Dynamics NAV has a very useful tool for accountants that will save you time when creating repetitive and periodic journal entries. This is a standard NAV functionality in standard journals, however it’s rarely used and optimized by accountants.
Standard Journals are journal entry lines that can be saved as template for the transactions that are posted frequently with few or no changes. It allows you to create a journal entry and save the G/L Accounts, with the option to save the amounts as well.
A Standard Journal is created from a journal, and it can be; Created only for journals of the type General, used only within the same journal template and used for different journal batches from the same journal template.
How to create a Standard Journal
On the Navigation Pane, click on the Menu Path Departments > Financial Management > General Ledger, select Tasks > General Journals.
Open the General Journal page. In the Journal Batch, enter journal entry lines as you would normally enter the transactions. After entering the Journal entry, select the Save as Standard Journal on the Ribbon.
Assign a Code and Description for the Standard Journal. If you wish to save the standard journal amounts, place a checkmark in the Save Amount: field.
Click on OK button to save the standard journal and go back to the journal lines. The Standard Journal is saved and can be used again for future posting of the same entries.
Using Standard Journal entries
On the Navigation Pane, click on the Menu Path Departments > Financial Management > General Ledger, select Tasks > General Journals.
Enter the Journal Entry as you would normally enter the transactions. Click on the Get Standard Journals function on the ribbon to select Standard Journal to use for the batch.
Select the standard Journal you wish to use and hit the OK button.
A status window will appear. If the journal lines are successfully inserted into the journal, a message will be displayed.
Click OK button to exit the message prompt.
Review the journal entries that were inserted into the journal lines and modify if needed; then post the journal.
Using Standard Journals can save some keystrokes when performing your month end processes. They can also help you standardize some repetitive tasks and assist you in maintaining more control of each periodic posting such as month end.
It may look simple but if used correctly and optimized for regular and periodic postings, it could save you hours of work and effort.
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This post was written by Jonathan Martin, COO at Evolution Business Systems.
His expertise extends to software development, support, implementations and project management, he can envisage potential problems and identify them to improve the client experience and outcomes, like a mad scientist, behaviour, statistics and data are where he gets his insights from and lives by a golden rule to always start at the beginning as there are no shortcuts. Jonathan’s passion is to make a difference by assisting clients with their business problems.