With the latest release of Dynamics NAV, financial statements can be done without breaking a sweat. Microsoft has now added default financial reports like:
- Balance Sheet
- Income Statement
- Cash Flow Statement
- Retained Earnings Statement
But the Question is; what setup has to be performed to generate the default reports in NAV?
Microsoft added categories and sub-categories to group the G/L Accounts. Users just need to map the G/L Accounts to a set of predefined categories like Assets, Liabilities, and Expenses. But not only that, categories like Assets can be further categorized using the sub-categories like Short Term Investment vs. Marketable Securities, or Financial Assets vs. Intangible Assets, depending on the business reporting requirements.
As the structure of Chart of Accounts is not set in stone, changes can happen as the business progresses. Microsoft also added a feature to automatically update the Account Schedules when there are changes made on the G/L Account category mapping.
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