I want to demonstrate a typical payment process in Dynamics 365 Business Central. This process involves several steps including reviewing open payables, analyzing the data, entering credit memos, utilizing the cash flow forecast feature, sharing information through Microsoft Teams, scheduling vendor invoices for payment, and running an approval workflow. Let’s dive into the details of each step.
I’m logged in as David, an accounting clerk responsible for managing accounts payable and vendor payments.
Review Open Payables
David starts by reviewing the Aged Accounts Payable report. This report provides an overview of all accounts payable that need to be paid. He identifies the first vendor that needs a payment.
Enter Credit Memo
There’s a credit memo that needs to be processed for this vendor. David opens the credit memo entry and applies it to the outstanding invoices. Once applied, he posts the credit memo.
Cash Flow Forecast
David accesses the cash flow forecast feature in Business Central. He sets up parameters to view cash flow projections and identifies expected receivables. This helps in managing cash flow effectively.
Sharing Information Through Teams
David wants to share the payment journal information with others in the organization. He uses Microsoft Teams to notify his accounting manager, Alan. David sends a direct message with a link to the payment journal.
Scheduling Vendor Invoices for Payment
David creates a payment journal with the invoices he wants to pay. He uses the payment journal to group these invoices and prepare for payment.
Before proceeding, David initiates an approval workflow for the payment journal. The approval goes through Alan and the admin person, Jacob.
Alan and Jacob receive the approval request. Alan approves it first, and then Jacob approves it as well. This ensures that the payment process is reviewed and authorized.
Once approved, David generates checks for the vendors in the payment journal. He uses an add-in product to control signatures on the checks. He prints the checks.
Posting the Journal
With the checks ready, David proceeds to post the payment journal. This final step ensures that the transactions are recorded and the payments are officially processed.
This completes the payment process in Dynamics 365 Business Central. Throughout the process, David managed accounts payable, entered credit memos, utilized cash flow forecasts, collaborated through Teams, scheduled and approved payments, printed checks, and posted the journal. This integrated workflow streamlines the payment process and ensures accurate financial management.