In this blog I will provide evidence and reasoning supporting the use of Microsoft Dynamics 365 Business Central’s native financial reporting (Financial Reports, formerly Account Schedules) for Balance Sheet, Income and other standard statement reporting. It explains why many organizations mistakenly default to external apps and why, in most cases, BC’s built-in tools are both…
Category: Financial Reporting
Wish Granted! A Month-end Checklist Right in BC
I heard it again this week We need a month-end check list in Microsoft Dynamics 365 Business Central! This would be really helpful, and I can’t believe we don’t have this already. We have it already We have month-end checklist capabilities in Business Central, and it has been there for quite a while. It is…
Use WIP to recognize revenue in Business Central when project obligations are met
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606 FASB ASC 606 states that an entity shall recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e., an asset) to a customer. If you are required to recognize revenue based on this standard, you can do…
