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Dynamics 365 Community / Forums / Business Central forum / New Company Set-up
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New Company Set-up

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I am trying to set up a company that has different properties - i.e., real estate, oil & gas wells, etc.   Would I utilize the /cost accounting/ features to set up each property.   Would that be the best way to handle that.   Each property would have income and expenses and I would want to track those net profits.   Any thoughts would be appreciated.
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Financial Management
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 68,395 Super User 2024 Season 2 on at
    New Company Set-up
    Hi, Just adding some information.
    If the real estate, oil & gas wells, etc. you mentioned need to be purchased and sold, I think these should be new items.
    For Items, you can use Dimensions, Item Attribute, variants, or Item Categories and other management.
    You can also directly separate the posting groups and let them post to different GL Accounts.
     
    Hope this helps as well.
    Thanks.
    ZHU
  • Suggested answer
    Kenneth Q Madsen Profile Picture
    Kenneth Q Madsen 21 on at
    New Company Set-up
    I definitely suggest going Dimensions route here also. That sounds like a simple fix.
     
    Make sure to make dimensions obligatory in your Income Statement when doing this, so you don't miss out on the dimension when posting anything.
     
    Remember there is a nifty little feature that allows you to change 'Multiple Dimensions' that will help you a lot here. Navigate to your chart of accounts, set a filter for all your 'Income Statement' accounts, highlight all your accounts and click Account -> Dimensions-Multiple in the ribbon. This will open the dimensions page where you can set your "Property" dimension as mandatory, which will then be added to all your highlighted accounts.
     
    /Kenneth Q. Madsen
  • Verified answer
    KasparsSemjonovs Profile Picture
    KasparsSemjonovs 3,660 Super User 2024 Season 2 on at
    New Company Set-up
    There is no straight-forward way/solution for this.
    It depends what You want to track, what You want to invoice.
    Most likely these properties could be set as dimensions - and then you can sell/purchase items or just amounts directly to GL accounts and each transaction linked to these dimensions and then be able to analysis to how each dimension (each building or each gas well) is giving profits/losses.
     
    If these are items you sell/purchase - you can set them as items (stock or non-stock) or as resources.
    Or each property could be set as JOB (project) and then You can use items/resources against it (for example for maintenance), and invoice the customer (one for each project) for the items/resources used or another amount.
     
    From my experience - I feel that dimensions would be the best - but it really needs a deeper analysis on what you need to track, buy, sell, use on daily basis.
     

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