In the business world, efficiency and accuracy in financial management are critical. Dynamics Business Central offers a powerful tool to help businesses keep their finances in order: standard journals. These journals allow you to automate regularly repeated accounting entries, ensuring that transactions are recorded consistently and without errors.
Standard journals in Dynamics Business Central are easy to set up and can be customized to fit your company’s specific needs. Whether for rent, subscription, or any other fixed cost, recurring journals simplify the accounting process and free up valuable time that can be better spent on different areas of your business.
This feature aims to predefine a template to help you pre-establish specific journal entry structures.
Some examples of entries that can be sped up with standard journals are:
- Payroll movements
- Bank transactions
- Reclassifications
- Depreciations
- Allocations
- End-of-month adjustments
Benefits you get from using the standard journal functionality.
Standard journals are another feature of Microsoft Dynamics 365 Business Central. Like many of the ERP features, the benefits are many and vary depending on the processes in which they are implemented. However, here are some general benefits you can take advantage of using this ERP feature.
- You can choose to save the structure and amounts of the entry. This allows you to recycle the entry almost in its entirety to be loaded again almost without modifications. It greatly speeds up the registration tasks and maintains accuracy in terms of recording entries that are identical over time and are always repeated.
- Standard journals have visibility throughout the company, meaning users can take advantage of their benefits.
- You can use them in almost any book; they are not only limited to accounting issues. You can take advantage of this functionality in the other books that Dynamics Business Central has.
How do I set up standard journals?
Setting up a standard journal refers to creating new standard journals or templates you can use later in the system. To do this, we will perform the following steps:
- To access the General Journals page, in the main menu, select the General Journals submenu in the Finance area. You can also access the page using the search engine with the query General Journals.
- Once the General Journals page is open, select the general journal you want. I will use the PAYROLL journal since I make this transaction every two weeks.
- Since my payroll is bi-weekly, making this a standard journal makes sense. This will allow me to save the payroll entry with or without the amount so that when payroll time comes around, it will be quicker for me to enter the entry.
- We will follow the next steps once the entry is ready to be saved as a standard journal.
- In the menu, go to Actions, select Actions in the submenu, and finally select the Save as standard journal action.
- We establish the code with which we will refer to this standard journal, a description, and finally, whether we want the journal to save the amounts or reuse them.
- Finally, we click on the OK button to save the changes.
