80534 Finance Essentials in Microsoft Dynamics NAV 2013-2015 (Exam MB7-701) | Microsoft Training, MS Dynamics NAV, CRM, GP, AX, Business Central

This two-day course provides students with the tools to set up the financial management application area. The focus is on the key financial functions within the organization such as the Cash Management, the management of VAT, Journal development and transactions, the General Ledger, and Receivables and Payables Management.

Audience Profile

This course is intended for a partner that sells and implements the finance module to customers. The typical partner has an ERP background and is strong in accounting principles.

At Course Completion

After completing this course, students will be able to:

Explain and set up the fields on the General Ledger Setup window.
Explain and set up Accounting Periods.
Explain how to use the Chart of Accounts.
Explain the elements of the G/L Account Card.
Explain the elements of the G/L Account Card ribbon.
Explain the elements of the Chart of Account ribbon.
Explain the general journal entry and posting system.
Create and post general journal entries.
Describe standard general journals.
Describe recurring general journals and include the fields and allocations.
Show how to use recurring journals with allocations and how to record accruals.
Explain how to reverse and correct journal entries.
Describe the Bank Account Card.
Explain the Payments FastTab on the customer card.
Explain the Payments FastTab on the vendor card.
Show how to enter and post payments received from customers, by using cash receipt journals.
Show how to enter and post payments to vendors by using the payment journal.
Explain the Suggest Vendor Payments batch job.
Explain how to print and post payables checks.
Explain and show how to financially void a check.
Explain how to void and reprint computer checks.
Explain how to apply entries to customer and vendor ledger entries.
Explain how to unapply entries to customer and vendor ledger entries.
Explain how to reverse customer ledger entries posted by using journals.
Review the Bank Account Reconciliation window and the options for populating the bank reconciliation lines.
Show how to process a bank reconciliation.
Set up Microsoft Dynamics NAV 2013 to use payment discounts.
Process transactions for various situations that benefit from payment discounts.
Set up Microsoft Dynamics NAV 2013 to use a payment discount tolerance.
Process transactions for various situations that benefit from using a payment discount tolerance.
Set up Microsoft Dynamics NAV 2013 to use a payment tolerance.
Process transactions for various situations that benefit from using a payment tolerance.
Review how a payment discount tolerance and a payment tolerance are reflected in the detailed customer and vendor ledger entries.
Explain why and when Reminders and Finance Charge Memos are used.
Set up Microsoft Dynamics NAV 2013 to use reminders.
Explain how to create and issue reminders.
Set up Microsoft Dynamics NAV 2013 to use finance charge memos.
Explain how to create and issue finance charge memos.
Explain the different VAT calculation types.
Show how to reverse a VAT charge.
Describe how to correct a posted VAT entry.
Show how to record Import VAT.
Explain the Prices Including VAT fields on sales and purchase documents.
Explain how to adjust calculated VAT amounts in sales and purchase documents and journals.
Describe unrealized VAT.
Explain, create, and print a VAT Statement.
Explain and run the Calc. and Post VAT Settlement batch job.
Explain the requirements for setting up prepayments.
Set up and assign prepayment General Ledger accounts.
Set up prepayment numbering for sales and purchases.
Set up default prepayment percentages on customers and vendors.
Set up default prepayment percentages for Customer-Item and Vendor-Item combinations.
Set up prepayment posting verification for sales and purchases.
Explain the prepayment processing flows for sales and purchase orders.
Describe the prepayment-specific fields on sales and purchase orders.
Create sales and purchase orders with prepayment percentages and amounts.
Create prepayment invoices that are from sales and purchase orders.
Explain the processes available to correct posted prepayment invoices.
Close the accounting periods for the fiscal year.
Explain and run the Close Income Statement batch job process.
Complete the closing process by posting the general journal.

Course Outline

Module 1: Finance Management Setup

This module explains the setup of the General Ledger and of the Accounting Periods.

Lessons

General Ledger Setup
Accounting Periods

Lab : Accounting Periods

Create a Fiscal Year
Change the Starting Date

After completing this module, students will be able to:

Explain and set up the fields on the General Ledger Setup window.
Explain and set up Accounting Periods

Module 2: Chart of Accounts

This module explains the importance and central nature of the general ledger and the chart of accounts in the operations of a business and how they function in Microsoft Dynamics NAV in particular.

Lessons

Chart of Accounts Overview
G/L Account Card
G/L Account Card Ribbon

Lab : Create a Revenue AccountLab : Assign a Dimension to Multiple Accounts

After completing this module, students will be able to:

Explain how to use the Chart of Accounts.
Explain the elements of the G/L Account Card.
Explain the elements of the G/L Account Card ribbon.
Explain the elements of the Chart of Account ribbon.

Module 3: General Journals

This module explains the general journal entry and posting system.

Lessons

Creating and Posting Journal Entries
Standard Journals
Recurring Journals
Processing Recurring Journals

Lab : Create a Journal EntryLab : Create and Post a Recurring Journal

After completing this module, students will be able to:

Explain the general journal entry and posting system.
Create and post general journal entries.
Describe standard general journals.
Describe recurring general journals and include the fields and allocations.
Show how to use recurring journals with allocations and how to record accruals.
Explain how to reverse and correct journal entries.

Module 4: Cash Management – Receivables and Payables

This module explains the cash management of receivables and payables.

Lessons

Bank Account Overview
Customer Overview
Vendor Overview
Cash Receipt Journal and Payment Journal Overview
Suggest Vendor Payments
Print and Post Payables Checks
Voiding Checks
Applying Payments
Unapply Customer and Vendor Ledger Entries
Reversal of Posted Journals

Lab : Create a Bank AccountLab : Apply and Post Cash Receipts

Enter, Apply, and Post the Cash Receipt Journal

Lab : Enter and Post Manual Checks

Enter, Apply and Post the Payment Journal Using Manual Checks

Lab : Suggest Vendor Payments for a Single VendorLab : Financially Void a CheckLab : Void a CheckLab : Unapply Posted Ledger Entries

After completing this module, students will be able to:

Describe the Bank Account Card.
Explain the Payments FastTab on the customer card.
Explain the Payments FastTab on the vendor card.
Show how to enter and post payments received from customers, by using cash receipt journals.
Show how to enter and post payments to vendors by using the payment journal.
Explain the Suggest Vendor Payments batch job.
Explain how to print and post payables checks.
Explain and show how to financially void a check.
Explain how to void and reprint computer checks.
Explain how to apply entries to customer and vendor ledger entries.
Explain how to unapply entries to customer and vendor ledger entries.
Explain how to reverse customer ledger entries posted by using journals.

Module 5: Cash Management

This module focuses on bank reconciliations.

Lessons

Bank Reconciliation
Complete a Bank Reconciliation

After completing this module, students will be able to:

Review the Bank Account Reconciliation window and the options for populating the bank reconciliation lines.
Show how to process a bank reconciliation.

Module 6: Receivables and Payables Management: Payment Discount and Payment Tolerance

This module focuses on both receivables and payables

Lessons

Set Up Payment Discounts
Lesson 2 to 3: Process Payment Discounts
Lesson 4 to 8: Set Up and Process Payment Tolerances
Lesson 9: Review the Posted Payment Discount Tolerance and the Payment Tolerance Entries
Lesson 10: Review Customer and Vendor Statistics

Lab : Post a Customer Payment with a DiscountLab : Apply Posted Partial Customer Payments with DiscountsLab : Set Up a Payment ToleranceLab : Process a Customer Payment ToleranceLab : Adjust the Vendor Payment Discount Amount

After completing this module, students will be able to:

Set up Microsoft Dynamics NAV 2013 to use payment discounts.
Process transactions for various situations that benefit from payment discounts.
Set up Microsoft Dynamics NAV 2013 to use a payment discount tolerance.
Process transactions for various situations that benefit from using a payment discount tolerance.
Set up Microsoft Dynamics NAV 2013 to use a payment tolerance.
Process transactions for various situations that benefit from using a payment tolerance.
Review how a payment discount tolerance and a payment tolerance are reflected in the detailed customer and vendor ledger entries.

Module 7: Receivables Management: Reminders and Finance Charge Memos

This module explains why, when, and how reminders and finance charge memos are used.

Lessons

Set Up and Assign Reminder Terms
Set Up and Assign Number Series for Reminders and Issue Reminders
Create and Issue Reminders
Set Up and Assign Finance Charge Terms
Set Up and Assign Number Series for Finance Charge Terms
Create and Issue Finance Charge Memos
Calculate Interest on Reminders

Lab : Set Up and Assign a Reminder TermLab : Create and Issue RemindersLab : Set Up and Assign a Finance Charge TermLab : Create and Issue Finance Charge Memos

After completing this module, students will be able to:

Explain why and when Reminders and Finance Charge Memos are used.
Set up Microsoft Dynamics NAV 2013 to use reminders.
Explain how to create and issue reminders.
Set up Microsoft Dynamics NAV 2013 to use finance charge memos.
Explain how to create and issue finance charge memos.

Module 8: VAT

This module explains VAT.

Lessons

VAT Calculation Types
Display VAT Amounts in Sales and Purchase Documents
Manually Adjust VAT Amounts in Sales and Purchase Documents and Journals
Unrealized VAT
VAT Statements
VAT Settlement

Lab : Adjust a VAT Amount in a Sales DocumentLab : Adjust a VAT Amount in a Purchase Journal

After completing this module, students will be able to:

Explain the different VAT calculation types.
Show how to reverse a VAT charge.
Describe how to correct a posted VAT entry.
Show how to record Import VAT.
Explain the Prices Including VAT fields on sales and purchase documents.
Explain how to adjust calculated VAT amounts in sales and purchase documents and journals.
Describe unrealized VAT.
Explain, create, and print a VAT Statement.
Explain and run the Calc. and Post VAT Settlement batch job.

Module 9: Prepayments

This module explains the purpose and setup of prepayments.

Lessons

Lessons 1 to 3: Setting Up Prepayments
Lesson 4: Set Up Prepayment Percentages for Customers and Vendors
Lesson 5: Set Up Prepayment Percentages for Customer-Item and Vendor-Item Combinations
Lesson 6: Set Up Prepayments Verification
Lesson 7: Prepayments Processing Flows
Lesson 8: Prepayment Sales and Purchase Orders Overview
Lesson 9: Process Prepayment Sales and Purchase Orders
Lesson 10: Prepayment Sales and Purchase Invoices
Lesson 11: Prepayment Purchase Order Process

Lab : Set Up Prepayments for SalesLab : Prepayment Sales Order Process with Payment Discount

Create the Prepayment Sales Order and Process and Review the Prepayment Sales Invoice
Adjust the Prepayment Sales Order and Process the Prepayment Sales Invoice
Process Customer Prepayment
Process and Review Final Invoice

Lab : Prepayment Sales Order Process with Unrealized VAT

Verify Unrealized VAT Setup
Create the Prepayment Sales Order and Process and Review the Prepayment Sales Invoice
Process and Review the Final Invoice

After completing this module, students will be able to:

Explain the requirements for setting up prepayments.
Set up and assign prepayment General Ledger accounts.
Set up prepayment numbering for sales and purchases.
Set up default prepayment percentages on customers and vendors.
Set up default prepayment percentages for Customer-Item and Vendor-Item combinations.
Set up prepayment posting verification for sales and purchases.
Explain the prepayment processing flows for sales and purchase orders.
Describe the prepayment-specific fields on sales and purchase orders.
Create sales and purchase orders with prepayment percentages and amounts.
Create prepayment invoices that are from sales and purchase orders.
Explain the processes available to correct posted prepayment invoices.

Module 10: Year End Closing Procedures

This module explains the closing process.

Lessons

Lessons 1 to 3: Closing a Fiscal Year

Lab : Post an Entry into a Closed Fiscal Year

After completing this module, students will be able to:

Close the accounting periods for the fiscal year.
Explain and run the Close Income Statement batch job process.

Complete the closing process by posting the general journal.

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