Dynamics GP vs. Dynamics 365 Business Central | Chart of Account

I want to show you the basic chart of account setup in Dynamics GP. In Dynamics GP, we use a fixed account string with a set number of segments. Each segment must have predefined values, and analytical accounting can be used for additional modifications.

Account Format:

Now, let’s delve into the specifics of Dynamics GP’s account format. It involves defining a fixed account format with pre-defined combinations for each segment. It offers flexibility in placing the main segment within the string.

Trial Balance Reporting:

For reporting, Dynamics GP provides a detailed trial balance report with customization options. Users can select the year for reporting, and both detailed and summary versions are available.

Transaction Entry:

In Dynamics GP, payables transactions have a static chart of accounts. The distribution is limited to predefined values, requiring additional setup for new combinations.

General Journal Entry:

For general journal entries, Dynamics GP uses a fixed account structure, with a lookup on the complete chart of accounts. Users can select from predefined combinations.

Dynamics 365 Business Central Dynamic Account String:

Overview:

Now, let’s explore the chart of account setup in Dynamics 365 Business Central. Business Central uses a dynamic account string, comprising a main account and additional dimensions. This provides flexibility without the need to set up all possible combinations beforehand. Restrictions can be applied for better control.

Account Structure:

In Business Central, the chart of accounts includes a main account and dynamic dimensions. Global dimensions are system-wide, and additional dimensions can be easily added to reports and screens.

Trial Balance Reporting:

Business Central allows a detailed trial balance with a preview and modification using its tools. Users can select the year for reporting, and both detailed and summary versions are available.

Transaction Entry:

In Business Central, purchase invoices use a dynamic chart of accounts, allowing the selection of the main account and additional dimensions for each transaction. The dynamic structure offers adaptability for various transactions.

General Journal Entry:

In Business Central, the dynamic structure allows the selection of main accounts and dimensions, with the flexibility to add more dimensions for enhanced reporting. Users can modify entries easily using the available tools.

This detailed comparison highlights the advantages of Dynamics 365 Business Central’s dynamic account structure for adaptability and efficient transaction recording.