General Ledger Part 1

General Ledger Part 1 for Bevica Select: chart of accounts, dimensions, journals, VAT, posting groups, currencies, and key checks before go-live.

General Ledger (Part 1) is the base layer for finance in Bevica Select.

It’s where you learn journals, dimensions, currencies, and core posting review.

Before you start

Access to Bevica Select
Introduction to Business Central

Training outcomes

After you complete this module, validate your learning using Outcomes - General Ledger Part 1.

You should be able to:

Navigate from documents to G/L Entries and subledger entries
Post, reverse, and correct general journals
Set up and apply dimensions (including default dimensions)
Use Find Entries to understand what entries a posting created
Set up and maintain currencies and exchange rates (if used)
Run Adjust Exchange Rates (if used)
Understand VAT dates and VAT settlement basics (if used)

Chart of accounts

The chart of accounts in Bevica Select is mostly predefined so you shouldn't need to create many new accounts. The Bevica Chart of Accounts file below lists the General Ledger Accounts in Bevica, what they are used for and which accounts you can delete or rename.

Bevica Chart of Accounts v1.6.xlsx

26KB

Open

You still need to understand key account fields and drill-down behaviour.

Read / complete

Set up the chart of accounts (Microsoft Learn) (Est. 45mins)

Dimensions

Dimensions drive management reporting. They also stop bad postings if you enforce them.

Bevica Select comes with a number of predefined dimensions (Cost Centre, Customer Group, Duty, Item Group and Salesperson). As part of the data migration you will need to populate your dimension values later in the project. This module explains the concepts of dimensions and how to set up and use them. See the reporting section of the finance training to find more about how you can report on dimension data.

Do not delete or amend the DUTY dimension.

Do not set it as a default dimension on master data or manually enter it onto a transaction.

Read / complete

Set up dimensions (Microsoft Learn) (Est. 1hr 15mins)

Microsoft Learn module breakdown

Module

Minutes

Type

Notes

Introduction - Set up dimensions and dimension values

Mandatory

Manually enter dimensions on a sales order

Mandatory

Set up global and shortcut dimensions

Mandatory

DUTY is set up as shortcut dimension 8.

Set up default dimensions

Mandatory

You’ll do this during data migration.

Set up default dimensions for account types

Mandatory

You’ll do this during data migration.

Set up dimension combinations

Out of scope

Exercise - Set up a dimension with dimension values

Mandatory

You’ll create your own dimension values.

Check your knowledge

Mandatory

Summary

Mandatory

Journals

Journal templates and batches

Templates and batches are the “containers” that control behaviour. All journal templates have been set up for Bevica Select. Some journal batches have been set up but you may want to add your own or modify the existing ones.

You can rename USER-A, USER-B and USER-C according to who will be posting general journals.
VAT will be used to post journals which have a VAT amount. See the VAT section below.
YEAR END will be used when running the Close Income Statement routine. This will be covered in the General Ledger Part 2 training session.
ZZ-DM will be used for your migrating your opening balances.

Read / complete

Set up general journal templates (Microsoft Learn) (Est. 30mins)

Create, post, reverse, and correct journals

This module explains how to use general journals to post to general ledger and other accounts. You can reverse posted journal entries which are not correct.

Read / complete

Recurring and periodic journals (if used)

You are able to create recurring journals so you can post journal lines on a recurring basis. You can also post cost allocations by using key allocations that are based on percentages or amounts.

Read / complete

Post periodic journals (Microsoft Learn) (Est. 1hr)

Use Recurring Frequency of 1M+CM to move the posting date to the end of the following month once the journal has been posted. For more information see Use Date Formulas.

Posted General Journals

If the journal batch you post journals from has the 'Copy to Posted Jnl. Lines' field ticked, each time you post a journal, posted general journal records are created. You can search for Posted General Journals to view these. From this page you can recreate the journal lines posted to either repeat the same journal, or correct a mistake that was made if you are unable to reverse the transaction. You are able to:

Highlight the relevant line/s and select to Copy Selected Line to Journal. You select the journal batch you'd like the the journal created in, whether to replace the posting date or document number, or reverse the sign
Select Copy G/L Register to Journal. This will create journal lines for all G/L entries in the G/L register posted.

Reviewing posted entries

Where to look after posting

Once entries have been posted, you can view them using the following pages:

G/L Registers - each time you post a transaction it will create an entry in G/L Registers. You can view the entries posted to each of the ledgers via the Process action in the ribbon.
Chart of Accounts - you can view General Ledger Entries by drilling down on the Net Change, Balance or Balance at Date fields on the Chart of Accounts page
Specific ledger entries pages - each of the subledgers have their own ledger entries pages. You can view the ledger entries from the master records or by searching for the page directly.
- Customer - Customer Ledger Entries
- Vendor - Vendor Ledger Entries
- Bank - Bank Ledger Entries
- Item - Item Ledger Entries
- VAT - VAT Entries
Find Entries (formerly Navigate) - on any posted entry or transactions, you can use Find Entries to find all entries that were posted as part of that transaction. See Find Entries (Navigate)

Multiple currencies (if used)

If you trade in more than one currency, you need three skills:

Setup currencies and exchange rates
Post foreign-currency documents and payments
Revalue open entries via Adjust Exchange Rates

Read / complete

Set up currencies and exchange rates (Microsoft Learn) (Est. 30mins)
Process sales and purchase transactions in foreign currency (Microsoft Learn) (Est. 40mins)
Adjust exchange rates (Microsoft Learn) (Est. 40mins)

Do not set your base currency as a foreign currency.

Base currency transactions always use a blank Currency Code.

We would suggest that you set up your exchange rates as either:

Exchange Rate Amount = the rate, e.g. 1.12
Relational Exch. Rate Amount = 1.0
Fix Exchange Rate Amount = Relational

Exchange Rate Amount = 1.0
Relational Exch. Rate Amount = the rate, e.g. 0.815
Fix Exchange Rate Amount = Currency

VAT

VAT setup is preconfigured in Bevica Select. It includes a VAT Business Posting Group of OOS (out of scope) which duty free sales and purchase transactions are switched to.

You mainly need to understand how it behaves on documents and journals.

Read / complete

Set up VAT (Microsoft Learn) (Est. 1hr) (for context)
Process VAT in documents and journals (Microsoft Learn) (Est. 40mins)
Calculate and Post VAT Settlement (Microsoft Learn) (Est. 20mins)
Process a VAT Return (UK / MTD)

VAT Dates

It is possible to control the allowable VAT dates within Bevica. See VAT Dates for further information. Note that this is the preconfigured setup in Bevica, but it can be amended as required:

VAT Date Usage = Enabled
Default VAT Date = Posting Date
Control VAT Period = Block posting within closed and warn for released period

UK: Making Tax Digital (MTD) setup checklist

VAT Reports Setup page: Enable Making Tax Digital
VAT Report Setup page: check User IP Address Service
Service Connections: set up HMRC VAT Setup
Run Retrieve VAT Return Periods to validate the connection

See Set up Making Tax Digital for VAT for further information.

Within Bevica:

Allow VAT Difference is switched on in Purchase & Payables Setup, but not Sales & Receivables Setup.
Allow VAT Difference is switched on for the VAT General Journal batch.
The Max. VAT Difference allowed is set to 10p. You can change this in General Ledger Setup.

Posting groups

Posting groups map customers, vendors, items, and bank accounts into the GL. The posting groups have been set up for you as part of Bevica Select. The module is for information only to understand this area.

Read / complete