Financial Management

With Microsoft Dynamics NAV you gain greater control of your business. Microsoft Dynamics NAV allows you to :

  • Efficiently manage bookkeeping and inventory
  • Simplify cash flow management
  • Control fixed assets
  • Process bank reconciliations and collections
  • Work with multiple currencies, locations, legal entities, or companies
  • Comply with Philippines' tax regulations
     
Financial Management Functionalities

General | Fixed Assets | Cash Management | Philippine Tax Localization

 G E N E R A L

  • Basic General Ledger - Set up a company, post to the general ledger, chart of accounts, general journals, VAT facilities, and recurring journals Also includes:
    •  Facilities for internal and external reporting.
    • Approval of sales and purchase documents.
    • Posting and reporting in your company’s base currency.
    • Posting and reporting in an additional currency with the addition of the Multiple Currencies granule.
    • Capability to export data from any form to Microsoft Word or Microsoft Excel® using style sheets.
    • Capability to link to external documents.
    • Two languages—U.S. English and one other.
    • Set up sales and purchase documents archiving.
       
  • Allocations - Allocate general ledger entries to combinations of accounts, departments, and projects using allocation keys based on amount, percentage, or quantity.
     
  • Budgets -  Work with budgets in general ledger accounts. After you have created a budget, you can print a balance that shows variances to the budget by percentage. Work with multiple budgets at one time. For example, work with a 100 percent budget, a 110 percent budget, and so on. Budgets are generally entered per period for the relevant general ledger accounts.
     
  • Account Schedules -  Arrange financial reports based on the figures in the chart of accounts and budgets, but using a different arrangement of financial figures, texts, or details than in the chart of accounts. Choose the accounts you want to include (or exclude), change the order of the accounts, combine figures in various ways, and set up which columns to print. In addition, you can make simple calculations.
     
  • Intercompany Postings -  Manage accounting for more than one company in the same posting process. The companies can be in the same or in one of several different Microsoft Dynamics NAV databases. You can also send documents to partner companies. Users control the document flow through an Inbox/Outbox feature, and transactions are completed as general journal transactions or through receivables and payables, which enables the use of currencies and correct reconciliation.
     
  • Consolidation -  Consolidate companies in Microsoft Dynamics NAV. The companies can come from one or from several different Microsoft Dynamics NAV databases or other files, and you can import and export financial information in this granule. If data used is retrieved from several Microsoft Dynamics NAV solutions, use this granule only in the parent company.
     
  • Responsibility Centers - Set up profit centers and/or cost centers. A company can sell items with specific prices and that are related to a responsibility center. You can tie a user to a responsibility center so that only sales and purchase documents related to the particular user are displayed. Users get assistance with entering extra data, such as dimensions and location codes.
     
  • Change Log -  Log user changes made to Microsoft Dynamics NAV master data. You can log all direct modifications a user makes to the data in the database, except for changes to “working documents” such as journals, sales orders, and purchase orders. The change log functionality makes it possible to get a chronological list of all changes to any field in any table (except those “working documents” just mentioned) and to identify by user ID who made the changes.
     
  • Basic XBRL - Export documents from Microsoft Dynamics NAV in XBRL (Extensible Business Reporting Language) format and import XBRL taxonomies into Microsoft Dynamics NAV from the Internet, email, or other systems. XBRL is an XML-based specification that uses accepted financial reporting standards based on standardized, underlying data tags. The granule includes:
    • Capability to map your general ledger to XBRL taxonomies so that the same XBRL document instance can be used for various purposes, independent of the format required by the receiver of the document. 

    • Support for the XBRL 2.0 Specification released by the XBRL Consortium. 


F I X E D   A S S E T S

  • Basic Fixed Assets -  Keep track of fixed assets such as buildings, machinery, and equipment. You can also post various fixed-asset transactions: acquisitions, depreciation, write-downs, appreciation, and disposal. For each fixed asset, you set up depreciation books in which the methods and other conditions used for calculating depreciation are defined. You can set up an unlimited number of depreciation books to satisfy legal requirements, and for tax and internal accounting purposes. This granule is well suited for international companies that need to use many depreciation methods.
     
  • Fixed Assets Allocations -  Allocate different percentages of fixed asset transactions, such as acquisition cost and depreciation, to different departments or projects by using allocation keys. Useful for when several departments share a fixed asset.
     
  • Insurance - Keep track of insurance coverage and annual insurance premiums for your fixed assets and easily determine whether your assets are under-insured or over-insured. You can attach each asset to one or more insurance policies and also index insurance amounts.
     
  • Maintenance - Record maintenance and service expenses for each fixed asset. Get the detailed information you need to analyze and make decisions about the renewal and disposal of fixed assets. This granule integrates with General Ledger.
     
  • Reclassifications -  Reclassify a fixed asset or part of a fixed asset—for example, from one department to another. You can split one fixed asset into several fixed assets, or combine several fixed assets into one fixed asset. When you need to dispose of one part of a fixed asset, you can split it into two assets and then dispose of the appropriate one.

C A S H    M A N A G E M E N T

 

  • Bank Account Management -  Manage an unlimited number of bank accounts in both local and foreign currencies.
     
  • Bank Reconciliation - Reconcile your bank accounts in Microsoft Dynamics NAV with your statements. Apply amounts from your bank account ledger to the reconciliation form and keep track of all bank statements.
     
  • Check Writing -  Generate printed checks with unique number series for each bank account. You can also void or reprint an already printed check, and specify on the journal line whether you want this payment to be made with a computer or a manual check.

 


 P H I L I P P I N E   T A X    L O C A L I Z A T I O N

Philippine Tax Localization makes Microsoft Dynamics NAV Philippines-ready. It complies with the Philippine government mandated requirements as stipulated by the Bureau of Internal Revenue (BIR) implementing guidelines for companies adopting Computer Accounting System (CAS). Computer Accounting System is defined as the integration of different component systems to produce computerized books of accounts and computer-generated accounting records and documents.  Philippine Taxation’s Withholding Tax (WHT) feature enables set up of withholding tax posting groups, links WHT posting groups to different master groups, and prints WHT certificates and reports.  Reports required by BIR such as Output Tax for e-Filing, Input Tax for e-Filing, Monthly Alphalist of Payees Schedule 3 and 4,  Monthly Alphalist of Payees and Withholding Tax Certificate – 2307 are automatically generated by NAV. These are reports based on the relief file format required by the BIR and generated in MS Excel format, which can be saved as .csv  and loaded to BIR's website. Other reports available are: G/L Register, Sales Journal, Purchase Journal,  Detail Trial Balance, and Item Register.

Aside from government compliance, Philippine Tax Localization also adapts to the business practices of the country by adding extra features. These features are:

 

  1. Post-dated Checks – it has been a  norm in the Philippines that businesses or even individuals issue post-dated checks when paying. Postdated check (PDC) functionality is provided in both the Sales and Receivables, and Purchases and Payables modules. This functionality is fully integrated with dimensions, check printing, applications, and standard banking functionality.
     
  2. Full Reverse Check Voiding - A full reverse check voiding solution, which ensures that all aging is based on the dates of the original transactions, is enabled. When checks are financially voided, the original entry is reopened with the original entry date.
     
  3. Cost Plus Percentage for individual customers and items - A Cost-plus % field is included on the Sales Prices page for customers and items. Price can be set on cost plus a specified percentage for individual customers or items.