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Dynamics NAV 2017, What’s That? Account CategoryMicrosoft Dynamics NAV logo

Dynamics NAV 2017 and Account Category

I recently had the opportunity to explore some of the new features that Dynamics NAV 2017 has available.  One of them looks very interesting, so I thought that I would share it with you. In the G/L Chart of Accounts a few new fields have been added. These fields are to provide a better experience when analyzing your Chart of Accounts and your financial position. 

In older versions of NAV, the field Income/Balance has been used to identify the G/L Accounts that should be adjusted to 0.00 when performing a Close Income Statement as a part of your fiscal year-end process. NAV relied on the accountants to determine which accounts were Income Statement or Balance Sheet accounts. In NAV 2017, Microsoft added a field to G/L Account called the Account Category.  (See image below)

Screen shot of Dynamics NAV 2017 Account Category field on the G/L Account Card
Figure 1 - The Account Category Field on the G/L Account Card in Microsoft Dynamics NAV 2017

Users can select from the following options for the category:

  • Assets
  • Liabilities
  • Equity
  • Income
  • Cost of Goods Sold
  • Expense

Based on the selection of the Item Category, NAV will assign the appropriate Income/Balance setting, on the G/L Account card. 

In a future Dynamics NAV 2017: What’s That? blog, I’ll explore the concepts of G/L Account subcategory and the new analysis features.

Learn more about the features and functionality of Dynamics NAV 2017. And be sure to subscribe to our blog so you’ll never miss an update.

 

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