Microsoft Dynamics AX gives the opportunity to create and manage ledgers, including evidencing of various types of financial transactions. The financial dimensions that allow associating financial data with specific segments of the organization constitute a key element of this process. The said dimensions serve as ledger attributes thanks to which it is possible to track and analyze both costs and revenues. Every transaction can be assigned to many dimensions simultaneously, allowing for a detailed analysis and financial reporting in different organizational contexts.
With the AX system, it is possible to generate standard financial reports such as the balance sheet, the profit and loss account or the trial balance. The reporting features are crucial in every organization, allowing for an ongoing analysis of the financial performance and making deliberate strategic decisions.
Microsoft Dynamics AX is characterized by great flexibility, which allows adjusting the main ledger to the specific needs of the organization. The users can create custom reports and adjust the accounting rules, extending the analytical possibilities and facilitating the financial management in various organizational structures.
The main ledger in Microsoft Dynamics AX allows creating periodic sheets for all transactions accounted over time. Thanks to this feature, it is possible to post costs at the end of the month, ensuring a more accurate settlement of expenditures in relevant billing periods.
At MDDP Outsourcing, we developed a macro that can sum up the data input in the periodic sheets, divide them by categories such as policies or subscriptions and compare them with specific balances from the trial balance (ZOiS) – in a convenient and transparent way. With this solution, it is possible to verify accounts on an ongoing basis and quickly identify the eventual irregularities.
Financial sheets are used to input all the documents of bookkeeping transaction entries and bank statements. This section is also used for prepayments and accruals previously input in the periodic sheets, as well as for establishing and managing reserves. Each document type has a unique code that facilitates its verification and tracking.
The “correcting entry” feature is very useful – it automatically generates reversion of previous entries (billing of reserves) without the need for manual posting, minimizing the risk of errors and simplifying the accounting process. The user only needs to highlight one field and select the reversion date to automatically generate a correction for the previous entries.
At MDDP Outsourcing, we developed macros that help in generating a detailed balance sheet and open transactions in the DAX system, increasing their readability and simplifying the verification process. The purpose of those tools is to streamline the work of users handling the data analysis by providing a more intuitive and effective management method. With such solutions, the work on data becomes easier, more effective and intuitive.
The main ledger in Microsoft Dynamics AX is a versatile tool that supports financial management, offering a broad array of features, from ledger management, thrugh flexible reporting, to advanced tools for analyses and control of financial data. The enhancements introduced by MDDP Outsourcing, such as macros for periodic sheets or financial statements, provide even better effectiveness and precision in managing finances within an organization.
Author: Kamil Narojczyk, Accountant at the MDDP Outsourcing office in Warsaw
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