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Dynamics 365 Community / Forums / Microsoft Dynamics NAV (Archived) / Bookkeeping using Micr...
Microsoft Dynamics NAV (Archived)

Bookkeeping using Microsoft Nav

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Posted on by Sherin MJ 65

What is the best way to do bookkeeping using Microsoft Nav?...I got files in quickbooks and case ware.  Our company is transferring these quickbooks and case ware files to Microsoft Nav...

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  • Aleksandar Totovic Profile Picture
    Aleksandar Totovic 16,765 on at

    I'm not sure what you exactly want. Do you want to use NAV as bookkeeping solutions and learn it? Do you want to use NAV as exernal bookkeeping agency or as internal bookkeeping? Have you implemented NAV and have you NAV license?

  • Sherin MJ Profile Picture
    Sherin MJ 65 on at

    I meant how to use NAV to do bookkeeping for external clients.. I work for accounting firm, where they are trying to swtich to NAV. They are want to convert the old quickbook files to NAV as well as set up new client using NAV..I missed the training, so i'm not too sure where to begin. ..

  • Sherin MJ Profile Picture
    Sherin MJ 65 on at

    what we do is transfer the expenses and revenue from bank statements, one side of the post would be to bank account, other entry would be to expense or revenue(mostly), else would be to assets or liabilities

  • Suggested answer
    Jens Glathe Profile Picture
    Jens Glathe 6,092 on at

    Hi,

    first off: What you want to do can be done with NAV, with a good initial setup even without a lot of customizations. You would set up a separate company for every external client (and if you have more companies from ine client, also for every external company you're doing the accounting for). I would recommend to set up a template company first, though. this should be set up as completely as possible to minimize the setup per client/company you would have afterwards. I would also recommend that you have a master chart of accounts which should be the same for all companies (if possible / feasible). The rest is more or less straight forward accounting. You should be able to use it after an initial "Accounting with NAV" course.

    Some "special" properties of NAV:

    - You have accounting periods, but no carry-forward postings. It is always continuous postings, i.e. the balance of year 10 will all previous postings (1..10) into the consideration.

    - Despite being "fully currency enabled" this doesn't mean that you can see the amount in transaction currency everywhere. This is limited to the Customer, Vendor and (under certain circumstances) Bank ledgers. When you need easily traceable currency in the G/L, ask me, we have an Add-on for that :)

    I would also recommend to employ an experienced NAV consultant / teacher for the migration project. This will pay off greatly in the further effectiveness of your NAV solution. There are some not so obvious pitfalls which good consulting helps top avoid.

    with best regards and best of luck

    Jens

  • Terrance Morgan Profile Picture
    Terrance Morgan 515 on at

    The below 8 Great Accounting Features of Microsoft Dynamics NAV are part of the Financial Management functionality in this robust and popular ERP System.

    Comprehensive, up-to-date financial information makes it easier to spot trends and gain insight into your business activities, so you can capitalize on your knowledge and identify new opportunities.

    Microsoft Dynamics NAV also helps you manage a broad range of other business areas according to your particular needs. You can add functionality as you need it and grow at your own pace.

    Monitor fiscal performance, meet business and regulatory requirements and help reduce the time and effort your people spend on accounting tasks.

    Microsoft Dynamics NAV can help you control and manage the entire life cycle of your fixed assets—from acquisition to disposal.

    Help drive efficiency and maximize cash resources with flexible, integrated accounts payable capabilities.

    Optimize cash flow by streamlining accounts receivable processes and tracking customer payments.

    Multi-currency support in Microsoft Dynamics NAV can help you expand into international markets and reduce the complexity of global transactions.

    Additional Powerful Financial Management Features in NAV 2016 include; Cash Flow Forecast, Bank Reconciliation, Responsibility Centers, Inter-Company Postings, Cost Accounting, Electronic Payments, Direct Debits, and more!

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