As you will be aware, Microsoft has recently released its latest update for Dynamics 365 as part of its Wave 1 2023 release. In our latest blog article, we will take you through some of our highlights from this release for Business Central users.
Non-deductible, partly deductible VAT expands functionality
Business Central will now allow businesses to calculate deductible and non-deductible VAT amounts. This means that you will now be able to configure VAT so that it isn’t deducted for purchases under certain conditions:
You will be able to configure deductions in VAT via the VAT Posting setup page. Here you will be able to configure full or partial deductions for combinations of VAT posting groups.
It is important to take into account that before you post a document, the details can be viewed in the statistics. When you have posted a purchase document, you will be able to view the results on the GL and VAT entries. In addition to this, non-deductible VAT can also be used for Reverse Charge VAT and Deferrals.
Accounting period-end processes and analysis
You will find that as well as using dimensions, you will be able to use data for analytics using Statistical Accounts. The use of Statistical accounts will allow you to add numerical data for general ledger transactions that can then be used for analyses.
Granted, when you manage the accounting in your business you will almost certainly have huge volumes of transactions, however it is now much easier to have an overview of progress in the period-end process. Furthermore, the General Ledger Settlement will enable bookkeepers to apply general ledger entries during reconciliation tasks.
Improved productivity with Microsoft 365
You will find that people work smarter and teams collaborate better when business apps are used in line with productivity apps. You will know that Business Central works hand in hand with Microsoft 365 apps and services that we use regularly such as Word, Excel & Teams.
The best thing about this latest release is the fact that it builds upon the collaborative apps story in Microsoft Teams to allow for better product engagement and better data access across your business. This update will now allow you to complete the following:
Drag and drop files onto the file upload dialog
You will find that the overall user experience is improved with the following:
You will find that this new feature has also made it easier for developers in the following ways:
Adapt faster with Microsoft Power Platform
As part of this update, it will become much easier to set up approval workflows in Business Central which will help businesses to be able to automate more of their processes and therefore increase productivity. In addition to this, Microsoft will be providing sample apps to enable all Power Apps makers to get up and running faster with their Power Apps.
As well as this, Microsoft will also be making it easier to distribute enabled makers to allow them to create more portable Power Apps and Power Automate flows to allow for great flexibility for both environments and companies. Better still, this will allow partners and customers to take advantage of Power Apps and Power Automate flows.
Businesses are able to productively use the app better thanks to a whole host of improved in-app guidance and user assistance.
Easily find and install Payroll app from within Business Central
You will find that all Business Central customers will now be able to discover options for payroll apps, so they will be able to install the app that best suits their business requirements and start to manage the financials relating to employee pay.
Modern tooltips are easy to read and understand
Microsoft in this update are improving tooltips with often-use fields to allow for self-learning to take place to enable users to gain a better understanding of how to use Business Central effectively. The tooltips content has been updated with many topics designed to help users to complete tasks effectively and efficiently.
Reporting and data analysis
Microsoft will be adding a new mode on list pages to allow users to better analyse and pivot data directly within the client.
If you are a business that is wanting to take advantage of the latest Business Central updates or are looking to implement Business Central for the first time via one of our Quick Start Business Central packages then please contact us today to get started.
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