Kerry Rosvold is a company controller who uses NAV software every day in her position at a Minnesota firm. Earlier this year she penned a series of posts for users of her favorite accounting software, Microsoft Dynamics NAV. The first one was entitled “NAV AS 101 Lesson 1: Why do I use Account Schedules?”
In her post, Ms. Rosvold reveals 7 key reasons why she uses NAV Account Schedules, noting that “I use account schedules as the primary source of financial reporting at my company. With all the available choices out there, why do I use account schedules? I’ve got a whole list of reasons.” We’ll reprise Kerry’s reasons below:
1) I can custom build all of my financial statements, exactly how I want to see them. NAV doesn’t come “out of the box” with financials but, as she points out, what part of your company… fits the definition of out of the box?
2) Account schedules tie directly to the general ledger. Tying back to the G/L is the accounting version of getting to the truth. Statements are accurate and consistent above all else, so be sure you tie back to them directly.
3) Budgets integrate really well with account schedules. Budgets integrate to account schedules fluently, so the few times a year you rely on them, they’re there for you, via account schedules, from a single location.
4) Dimensions along with account schedules are a powerful combination. Adding NAV’s “dimensions” capability gives you added power in your account schedules and lets you stretch financial reporting into operational reporting.
5) Drill downs. Drill downs in NAV from account schedules is unsurpassed, says Rosvold, as a quick research tool.
6) They export easily to Excel. Says Rosvold: “Each month, I export directly to Excel and produce reports that are consistently formatted and look the same every month.”
7) Account schedules can be built and maintained by finance folks without IT help. Once again, Ms. Rosvold puts it simply: “Account schedules are easy enough to use that I don’t need to know a programming language, or how to accomplish a table join, in order to build them. All I need is knowledge of my chart of accounts, what the structure of my dimensions and budgets are, what the differences are between balance sheet and income statement accounts, and some simple formulas.”
Check out Ms. Rosvold’s comments at the link above, or contact us for help.