Dynamics NAV 2017, What’s That? Account Category
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)
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:
- Cost of Goods Sold
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.