Cash Management will be available in coming Microsoft Dynamics NAV 2013 R2

Cash Management will be available in coming Microsoft Dynamics NAV 2013 R2

Microsoft Dynamics NAV Team have announced recently in the MSDN Blog that the coming release of Microsoft Dynamics NAV 2013 R2 delivers new exciting features to support Cash Management business processes for our SMB customers and prospects.

Why Cash Management?

Cash Management provides information relating to cash flow of the organization, by processing and analyzing all cash and Bank transactions, arising out of payment of supplier’s invoices, receipt from sales invoices, standalone payment and unallocated payment / receipts.

Cash Management also allows analyzing financial transactions for a given period of time and provides information regarding sources of fund and use of fund to ensure liquidity in order to meet payment obligations of the organization.

What’s new in the coming release?

Microsoft Dynamics NAV 2013 R2 will deliver new functionality to support Bank integration with two core scenarios:

  1. Bank Reconciliation : New capabilities include the possibility to import bank statements, reconcile bank statements with automatic matching, and apply and post incoming payments to open receivables and payables.
  2. Payments: With Microsoft Dynamics NAV 2013 R2, it will be possible to handle in and outgoing payments automatically with credit transfers and direct debit capabilities.

As per Microsoft Dynamics NAV Team they are increasing the focus on Cash Management in the coming releases of Microsoft Dynamics NAV – beginning with Microsoft Dynamics NAV 2013 R2.

What about SEPA support?

SEPA, what?

SEPA, or the Single Euro Payments Area (SEPA) is an EU payment-integration initiative of the European Union. Its purpose is to simplify today’s fragmented national payment systems with a single set of standards. It enables organizations and individuals to make payments or bank transfers in euro to anyone within the area through their existing bank account using standardized payment instruments. SEPA will give companies the possibility to connect with more banks and help to shorten payment transfer times. As of March 2012, SEPA consists of the 28 EU member states, the four members of the EFTA (Iceland, Liechtenstein, Norway and Switzerland), and Monaco.

Microsoft Dynamics NAV 2013 R2 will provide support for SEPA in the following ways:

  • SEPA will be supported in all versions of Microsoft Dynamics NAV prior to Microsoft Dynamics NAV 2013 R2 in countries that already had support for SEPA or other bank formats.
  • Microsoft Dynamics NAV 2013 R2 will provide standard SEPA support in the W1 version. Tools will be provided for partners to easily make small customizations to meet local country and customer requirements.

I will share more insights in the next blog so stay connected.

Soumen Chakraborty

Soumen has over six years of experience in the IT industry. At InSync, he is a business acumen specializing in Microsoft Dynamics NAV, SAP Business One, eCommece platforms and Integration solutions. He has extensive exposure in the Retail domain.