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What’s New in Microsoft Dynamics NAV 2017 for Property Management Companies

Author Donatas Kazakauskas Donatas
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– The average reading time for this post is 3 minutes –

Microsoft has just released Dynamics NAV 2017. Integration and simplicity is key in the new version: from significant enrichments of the core application to the Dynamics NAV integration with Power BI. Let’s review new end-user capabilities of this fresh NAV 2017 that can find a place side-by-side with the property management business.

 

Enhancing the Core Application

  • Account categories allows you to map your chart of accounts to a set of predefined categories. This structured chart of accounts can later be used in enriched financial reporting.

    More regarding financial reports – NAV 2017 includes some new financial reports: Balance Sheet, Income, Cash Flow and Retained Earnings statements.

  • NAV 2017 brings the ability to cancel and correct posted documents. The function automatically creates a corrective credit memo and posts it. If the purpose is to correct the posted document, then the function also generates a copy of the posted document.

  • NAV 2017 includes a couple of improvements to payment reconciliation. The Payment Reconciliation journal now displays totals for outstanding transactions and outstanding payments. From there, you can open the list of documents that have not been applied or used in the reconciliation process. You can choose to include outstanding payments and outstanding transactions data in the Payment Reconciliation report.

  • You can get in-context smart notifications inside your NAV when performing some activities. The notifications are built in-application and intended to guide you with recommendations, instead of preventing you from carrying on with your work. Moreover, notifications are configurable personally – you can disable them or set them up to be displayed in special conditions. Billing process and lease contract management gets supported well through notifying users about customer credit limit, overdue balance, upcoming lease contract expiry and many more events.

  • Tooltips. Moving your mouse over fields or actions opens an explanation box regarding certain activities.

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Bringing two worlds together

  • We can use the Power BI tool for constructing reports for property performance analysis. The problem was that those reports could be seen only when using the Power BI app or through a web browser. Now Dynamics NAV 2017 contains embedded Power BI! All reports created with Power BI can be seen within a new version of Dynamics NAV. Reports are integrated and can be customized in role centers. So every time a property manager opens Dynamics NAV, he reviews the state of the business: charts for property results, for example.

New opportunities

  • E-everything – enables hyperlinks to be added linked to payment services, such as PayPal. The links support multiple ways of accepting payments, including credit cards and PayPal accounts. The function can simplify the process of paying instalments for your customers who like doing it online.
  • QuickBooks Data Migration extension allows you to easily move your customer, vendor and other financial data from QuickBooks to NAV through Excel templates.

 

See a brief What’s New in standard NAV 2017 video overview by one of our NAV partners here (11 min.):

 

SOFT4, as a provider of a software solution for commercial property management, is constantly releasing blog articles about how to meet and cope with  trends, tendencies, and challenges, and giving suggestions as to how to react to the changing environment in order to stay competitive.

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