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Financial Reporting with GL Account Categories

Account schedules in NAV are the financial reporting tool, however they can be cumbersome to setup and maintain. NAV 2017 now offers functionality to automatically generate Account Schedules for some of the main financial statements: Balance Sheet, Income Statement, Cash Flow Statement, Statement of Retained Earnings. New companies are initialized with these account schedules already defined. These auto-generated Account Schedules are prefixed with M-. If users choose Edit Account Schedule on an auto-generated Account Schedule, they will be prompted that it is a system-maintained schedule so any changes made could be lost.

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M-BALANCE 
M-NETCHA... 
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M-NETCHA... 
M-CASHFLO... 
M-INCOME 
M-RETAIND

 These account schedules are defined in the General Ledger Setup as the report selections for printing the default financial statements.

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 This functionality uses the new G/L Account Categories. The G/L Account Categories support both a main category as well as any sub-categories within each main category, as needed.

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Accounts Receivable 
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Bank Operations Cash 
Income... 
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G/L Accounts without Category 
Bank, Payroll

  Within the G/L Account Categories window, you create the various categorizations needed to support a financial statement structure. The definition is as simple as defining the Description and assigning the Account Category. NAV supports the following basic categories: Assets, Liabilities, Equity, Income, Cost of Goods Sold, and Expenses. The Additional Report Definition can be defined, which is used for the Cash Flow report. 

The G/L Account Categories window provides a view for any G/L Accounts that have not been assigned a category, which can help ensure all accounts are assigned to a category for balanced financial reporting. 

Once the appropriate G/L Account Categories/Sub-categories have been defined, they are assigned to each G/L Account record on the G/L Account Card.

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 With all categories and accounts assigned, the account schedule setup can be completed by selecting the Generate Account Schedules option in the ribbon of the G/L Account Categories window. This function will automatically create account schedule rows based on the categories.

 The default financial reports can now be generated from the menu items:

 

 

 

Lisa Doran

Lisa Doran

Lisa Doran is a Senior Application Consultant at Innovia Consulting. She has helped many customers get the most out of their NAV/Business Central ERP systems. She has specific expertise in core financials, manufacturing, warehouse management, ChargeLogic, Lanham E-ship, Jet Reports, and a host of other ISV solutions. Prior to working in the ERP space, she worked on accounting teams at manufacturing, distribution, and service firms in the Midwest.

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