Financial reports are crucial for the continued growth and long-term success of any organization. They not only help in internal decision-making but also allow you to meet any external reporting requirements.
In this blog, we will explore the four main types of financial reports that exist within Microsoft Dynamics 365 Business Central and provide a step-by-step guide on how to create, view, print, and export these reports.
Types of financial reports in Business Central
- Balance Sheet (or Statement of Financial Position for nonprofits): This report provides a snapshot of the company’s financial position at a specific point in time. It shows assets, liabilities and equity.
- Income Statement (nonprofit Statement of Activities): This report shows the company’s financial performance over a specific period. It details revenues, expenses, and profits or losses during the stipulated timeframe.
- Statement of Cash Flow: This report outlines the cash inflows and outflows from the company’s overall operations.
- Statement of Functional Expenses: This report is particularly useful for nonprofit organizations, breaking down expenses by function (such as program, services or fundraising activities).
How to create Business Central reports
Here’s a step-by-step guide to creating a new financial report in Microsoft’s cloud ERP:
- Navigate to the Finance/Financial Reporting section.
- Click on New to create a new report. You will likely find some templates already available.
- Assign a name and description to the report.
- Assign a Row Definition. You may also assign a Row Analysis View Name if you’d like, but this is optional.
- Assign a Column Definition. Similar to the above step, you may assign a Column Analysis View Name if desired.
How to view, print and export your reports
To view a report:
- Click on the report name and select your View By option (Day, Week, etc.).
- Enter the relevant dates and any dimension filters if needed.
- Click on View Report. You can now drill into the numbers to see the details behind them.
- Similarly, you can also click on the report row and then on the top menu select View Financial Report.
To print or export the report:
- Click on the report row and then select Print/PDF from the top menu.
- Choose the date filters and any other options desired.
- Select your preferred output type (Send To, Print, Preview & Close).
- Note that drill-down on numbers is not available in the printed or exported version of your report.
Financial reports in Business Central are essential tools for managing and understanding your organization’s financial health. With the right definitions and filters, you can tailor the reports above to meet your specific needs. Real-time reports can provide you with valuable insights into your company’s performance and help you make informed decisions.
If you need assistance creating or viewing reports in Business Central, contact Boyer today.
