Setting Up Financial Reporting Using Account Schedules in Business Central

Posted on: October 5, 2021 | By: Jim Bertler | Microsoft Dynamics Business Central

Business Central is a great comprehensive solution for companies because of the ability to leverage different modules with one another in order to maximize the efficiency and benefits of the system. It’s important for users to understand the advantages they can have within the system, so in today’s post, we are going to give an overview of how to set up financial reporting through the utilization of account schedules in Business Central.

Account Schedules

An account schedule is typically used to display and sort accounts within the chart of accounts that is best suited for the information specific to each account. These schedules are important because it gives users a central location to conduct calculations that aren’t possible to do in the chart of accounts. An example of this is calculating profit margins on things like departments or customer groups. Moreover, you can filter general ledger entries within account schedules. 

Another great function of account scheduling in Business Central is the ability to compare multiple account schedules through the usage of formulas. Not only does this promote personalization for the user, but it also allows users to generate customized financial reports, create whatever amount of account schedules needed, and set up different report layouts.

G/L Account Categories

One example of leveraging different modules in Business Central to magnify the software’s benefits is using G/L account categories to transform the layout of your financial statements. Once account categories have been created on the G/L categories page, you can select “Generate Account Schedules,” which updates the account schedules for the main financial reports. Now, when you run any of these financial reports such as the balance statement, new totals and subentries will be incorporated in accordance with the changes you made. 

In the next blog post, we will give a step-by-step tutorial on how to create these account schedules and columns.

Next Steps

Logan Consulting specializes in helping clients implement personalized forms of Business Central into their companies in order to yield maximum efficiency, profitability and, benefits possible. If you are interested in exploring the capabilities of Business Central even more, contact us today!



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