By Joel Pierre, Dynamics 365 Consultant
Deferral postings within Microsoft Dynamics 365 Business Central currently provides users a quick and efficient way to recognize revenue or expense across several periods. This feature is helpful as deferral templates can be saved and used for sales, purchasing and journal entries which saves time as this means you do not have to go in every month and manually create this entry.
What’s coming with the Business Central Wave 1 update
With the update, Microsoft has added an additional option to the deferral template, allowing users to specify the beginning of the next calendar year as their starting date. The current Deferral Scheduling functionality is limited to selecting the beginning or end of the current period, as well as the beginning of the next accounting period so this will give users additional flexibility to when this makes sense to start.
How will this help my business?
If your company’s accounting periods don’t line up with the calendar year, this can be a big help. For deferral scheduling, we previously could set them up using beginning or ends of the periods. While this works for companies that utilize calendar months as accounting periods, some companies that need both accounting periods that are not standard calendar months, and would like to use calendar months for their deferrals were previously stuck not being able to use deferral schedules to automate their posts.
Want to learn about what else is coming in the Business Central 2022 Wave 1? Check out these blogs highlighting other new features:
Joel is one of our senior implementation consultants at Bam Boom Cloud based in Ontario, Canada. His background as a controller in the logistics industry helps bring real life practical experience to solving your business problems.