Skip to main content

Featured

An Overview of the Chart of Accounts in Microsoft Dynamics NAV

The chart of accounts is a listing of all accounts used in the general ledger of an organization. The chart is used by the accounting software to aggregate information into an entity's financial statements. The chart is usually sorted in order by account number, to ease the task of locating specific accounts. The accounts are usually numeric, but can also be alphabetic or alphanumeric.  Sample Chart of Accounts Accounts are usually listed in order of their appearance in the financial statements, starting with the balance sheet and continuing with the income statement. Thus, the chart of accounts begins with cash, proceeds through liabilities and shareholders' equity, and then continues with accounts for revenues and then expenses. Many organizations structure their chart of accounts so that expense information is separately compiled by department; thus, the sales department, engineering department, and accounting department all have the same set of expense accoun
2 comments
Read more

Fixed Assets - Series 2: Fixed Assets Posting Groups in Microsoft Dynamics NAV

You must set up fixed assets posting groups to relate the fixed asset transactions to the correct G/L accounts in  Microsoft Dynamics NAV 2017.

The fixed assets posting groups are set up on the FA Posting Group page. To open the FA Posting Groups page, in the navigation pane, click Departments > Administration > Application Setup > Financial Management > Posting Groups > FA Posting Groups.

Select the accounts to which transactions are posted for fixed assets. You must select the following G/L Accounts for different types of expenses and costs:

• Acquisition costs
• Accumulated depreciation amounts
• Acquisition costs on disposal
• Accumulated depreciation on disposal
• Gains on disposal
• Losses on disposal
• Maintenance expenses
• Depreciation expenses

Fig 1: FA Posting Groups


For example: Assuming you have furniture among your fixed assets, and you want to track the furniture costs in specified G/L Accounts, you can set up an FA Posting Group – FURNITURE and you assign the respective G/L Accounts for the different types of expenses and costs.

Fig 2: FA Posting Groups


NOTE: With fixed assets posting groups set up in Microsoft Dynamics NAV 2017, the value or total amount of entries posted in the fixed assets ledger entries should be equal to the total amount of entries posted in the general ledger entries. We shall go through how this works in the later Fixed Assets Series.

You can leave your comment or questions in the comment section below or visit us at www.adroitltd.com or www.facebook.com/Adroit.ASL - Microsoft Dynamics NAV Uganda.

Comments

  1. Norman Ted16 June 2019 at 22:30

    Heard that every little agency work and believe on a hard work with reliable marketing and business consulting services.

    ReplyDelete

Post a Comment