Understanding Chart of Account Balances in Business Central
In this video, UG Expert Dave Wiser reviews Chart of Account balances in Business Central.
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Key Takeaways
- Chart of Accounts columns: Dave explains that the Chart of Accounts has three columns with amounts, which are often the same, causing confusion among users. He discusses the differences between these columns and how to expose the “Balance at Date” column through the personalization feature.
- Filter: Next, he filters the Chart of Accounts to remove lines with a value of zero and is now looking at posting accounts where all three columns show the same amount. He adds a totals filter to differentiate the columns.
- Date filter: You can use a date filter to differentiate columns in the chart of accounts. By setting a date range from 1/1/23 to 12/31/23, the “Net Change” column shows the sum of debits and credits for that period, while the “Balance at Date” column displays the account balance at the end of the specified date range.
- Use date range filter for insights: Using a date filter shows the balance as of a specific date or the end of a date range. The “Balance” column displays the total balance in the account, regardless of the date, including all transactions from the beginning of history. When using a specific date range, such as January 2023 to December 2023, users can analyze income statement accounts by showing the net transactions for that fiscal year.
- Visibility from Chart of Accounts: By using the “Balance at Date” for balance sheet accounts and the “Net Change” column for income statement accounts, you can understand your financial status for a specific time frame directly from the Chart of Accounts page without needing to extract data to Excel or print reports.
