What’s New in Microsoft Dynamics NAV 2017 for Leasing companies
Author Simona Skorupskaite
Microsoft released the latest Microsoft Dynamics NAV version 2017 at the end of October. As Soft4Leasing is built on the Microsoft Dynamics NAV platform, I will review which new features could be useful and helpful in terms of efficiency for leasing companies in this blog article. New Soft4Leasing release SL54 is planned to be released at the end of December 2016.
Integration and simplicity are the key words in the new Microsoft Dynamics NAV version 2017: from significant core application enhancements to the Dynamics NAV integration with Power BI analytical tools (see my blog article on the Power BI here).
Enhancing the Core Application
- Now you can use Account Categories to map your Chart of Accounts to a set of predefined categories. Enriched financial reports is the key benefit of a structured Chart of Accounts.
Also, in talking about the financial reporting, Microsoft Dynamics NAV 2017 includes some new financial reports: Balance Sheet, Income, Cash flow and Retained Earnings statements.
- Lease contract management generally involves Asset lifecycle administration, from asset specification to disposal. Microsoft Dynamics NAV 2017 includes a default setup of Fixed Assets that can be modified by the system user. The standard setup shortens the setup procedure of a fixed asset. Moreover, special fixed asset G/L journals can be used to register purchases and disposals of fixed assets.
- Microsoft Dynamics NAV 2017 brings the ability to correct or cancel already posted documents. The function automatically creates a corrected credit memo and posts it. If the purpose is to correct the posted document, then the function generates a copy of the posted document, as well.
- Smart notifications support your Microsoft Dynamics NAV work in an intelligent and non-intrusive way. The notifications are a built-in application and are intended to guide you with recommendations, instead of preventing you from carrying on with your work. Also, notifications are individually configurable – you can disable them or set them up to be displayed under special conditions. The financing and contract management process is supported well with notifying users about each customer’s credit limit, overdue balance, upcoming lease end and many more events in an unobtrusive manner.
- Tooltips. Just move your mouse over the desired field, and an explanation box will pop up.
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Analytics: bringing two worlds together
Some time ago, I presented Soft4Leasing insights about constructing Power BI reports for asset financing analysis, and now Microsoft Dynamics NAV 2017 contains Power BI embedded! Every report that is created with a Power BI tool is available within a new version of Microsoft Dynamics NAV. Reports are embedded and configurable per role centres (watch the video on the Role Centres in Soft4Leasing). So, every time a business manager opens the Soft4Leasing system, she reviews the state of the business: e.g., charts for operational results and portfolio health.
E-everything – enables the addition of hyperlinks linked to payment services, such as PayPal. The links support multiple ways of accepting payments, including credit cards and PayPal accounts. The function can lighten the process of paying instalments for your customers who like doing it online. Still, direct debit remains the preferred method of payment for most leasing customers. But in the era of Bitcoins and other xCoins, you need to be ready as ever to satisfy your customers.
See a brief What’s New in standard NAV 2017 video overview by one of our NAV partners here (11 min.):