Microsoft Dynamics 365 Business Central
Microsoft Dynamics 365 Business Central is a comprehensive business management system (ERP) that helps small and medium-sized businesses efficiently manage accounting, inventory, sales, purchasing, as well as projects and customer relationships, all in one solution.
This modern, cloud-based platform combines financial reporting, automation and business analytics to ensure transparency and timely decision-making.
Business Central is a flexible, secure and scalable solution that grows with your business.
The solution ensures seamless and unified management of the company's most important functions
VAT solution
Ensures full VAT administration in compliance with Latvian and EU legislation. The solution enables automation of VAT accounting, calculations and returns preparation, taking into account company-specific business scenarios.
Exchange rate imports
The solution allows you to import the previous day's exchange rate on the reference day.
Users can perform currency conversions at any time, instead of specifically on the last day of the month as the standard functionality of Business Central provides, as it is possible to adjust customer, supplier and bank entries for previous periods with the exchange rate for that date.
The exchange rate can be imported from both the European Central Bank and the Bank of Latvia.
Export & import of bank statements
The solution allows you to create a file for outgoing payments in different currencies and can be used for payments in the most popular banks in Latvia.
It is also possible to import incoming payments from different banks and with multiple currencies.
Within the localisation, it is possible to import a bank account statement into SEPA CAMT 052.
The solution includes functionality that prepares data for the creation of the Latvijas banka 1-IB report.
Advance payment solution. Advance payment
The solution allows you to create a pre-paid invoice that does not need to be booked by Business Central.
It is possible to record the amount of advances directly in the payment journal, both received from customers and paid to suppliers.
When Business Central processes an advance payment, the amount of VAT to be declared is calculated.
When an invoice with an advance is debited, the VAT and the amounts of the advance payment are recharged to the general ledger accounts accordingly.
Working with advance settlers
The solution allows the recording of cash issued to persons settling advances and supporting documents for their expenditure.
Before posting a cheque or advance payment, you can see what postings will be created after posting.
The report can be printed without sensitive information (GDPR).
VAT is accounted for by receipts and is also reflected in the return and the annex. When an advance payment is booked, the amount is not subject to VAT.
Withholding tax on Purchase Invoice posting
The solution enables withholding tax (personal income tax) to be deducted from Purchase Invoices.
Provides the possibility to specify the appropriate income period and code for withholding and non-withholding transactions in the Report on Amounts Paid to Individuals under the conditions defined in the settings.
Netting
The solution allows for the netting of claims against counterclaims, i.e. the netting between debtor and creditor based on the amount of claims and counterclaims.
In addition, it is possible to prepare a Deed of Set-off on a user-defined document template (the form, content and layout of the document are defined by the user).
Fixed asset reports
The solution allows the generation of various fixed asset reports, ranging from inversion lists, acceptance and handover certificates, depreciation reports by period, as well as history and analytics. The reports are available in different formats (pdf, word, xls.).
Financial accounting and management reports
The solution allows you to generate a variety of financial reports ranging from balance sheets, profit and loss statements, general ledgers - turnover reports, etc. Reports are available in different formats (pdf., xml. word, xls.).
Netting
The solution allows for the netting of claims against counterclaims, i.e. the netting between debtor and creditor based on the amount of claims and counterclaims.
In addition, it is possible to prepare a Deed of Set-off on a user-defined document template (the form, content and layout of the document are defined by the user).
Fixed asset reports
The solution allows the generation of various fixed asset reports, ranging from inversion lists, acceptance and handover certificates, depreciation reports by period, as well as history and analytics. The reports are available in different formats (pdf, word, xls.).
Financial accounting and management reports
The solution allows you to generate a variety of financial reports ranging from balance sheets, profit and loss statements, general ledgers - turnover reports, etc. Reports are available in different formats (pdf., xml. word, xls.).
The solution can be used anytime, on any device, and is tailored to different platforms and apps
The solution is designed to ensure that the user always has access to the latest technology and that updates are made while the software is in use. Power BI, the analytics tool integrated into the system, makes data reporting and analysis easier, more robust and transparent at any time. 24-hour technical support and an integrated incident response solution are available. Microsoft Azure delivers first-class cyber security.