The latest webinar from Intelice Solutions took a comprehensive look at what’s new and exciting in Microsoft Dynamic NAV 2016. Hosted by Danica Pelgrim, this webinar covered the Deferrals feature, updates to the Currency Exchange feature, and the Report Job Queue.
This deferral functionality is available on sales documents, purchase documents, and in the general journal. The function provides benefits such as reducing the time and effort required to defer revenues and expenses after transactions are posted, and easy reporting on deferred amounts for customers, vendors, and G/L accounts.
To make use of this new function, start by setting up a template. You’ll need to create a separate template for each deferral account number, and for deferrals with different applicable timeframes or numbers of periods. Once the template has been completed, you’ll be able to add your deferral schedule to a sales invoice. Another new feature is the ability to preview the journal entry before posting.
All deferral template codes are available to be set as defaults on G/L accounts, resources, and items. This is especially handy for clients that use resources specifically on sales invoices, or items on purchase invoices. If you happen to have specific prepaid accounts or revenue accounts that are also deferral accounts, this will streamline some of your data entry.
A few tips to keep in mind:
- When viewing entries that include deferral codes from the Navigate page, remove the date from the Posting Date field and select Find from the ribbon. The G/L entry related items will update to include all entries that were posted, instead of just those within that timeframe
- Pay close attention when using the Copy Document feature. The original posting date and deferral schedule will be copied, which means the line amount and/or Deferral Schedule may need to be adjusted to ensure that you post the correct amounts to the correct periods
- If an entry or document has a foreign currency code on it, the Adjust Exchange Rate function should be run every single period during the close process before financials are published
Currently, you’re either adjusting the currency exchange rate manually each day, or you’ve purchased a service to take care of the adjustments for you. There are two free services that are available with NAV 2016 to automate this; ECB, a Euro-based service, and Yahoo, a USD-based service.
Only one service can be enabled at a time, and both can be accessed from the Edit button in the ribbon. You can use the fields on the Reoccurrence fast tab to ensure that this information is being updated according to your needs. These free services only update once a day, and not all currencies are included. If you require a wider range of currency or more frequent updates, you will need to switch to a paid service that updates multiple times a day, and set a start and end time for these updates to be applied.
The Report Job Queue gives you the capability to set up reports that will automatically be run on schedules you can identify within NAV. To avoid issues or conflicts with other automated functions, you may want to contact your IT provider for assistance.
When you launch a report, you should get an options window that allows you to specify filters, indicate whether you want to print a PDF, and so on. On this particular page, when you select a report to run, at the top left corner of the page is a NAV application menu. Select Help, and About This Page. You’ll find a number specific to that report, which you will need to write down in order to set up the Job Queue entry.
In the Job Queue entry screen, select New on the ribbon. Complete the required fields, and enter the report number you’ve written down. Make sure the description is something informative, as you can run multiple versions of the same report, then set a start time and recurrence schedule. This function is great for something like Accounts Receivable reports, which can be time consuming to run.
With regards to date sensitive reports like Accounts Receivable, you will need to contact your IT provider. In order to ensure that each report uses the current system date rather than the date of the first report, a few extra lines of code will need to be added to the program.
Finally, remember to check your Report Inbox each day to make sure everything is on track. You can save and send reports in Word, PDF, or Excel versions right from your inbox, and then delete them from your list once you’ve finished using them.
To learn more about new features in NAV 2016 – in particular the long-awaited Import Documents function – be sure to check out the next Intelice webinar.
Want to find out more about our upcoming webinar, or any of the IT support services we offer? Contact us at Info@Intelice.com or (301) 664-6800. We’re the IT professionals businesses in Washington trust.