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Business Central 2023 Wave 2: Innovations in financial accounting

This year’s fall version of Business Central also offers some new features in finance and accounting.

In addition to an optimization of the intercompany functions and an innovation in the area of general ledger accounts, Business Central 2023 Wave 2 also includes an adjustment to exchange rates.

New intercompany function

The current Business Central fall release enables intercompany partnerships between companies operating in different Business Central environments. The intercompany functionality in Business Central enables affiliated companies to exchange documents automatically. Previously, it was necessary for the corresponding intercompany companies to be in a database or in a tenant. Now it is also possible for the document exchange to take place across tenants.

On the page for setting up intercompany partners, you can set up a connection to a company in a different environment using the advanced setting “Connect Externally Setup”. Once the setup is complete, transactions can be sent and received automatically for the respective company, even if it is in a different environment.

Business Central Finance Accounting
Advanced setting “Connect Externally Setup” in the setup of intercompany partners (Source: Microsoft)
Business Central Finance Accounting
Cross-environment setup of the intercompany partner (Source: Microsoft)

All intercompany functions can be used across environments, including sales and purchase documents, intercompany general journals and purchase invoice cost distributions.

General ledger accounts for receivables and payables

Another feature of the new version can be found in the area of general ledger accounts. Alternative posting groups can now also be defined for customer or vendor posting groups. The new feature can be used when posting purchasing and sales documents as well as in journals and can be used, for example, for advance payments by a customer or the payment of a customer in a foreign currency. To use it, the “Allow Multiple Posting Groups” toggle must be activated via the setup for customers and vendors.

Business Central Finance Accounting
“Allow Multiple Posting Groups” switch in the sales and receivables setup (Source: Microsoft)

Adjustment of exchange rates

With the new Business Central version, the effects of an exchange rate adjustment on a booking can now be displayed in a preview before posting. This provides additional control. “Adjust per entry” indicates whether a detailed posting is made to the general ledger by entry or a totaled posting by currency. The posting preview can be activated via the “Exch. Rates Adjustment” page in the currencies.

Business Central Finance Accounting
Activation of the posting preview via the “Exchange Rates Adjustment” page in the currencies (Source: Microsoft)

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