And every year the annual financial statements greet. As soon as you have successfully (or less successfully ;)) a financial year behind you, you still have to come to terms with the past in the form of the annual financial statements.
Many companies outsource this activity to the tax consultant or an external accountant. Nevertheless, it is important to know a few necessary and meaningful steps about the functionalities of the annual financial statements.
For example, the annual financial statements in Business Central may not only affect financial accounting, but other business areas such as warehouse, projects, asset accounting, etc. can also be affected. Some todos are important here in order to transmit correct data to the author of the annual financial statements.
My practical tip: Find out which business areas are mapped in Business Central and what effects they have on the annual financial statements
In this context, terms appear again and again that are not self-explanatory at first glance. For example, in this video I explain how warehouse regulation works, what it is, what you need it for and what the difference between “warehouse regulation fact. Cost prices” and “Book stock regulation” is:
Also in the field of financial accounting, there are a few special features in Business Central that you may not know from other systems. Thus, sooner or later, terms such as end date, accounting periods, P&L account cancellation, etc. appear. Again, it is important to familiarize yourself with the terms at least superficially.
Again, I have summarized the most important thing in a video:
If you read through this blog entry, you quickly realize that more than just financial accounting can play a role here. For all those interested, there is therefore the complete training video on our platform: