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…
Category: Financial Reporting
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…
Eliminate the need for month end reallocations for dimensions?
Allocation Accounts might be the answer when expenses posted throughout the month need to be allocated across multiple dimension values. The first use that comes to my mind is for distributing overhead expenses to multiple dimensions from the purchase line, for example, insurance, utilities, rent, office supplies, etc. Even if you are using recurring purchase…
