In this video, we're going to talk about the financial
reporting tools that are available in GP and compare that
to the tools available in Business Central.
In my GP system, here are a few of the
AFA reports that were built to support financial reporting, such
as your balance sheet and income statements, in addition to
AFA many GP customers use Management Reporter for these reports
because of its rich feature set.
Now let's go to Business Central and look at how
you can create financial reports using account schedules.
To navigate to account schedules, select the search icon, enter
account schedules and choose it from the search results.
Business Central comes with eight different account schedules out of
the box. The first four are used for charts on
the Business Central dashboard. The remaining four are financial statements
that are created using account subcategories from General Ledger accounts.
Let's take a look at account categories in a bit
more detail.
If you use the Cloud Migration tool to migrate your
data from GP to Business Central, then your accounts and
the categories assigned will get moved to Business Central.
If I select the cash account subcategory, on the right
side I can see all the accounts that are included
in this category.
In addition, I can also see any accounts in my
chart of accounts that are not currently assigned to a category
and therefore will not be included on account schedules.
Let's create a new category and assign the two missing
accounts to that category.
Now that I've created the new category and assigned to
the accounts, Business Central is reminding me to update the
account schedules so these accounts will now be included on
the reports.
If we navigate back to the account schedules, let's look
at one of the reports more closely.
This message is just reminding me that the account schedules
will be updated like we just did from the account
categories, and if I want to make a copy. We
will select no and not make a copy.
By selecting the income statement, we can see the details
of the makeup of the report, including row definitions as
well as the look and feel of the report.
Each row is numbered so that you can create formulas
allowing you to sum up multiple accounts or multiply or
divide values.
You can also indicate if you want certain rows bolded
or italics, or to start on a new page.
If we navigate to the Overview, then we can also
select the different column layouts we want for the report,
as well as select different date ranges.
As you select different date ranges, you can see the
amounts change.
You can also filter account schedules by dimensions. In this
example, let's say we want to filter on our sales
department. Now I can see expenses for just my sales
department.
In addition, I can also drill down into each one
of the amounts to see further details on each line.
Each account schedule can also be exported to Excel.
In addition, if you create account schedules and want to
use that in other companies, you can simply export it
and then import it into other companies.
And that's a quick look at account schedules in Business
Central that can be used for your financial reporting needs.
To learn more about Business Central, see the following resources.