This post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 1 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2024 Wave 1.

The 10th of the new functionality in the Application section is use general ledger account revaluation for more accurate financial statements.

With a new setup on the G/L account card, you can now run G/L Revaluations for accounts with transactions in foreign currencies. This enables you to generate a more accurate financial statement with little need to keep separate spreadsheets.

Enabled for: Users, automatically
Public Preview: Mar 2024
General Availability: Apr 2024

Feature Details

If you use general ledger accounts to register balance sheet items that are denominated in foreign currencies, a revaluation of the balances is often required before you produce financial statements for your business.

Until now, most businesses have used either a bank account or a vendor account to register and track such assets and transactions. They’ve had to keep the bank or vendor account separate from others, and to make it work they’ve had to maintain an expanded setup for posting groups.

The G/L Revaluation feature simplifies revaluations. For the general ledger accounts that you use for revaluations, you can turn on a general ledger account subledger that will hold the original currency value of the transaction and any adjustments you made using the Adjust Currency Exchange Rate batch job. Balances present in local currency (LCY) are revalued, which enables you to produce a more accurate financial statement with little effort.

Posting gains and losses during a currency exchange rate adjustment follows the normal posting routine. For example, it’s done for each setup on the currency card.

My Opinion

Revaluation is another of the areas with which Business Central has surprised me, due to the lack of or poor functionality in certain areas. This enhancement sounds like it should plug one of those holes.

I am currently working on a project to implement Microsoft Dynamics 365 Business Central and was asked by the client about limiting items to specific locations. They asked about this as they have two warehouses which hold different items and it would be easier if they could limit the system to the items at the location, as they would see fewer items in the lookups, reports and on the stock count.

It is a reasonable question which I know some systems would be able accomplish, but, unfortunately, Business Central does not allow you to do this as standard. It would require an extension to manage this functionality.

I am surprised that Business Central does not have this ability as standard, as it does seem something which is very basic.

This post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 1 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2024 Wave 1.

The 9th of the new functionality in the Application section is simpler Shopify connection.

Business Central has teamed up with Shopify to help their customers create a better online shopping experience. Shopify provides merchants with an easy-to-use e-commerce solution, and Business Central offers comprehensive business management across finance, sales, service, and operations. The seamless connection between the two applications synchronizes order, stock, and customer information to ensure that merchants can fulfill orders faster and better serve their customers. The joint effort furthers Business Central’s commitment to connecting data that can help businesses adapt faster, work smarter, and perform effectively.

Enabled for: Users, automatically
Public Preview: Mar 2024
General Availability: Apr 2024

Feature Details

Based on feedback from customers, Microsoft have made a number of improvements in the user interface.

It’s easier to get the Shopify URL

The Connector requires a URL in the following format: https://.myshopify.com/. However, after Shopify introduced Unified Admin it hasn’t been as easy to get the URL for the store. Therefore, Microsoft have reintroduced simplicity. Just copy the URL from Shopify Admin, such as https://admin.shopify.com/store/, and the Connector converts it to the required format.

Continue reading “New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 1: Simpler Shopify Connection”

This post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 1 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2024 Wave 1.

The 8th of the new functionality in the Application section is set up financial consolidation runs more efficiently.

When you run consolidation for business units that use a foreign currency, you must pay special attention to the exchange rates that various parts of the process use, and even more so when you redo consolidation. To do that, you can use the Set Up Business Unit Currencies page to easily keep track of the rates. The feature helps streamline your consolidation processes and improve your productivity.

Enabled for: Users, automatically
Public Preview: Apr 2024
General Availability: Apr 2024

Feature Details

When you run a consolidation, the Set Up Business Unit Currencies page gives you the last rates that were entered for average, closing, and last closing rate. Also, you can look up the exchange rates in the currency exchange rate table, which makes it easier to validate. You can modify the rates used for the current run by either entering the values or copying values from previous runs by selecting Select from previous consolidation. This page is particularly valuable when you want to rerun a previous consolidation, where you need to use the closing rate of the consolidation run previous to the earliest of such runs. This is required to correctly revaluate your balance sheet items. You can use the Select from previous consolidation register to find the relevant last run to copy values from, or just look up the rates that were used when you’re troubleshooting. The page is filtered to runs that included the selected business unit.

The Run Consolidation batch job with the new parameters is available on the Business Units list page. You can also find the Set Up Business Unit Currencies page by selecting the Exchange Rates action.

This post is part of the In Microsoft Dynamics 365 Business Central (Inventory and Warehouse Management), how do I… series and of the wider In Microsoft Dynamics 365 Business Central, how do I… series which I am posting as I familiarise myself with Microsoft Dynamics 365 Business Central.

So, this came up as a query from a prospect I was talking about implementing Business Central and I had what I thought was a brain freeze where I couldn’t think of the answer.

How do you remove a warehouse, or stop processing, if you close the warehouse down (which the customer would be doing with one of their warehouses in a few months post-implementation of Business Central)?

I assumed this was just a momentary memory lapse and said I’d check and get back to them. Unfortunately, the reason I didn’t think of the answer, is that in Business Central there isn’t one.

You have no way of closing a location, such as making inactive or disabling it. Once a location has been created, it is there and can be used.

The only workaround I could come up with is to delete the Inventory Posting Setup, which would stop transactions being posted to it.

This wasn’t the answer I hoped to find; I have worked with other ERP systems, including a Microsoft one, which did allow stock locations to be removed from use. The Microsoft one I worked with was Dynamics GP, which had this functionality added back in late-2012.

I’m not the only person to have come across this deficiency; there is an “idea” on the Ideas – Experience Dynamics 365 asking that the ability to “block” a location from use, similar to blocking movement to/from a bin, is added, but the idea requires votes for Microsoft to consider adding this functionality (it’s perhaps also worth noting that someone there has also suggested deleting the inventory posting setup as a workaround too).

This post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 1 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2024 Wave 1.

The 7th of the new functionality in the Application section is connect Business Central with Shopify B2B.

Connecting Shopify B2B and Business Central improves visibility into pricing, customers and their order histories, order status, billing, and payments. Better visibility means faster response to customer inquiries, timely returns and refunds, and more accurate order processing.

Enabled for: Admins, makers, marketers, or analysts, automatically
Public Preview: Mar 2024
General Availability: Apr 2024

Feature Details

The Shopify Connector now supports the latest features of Shopify’s B2B platform, such as companies, prices, payment options and more. These features allow you to manage multiple buyers and groups, offer different pricing and discounts, and streamline your B2B operations. You can easily synchronize your Shopify B2B data with Business Central and automate your workflows. This helps save time, reduce errors, and increase customer satisfaction.

Adapt faster

Connecting Business Central with Shopify helps merchants around the world to implement more agile online business processes, while keeping their people focused on selling. With connected data across your online stores and business operations, you can rapidly respond to consumer demands to adjust product pricing and merchandising. With support for multitier pricing structures and multiple currencies, companies, and entities, Business Central easily supports multiple Shopify store scenarios.

Continue reading “New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 1: Connect Business Central With Shopify B2B”