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I am a business analyst currently investigating different options to meet the needs of the investment company I work with. I am not a financial specialist; please keep that in mind when reading my question.
This company manages bank accounts and investment accounts on behalf of their clients. In order to do proper reporting to the client, there is a need to 'duplicate' all these accounts into one place. In other words, we need to create an account of some sort for each bank account or investment account, and to import all the transactions that took place in the 'real' account (bank or investment firm).
Business Central is our first option due to the easy integration with Power Apps and Power BI, which is already in use.
Here is my question: what type of account would you suggest for this?
On one hand, I am drawn to create a cashbook account for each bank or investment account. That makes so much sense and then I can set up an automatic import of transactions. But that would mean many cashbook accounts. Is there a limit to the number of cashbooks that can be opened? Should I rather look at another account type such as a GL account?
There is no limit in the number of bank accounts you can handle.
As long as you have space in your database.
Hi Hilda,
I don't think there will be any limit to the number of cash books (bank accounts) you can create in BC. As a test you could create a configuration package using "Bank Accounts" as the table and import 10,000 bank accounts using a spreadsheet. I'll fairly sure there won't be a limit though.
Thanks
Gavin
Hi Gavin. Thank you so much for that; I would have made a major booboo if it wasn't for your reply. There are multi currencies involved.
Do you know if there is any limit to the number of cash books we can open? I tried to find information online, but so far I found nothing.
Hi,
Just be aware if there are any multi currency implications that you cant revalue GL entries. You can only revalue Bank Account Ledger Entries and Customer/Vendor Ledger Entries.
Therefore if you create GL accounts, and just posted journals, you can't use any currencies on those journals. (there is a concept of additional reporting currency but this is a little different). Therefore in this case it would be best to setup Bank Accounts as you can post currencies and revalue the bank accounts.
I'm also not sure what you mean by GL sub-accounts? I'm not aware of this concept in BC (in the UK localisation anyway) . You have extra analysis using Dimensions but no sub accounts I'm aware of.
Thanks
Gavin
Hi Inge
Herewith some more information in broad terms: a client has several investor accounts. In each investor account, are several product accounts. In each product account can be one or more, underlying investment accounts.
If I use bank accounts, I will have to set up an account for each underlying investment account and the 'roll up' will be more difficult, I think.
I think GL accounts, which can have sub-accounts, are a better option.
Does this make sense?
I think your two best options for adding your clients bank account to your accounting would be either to use the account type bank account.
And then put them in one or more sperate bank accounting groups.
The other option is to have them as customers and then you will have customer ledger entries that you can report on.
With the little you explained about your business using the bank account functionality in Business Central makes most sense.
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