New Functionality In Microsoft Dynamics 365 Business Central 2023 Wave 2: Large Companies to Report Payment Times

This post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2023 Wave 2 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2023 Wave 2.

The third of the new functionality in the Legislation section is large companies to report payment times.

In countries where it’s required, companies can report payment times as defined by local authorities.

Enabled for: Users, automatically
Public Preview: Sep 2023
General Availability: Oct 2023

Feature Details

Each year, Swedish companies with 250 and more employees must report to the Swedish Companies Registration Office what payment times they have for purchases from companies that are smaller than themselves. Similar acts exist in the United Kingdom, Australia, and New Zealand, so this app is a global feature for this kind of reporting.

This new feature sorts vendors based on size or payment terms, and provides reporting for the vendors for the following as required by local authorities:

• The average agreed payment period.
• The average actual payment term.
• The proportion of invoices paid after the end of the agreed payment period.

You can select the period for which you want to run a calculation and to find details based on a grouping you choose. For each of these groupings, you can find sourced entries.

My Opinion

It will be interesting to see how this works as, to the best of my knowledge, Business Central does not have a field for invoice receipt date, which would be a requirement for keeping track of when an invoice was received compared to when it was paiD. You cannot use entry date for this as the invoice could have been entered several days after it was received (not because of nefarious dealings, but because an invoice received on a Friday, may not be entered until the Monday or later depending on bank holidays).