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Recurring Revenue in Business Central
Posted on: July 15, 2024 | By: Page Wildridge | Microsoft Dynamics Business Central
Your company can utilize Business Central to effectively manage billing for both subscription-based and one-time purchase business models. If your company uses a subscription model, then your revenue is generated on a recurring basis, following the supply of your goods or services. Business Central offers several options for automating the invoicing process to help your business easily stay on track.
Register revenue with a recurring general journal
This option is most suitable for businesses that have very similar recurring transactions that do not require significant changes, such as rent, electricity, or subscriptions. By using the recurring journal, the entries for these transactions only have to be typed in once to Business Central. After they are added to the ERP, accounts, dimensions, and dimension values will remain consistent in the journal for each repeat transaction. If you need to make any adjustments, you can do so with each posting. This option allows users to define flexible invoicing periods.
Create multiple invoices based on recurring project journal
This option is slightly more advanced than the previous one. You can create recurring journals for items, resources, and G/L Accounts that are repeated for each job. After creating this recurring journal, you can generate multiple invoices with the “Create Job Sales Invoice” task. This option lets you define prices for each specific project but does require creating new projects for each new customer.
Create multiple invoices based on recurring sales lines
If you have to make similar sales and purchase entries within Business Central, then this choice is ideal. You can establish recurring sales lines by selecting “Create Recurring Sales Invoices,” and then inserting these entries into recurring documents for multiple customers. However, this option will not allow you to set fixed prices for your products; instead, Business Central will use the actual prices of the items.
Recurring invoices with service contract
If you have service contracts with your customers that include agreements on items or services, you can include this information within your ERP. You can track various details about the contract. This includes start dates, whether services have been prepaid, price updates, and the invoice period.
Next Steps
By utilizing these features, Business Central can help streamline your billing processes, ensuring accuracy and efficiency for your business. There are several options for establishing recurring payments so you can find the model that fits your business needs best. Logan Consulting is a proud Microsoft partner. If you have questions about harnessing the power of Business Central, contact us today to speak to an ERP expert.
