Overview of chart of account in Business Central A presentation by Oluwabusayo Ojo TABLE OF CONTENTS 01 03 G/L account categories Standard journal 02 General Journal/Recurring General Journal 04 G/L budget Overview of chart of account What is the chart of account The Chart of Accounts (COA) is a key component of the General Ledger in accounting systems and Microsoft Dynamics Business Central is one of them. The COA is a list of all accounts used in an organization's financial transactions, each with a unique account code or number. The accounts in the COA are typically categorized into different types, such as Assets, Liabilities, Equity, Revenue, Cost of Sales, and Expenses. Key Features Of A Chart Of Account • • • • • Flexibility Segmentation Integration Reporting Management Overall, the Chart of Accounts is a crucial component of any accounting system, as it provides a standardized framework for financial transactions and reporting. By setting up and managing the COA effectively in Microsoft Dynamics Business Central, organizations can streamline financial operations, reduce errors, and make more informed decisions about their finances. G/L account categories What is the G/L account In Microsoft Dynamics Business Central, G/L account categories are used to organize and classify general ledger accounts. These categories help to simplify financial reporting and analysis by grouping similar accounts together. G/L account categories: • • • • Asset accounts Liability accounts Equity accounts Revenue accounts Expense accounts In addition to these basic categories, Microsoft Dynamics Business Central also allows for custom categories to be created based on specific business needs. For example, a manufacturing company might create a G/L account category for production costs, while a non-profit organization might create a category for donations and grants. By organizing accounts into categories, it becomes easier to track and analyze financial data, make informed business decisions, and generate accurate financial statements and reports. General Journal What is the General Journal The General Journal allows you to record various types of financial transactions, such as adjusting entries, intercompany transactions, and reversing entries. Some key features of the General Journal: • Manual Entries • Recurring Entries • Approval Workflow • Posting and Reversing Entries • Integration with Other Modules • Reporting and Analysis The General Journal is a powerful tool for recording and tracking various types of financial transactions in Microsoft Dynamics Business Central. It allows you to maintain accurate and up-to-date financial records, which is essential for making informed business decisions. Recurring General Journal What is the recurring General Journal The Recurring General Journal is a module used to record and automate recurring financial transactions in the General Ledger. This module is similar to the Standard Journal, but it allows for more flexibility in terms of transaction frequency and posting options Some key features of the recurring General Journal: • • • • • • Flexible Posting Options Multiple Frequencies Approval Workflow Posting and Reversing Entries Integration with Other Modules Reporting and Analysis Standard journal What is the standard Journal This module is used to record recurring transactions. Standard journals allow you to create templates for transactions that occur on a regular basis, such as monthly depreciation, rent expenses, or payroll entries. Some key features of the Standard Journal: • Recurring Transactions • Automated Posting • Approval Workflow • Posting and Reversing Entries • Integration with Other Modules • Reporting and Analysis The Standard Journal is a powerful tool for automating and streamlining recurring transactions in Microsoft Dynamics Business Central. By creating templates for these transactions, you can save time, reduce errors, and ensure that all transactions are accurately recorded in the General Ledger. GL Budget What is the GL Budget The G/L Budget is a module that allows you to set up and manage budgets for your General Ledger accounts. A budget is a plan that outlines the expected income and expenses for a specified period, typically one year. Some key features of the GL Budget: • • • • • Budget Template Multiple Versions Flexible Time Periods Integration with Other Modules Reporting and Analysis The G/L Budget is a powerful tool for managing your organization's finances and ensuring that you stay on track with your financial goals. By setting up and tracking budgets in Microsoft Dynamics Business Central, you can make informed decisions about spending, revenue generation, and investment. ● Thank You!
