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Writer's pictureBenito Ramirez

Dynamics 365 Business Central Training: Financial Reports

Financial reports, previously known as account schedules, in Dynamics 365 Business Central are a powerful tool for financial reporting and analysis. They allow users to design custom financial statements and reports, providing insights into financial performance. In recent versions of Business Central, account schedules were renamed to Financial Reports, but the terms are still often used interchangeably. In this Dynamics 365 Business Central training post, we will delve into the intricacies of financial report configuration, offering practical tips and best practices for new users. We will also explore the comparison date formula and comparison period formula fields, provide detailed instructions on configuring row and column layouts, and offer troubleshooting tips and a FAQ section. 


Understanding Financial Reports 

Financial reports are used to create meaningful financial reports by arranging data from the general ledger in a structured and customizable format. They allow users to: 

  • Analyze financial statements 

  • Monitor key performance indicators (KPIs) 

  • Compare actual vs. budgeted figures 

  • Generate custom financial reports 


Setting Up Financial Reports 


1. Open Dynamics 365 Business Central and search for the "Financial Reports" page: 


2. Create a new financial report: 

- Click on "New" to create a new financial report. 

- Enter a unique code and description for the new financial report. 


3. Define Row Layouts: 

- In the "Row Layout" section, click on "Edit Row Layout". 

- Enter the row numbers, descriptions, and choose the relevant G/L accounts or formulas. 

- Row Numbers: Assign a unique number to each row. This ensures the correct order and hierarchy within the report. For example, you might start with 1000 for the first row and increment by 10 for subsequent rows (1010, 1020, etc.) to allow for easy insertion of additional rows later. 

- Descriptions: Provide clear and concise descriptions for each row. This helps in understanding the purpose of each row when reviewing the report. For instance, you could use "Total Revenue" or "Net Profit" as descriptions. 

- G/L Accounts and Formulas: Select the general ledger accounts or use formulas to define the data to be displayed in each row. For example, you might select the G/L account for sales revenue or create a formula to calculate net profit as `Revenue - Expenses`. 

Row layout example

4. Configure Column Layouts: 

- In the "Column Layout" section, click on "Edit Column Layout". 

- Define the column numbers, headings, and choose the type of data to display (e.g., actual, budget, variance). 

- Column Numbers: Similar to row numbers, assign unique numbers to each column. This ensures the correct sequence of columns in the report. You might use 100 for the first column, 200 for the second, etc., allowing flexibility for future additions. 

- Headings: Enter descriptive headings for each column. These headings should clearly indicate the data presented, such as "Actual", "Budget", or "Variance". This helps users quickly understand the information in each column. 

- Data Type: Choose the type of data to display in each column. You can select from options such as actual figures, budgeted amounts, or calculated variances. This allows you to present a comprehensive view of financial performance. 

- Calculations and Formatting: Define any necessary calculations or formatting for the columns. For instance, you can create a calculated column that shows the percentage difference between actual and budgeted figures. Ensure that the formatting is consistent and enhances readability. 

Example column layout

Incorporating Dimensions into Financial Reports 

Dimensions are a powerful feature in Dynamics 365 Business Central that allow you to add additional context to your financial data. They enable you to analyze your data across different segments, such as departments, projects, or regions. Here’s how you can incorporate Dimensions into your financial reports: 


1. Set Up Dimensions: 

- Navigate to the "Dimensions" page in Dynamics 365 Business Central. 

- Create new dimensions or use existing ones. Common dimensions include "Department", "Project", and "Region". 

- Define dimension values for each dimension. For example, under the "Department" dimension, you might have values like "Sales", "Marketing", and "Finance". 


2. Assign Dimensions to G/L Entries: 

- When posting G/L entries, assign relevant dimensions to each entry. This ensures that the data is tagged with the appropriate context. 


3. Configure Financial Reports to Use Dimensions: 

- In the "Financial Reports" page, select the financial report you want to configure. 

- Click on "Edit Row Layout" and then on "Dimensions". 

- Choose the dimensions you want to include in your report. You can filter the data by specific dimension values or display the data broken down by dimensions. 

- For example, you might want to see total revenue for each department. You can set up your rows to display data for the "Sales", "Marketing", and "Finance" departments separately. 

Example row layout with Dimensions assigned

4. Review and Adjust: 

- After configuring your financial report to use dimensions, review the report to ensure it displays the data as expected. 

- Make any necessary adjustments to the row or column layouts to refine the report. 


Using Comparison Date Formula and Comparison Period Formula Fields 

The comparison date formula and comparison period formula fields are essential for creating comparative financial reports. These fields allow you to define custom date ranges for comparisons, such as comparing current month results to the same month last year. 


Comparison Date Formula 

The comparison date formula is used to specify lookahead/lookback time. For example, to compare the current year with the previous year, you can use the formula: 

  • -1Y: This formula subtracts one year from the current year. 


Comparison Period Formula 

The comparison period formula is similar to the comparison date formula but is used for periods rather than specific dates. For example, to compare current period figures to the previous period, you can use: 

  • -1P: This formula subtracts one period from the current period. 


Practical Tips and Best Practices 

  • Start Simple: Begin with simple financial reports and gradually add complexity as you become more comfortable with the tool. 

  • Use Templates: Utilize existing templates to save time and ensure consistency across reports. 

  • Regular Updates: Regularly update your financial reports to reflect changes in your chart of accounts. 

  • Test Thoroughly: Test new financial reports extensively to ensure they provide accurate and meaningful information before sharing with stakeholders. 


Troubleshooting Common Issues 


Issue: Incorrect Data Display 

  • Solution: Verify that the correct G/L accounts and formulas are selected in the row and column layouts. 


Issue: Date Formula Errors 

  • Solution: Double-check the syntax of the date and period formulas to ensure they are correctly formatted. 


Issue: Missing Data 

  • Solution: Ensure that the data source includes all relevant entries and that the filters applied are accurate. 


FAQ 


Q: Can I export financial reports to Excel? 

A: Yes, Dynamics 365 Business Central allows you to export financial reports to Excel for further analysis and sharing. 


Q: Is it possible to create multi-dimensional reports? 

A: Yes, you can create multi-dimensional reports by using dimensions in your financial reports, allowing for detailed analysis across various segments. 


By following these guidelines and best practices, you can effectively configure and utilize financial reports in Dynamics 365 Business Central to gain valuable financial insights and support informed decision-making within your organization. 

 

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