great variety of functionalities in different areas such as accounting, sales and purchases processing, logistics, and manufacturing.

Microsoft Dynamics NAV Financial Management explains all you need to know to successfully handle your daily financial management tasks. You will learn about functionalities such as the sales and purchase processes, payments, bank account management, reporting taxes, budgets, cash flow, fixed assets, inventory valuation, and business intelligence.

This book comprehensively walks you through all the financial management features inside Dynamics NAV following a logical schema. This book is focused on whats most important to you, the functionalities of Dynamics NAV, and it covers all setup explanations in a single chapter.

You will gain in-depth knowledge about functionalities, including sales and purchase processes, pricing, document approval, payments, bank management, and accounting transactions. You will also learn about VAT reporting, fixed assets, inventory valuation, annual account closing, consolidation, reporting, and business intelligence.

By the end of this book, you will have also learned about budgets, cash flow management, currencies, intercompany postings, and accounting implications on areas such as jobs, services, warehousing, and manufacturing.

What you will learn from this book

  • Learn about all the Dynamics NAV functionalities for financial management
  • Understand the sales and purchases processes including customers, vendors, pricing, and the document workflows
  • Manage due dates for receivables and payables and manage credit cards and other payment methods
  • Report taxes and post accrual entries or valuate your inventory
  • Learn the importance of dimensions for reporting and business intelligence purposes
  • Create budgets and manage cash flows
  • Set up an application to use custom charts of accounts or different VAT posting groups
  • Get an overview of the accounting implications of areas such as jobs, services, warehousing, and manufacturing

Approach

This book is an in-depth, practical tutorial demonstrating both the essential basic concepts and the more advanced concepts of financial management in Dynamics NAV.

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Microsoft Dynamics NAV Financial Management

Microsoft Dynamics NAV Financial Management

Copyright 2013 Packt Publishing

All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, without the prior written permission of the publisher, except in the case of brief quotations embedded in critical articles or reviews.

Every effort has been made in the preparation of this book to ensure the accuracy of the information presented. However, the information contained in this book is sold without warranty, either express or implied. Neither the authors, nor Packt Publishing, and its dealers and distributors will be held liable for any damages caused or alleged to be caused directly or indirectly by this book.

Packt Publishing has endeavored to provide trademark information about all of the companies and products mentioned in this book by the appropriate use of capitals. However, Packt Publishing cannot guarantee the accuracy of this information.

First published: October 2013

Production Reference: 1161013

Published by Packt Publishing Ltd.

Livery Place

35 Livery Street

Birmingham B3 2PB, UK.

ISBN 978-1-78217-162-1

www.packtpub.com

Credits

Authors

Cristina Nicols Lorente

Laura Nicols Lorente

Reviewers

Stefano Demiliani

Mylia S. Rubanzana

Acquisition Editors

Harsha Bharwani

Akram Hussain

Commissioning Editor

Deepika Singh

Technical Editor

Jinesh Kampani

Project Coordinator

Akash Poojary

Proofreader

Lawrence A. Herman

Indexer

Hemangini Bari

Graphics

Ronak Dhruv

Production Coordinator

Kirtee Shingan

Cover Work

Kirtee Shingan

Cover Image

Valentina Dsilva

About the Authors

Cristina Nicols Lorente has been working with Dynamics NAV since 2005. She started in the ERP world as a developer, but soon evolved to a complete Dynamics NAV professional, doing all the tasks involved in Dynamics NAV implementation: consultancy, analysis, development, implementation, training, and support to end users.

When Cristina started developing solutions for Dynamics NAV she had no idea about accounting or about any kind of business workflows. They don't teach those kind of things for a technical university career. Soon she discovered that it is important to know the set of tools used, but even more important to understand the meaning of whatever you develop. Without knowing the accounting rules, practices, and legal requirements, it is impossible to develop useful accounting functionalities even if you are the best developer. Only when you fully understand a company's processes you will be able to do the appropriate developments.

Having that in mind, she has taken courses in Accounting, Warehouse Management, and Operations Management. She is also willing to take courses on any other company related topics.

She thinks that the best way to learn is to teach what you are learning to someone else. She has actually learned almost everything she knows about Dynamics NAV by responding to user questions on internet forums, by writing a blog about Dynamics NAV, and of course by writing the book you have in your hands. When you have to write about something, you have to experiment, try, investigate, and read. It is definitely the best way to learn.

Cristina is also co-author of the book Implementing Microsoft Dynamics NAV 2013, which had really good comments coming from different Dynamics NAV experts.

Acknowledgments

I would like to thank Isabel, who has supported me on this project. She has always believed in me and she has been pushing me to find the time invested on this book. Without her, this project would have been much more difficult than it turned out to be.

I would also like to thank Laura, my sister and colleague, the coauthor of this book, for being always positive about what you can reach with effort, discipline, and confidence of your own possibilities. She is the one who encouraged me to write this book.

A special thanks to Josep and Josep Maria. They have given me an opportunity to professionally evolve. They have always believed in me and have given me the needed confidence to take my own steps and responsibilities.

The final thanks goes to all my colleagues and customers, and also for all the people who helped me to learn by posting questions on the forums. You have all contributed to build the professional, I am today.

Laura Nicols Lorente started to work with Dynamics NAV back in 2005, first in the support department, mostly solving functional issues and doubts. She soon jumped to full deployment: consulting, analysis, development, implementation, migration, training, and support.

Right from the beginning she realized that it was very important for a Dynamics NAV consultant to have a deep knowledge of business workflows. Technical skills are just not enough. So she started to train herself accounting, taxation, supply chain, logistics, and so on. She discovered a whole new world and she found it very interesting.

After having enough consultancy experience, she got to manage the first project on her own. And then she realized that tech and business knowledge is not enough: she also needed management skills. This is why after reading different management books and trying different approaches on the projects she worked on, she decided to deepen her knowledge by taking a Masters in Project Management. She is now transitioning to Agile Management and Agile Development for better project success.

She continues her training in the three areas (tech, business workflows, and management) whenever she gets the chance.

The net is a huge source of inspiration for her: groups, forums, blogs, books, and so on. She also contributes by sharing her knowledge and experience with the Spanish Dynamics NAV community.

Laura is also co-author of the book Implementing Microsoft Dynamics NAV 2013, which had really good comments coming from different Dynamics NAV experts.

I would like to dedicate this book to Roc and Quim, my twin sons that were born while writing this book. Being a mum has changed me and my life, and I am really happy with it. A new life starts from now on. I hope I will be able to teach them the values I learned from my parents, that made me be the person I am.

I also want to dedicate it to Rosa, my wife, who gave birth to such beautiful babies. She is the pillar onto which I hold, and the person that gives me the energy I need to keep going.

I would like to thank Cristina. She is my sister, my friend, and my colleague. We both wrote this book and had a great time together while writing and learning. I wish us many successful projects together, now and in the future.

Also thanks to my family, friends, colleagues, managers, and customers who helped me grow. And a special recognition to my forum and blog followers for their comments. It is nice to know that you are helping people and that they thank you for that.

About the Reviewers

Stefano Demiliani is a Microsoft Certified Solution Developer, MCTS on Microsoft Dynamics NAV, and MCTS on Sharepoint, and different .NET technologies.

He has a Masters degree in Computer Engineering from Politecnico of Turin.

He works as a Senior Project Manager and Solution Developer for EID/Navlab (one of the biggest Microsoft Certified Partners in Italy) and his main activity is architecturing and developing solutions based on Microsoft technologies.

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