Exciting News for Business Central Users.
For businesses using Microsoft Dynamics 365 Business Central, managing inventory costs and customer collections can be time-consuming and prone to errors. But the good news is, the latest updates introduce enhanced features for cost adjustment and automated reminders, aimed at improving efficiency and accuracy in managing item costs and collections processes – growing your business.
The new Cost Adjustment tool empowers finance teams to maintain accurate cost data and ensure a clear picture of inventory valuation. By enabling granular control over cost adjustments and error identification, this feature streamlines financial reporting and reduces the risk of discrepancies.
On the other hand, the automated reminder functionality in collections offers significant advantages for sales and accounts receivable teams. Automating reminder creation and communication frees up valuable time for more strategic tasks, while ensuring timely customer follow-up and improved cash flow.
Use the Business Manager role to run the feature.
It’s important to keep item costs accurate and minimize the time between posting entries and reflecting costs in the general ledger. You can track cost adjustment performance for individual runs and items, identify and correct errors, and exclude problematic items from calculations.
In Microsoft Business Central adding a new tool to the existing process for cost adjustment.
On the Inventory Setup page, the Cost Adjustment Logging field offers three options:
You can run cost adjustments for multiple items by grouping them into batches. This allows for separate adjustments, especially for items that take longer to process or have issues.
To create a batch on the Inventory:
New value entries are posted to the general ledger according to the schedule for the Post Inventory Cost to G/L job queue entry. However, you can post adjustments to the general ledger immediately from the Inventory Cost Adjustment page. On the Functions menu, choose Post Inventory Cost to G/L.
Use the Accounts Receivable Administrator role to run the feature.
Automate your collections process to efficiently create, issue, and send reminders to customers. This reduces time spent on collections, gives a clear overview, and offers control over each step.
On the Reminder Automation page, define actions to create, issue, and send reminders, or automate each step separately. Use reminder terms and levels for automation. Set filters for reminder terms and actions. Attach outstanding invoices as PDF files in emails.
Automation runs via a job queue entry. The Cadence field sets the schedule: Manual, Weekly, Monthly, or Custom. For non-manual options, it runs until paused. Adjust recurrence on the Job Queue Entries page.
Here are the steps to set up Reminder Automation:
The setup for Create, Issue, and Send reminder actions varies.
Create – Set parameters for generating reminders, such as including all unpaid invoices.
Issue – Define how the reminder entries are created in the customer ledger.
Send – Customize email content, attachment texts, and the number of times a reminder is sent.
Business Central tracks each automation run via the “Log entries” action. To see a list of issued reminders.
Search “Reminder Term” to create a new reminder term and click on New. If modifying an existing reminder term, click on “Edit”.
Users can configure due date calculations, interest rates, additional fees, minimum amounts, email drafts, etc.
Here users set up the opening line, ending line, file name, subject, body, greeting, closing line, etc.
After setting up the reminders, Users can check them in the “Reminder List”.
These new features streamline operations, ensuring accurate cost tracking and efficient collection processes. Want to see how the new Cost Adjustment tool and automated reminders can benefit your organization?
Our team of Business Central experts offer a variety of Business Central implementation packages and a free consultation to assess your needs and recommend the best implementation strategy for your business.
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Business Central Lite: 4-Week Implementation Package
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