What’s New in Microsoft Dynamics 365 Business Central 2023 Wave 2

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During Tensoft’s most recent customer user conference, I covered a session on new features in Microsoft Dynamics 365 Business Central. Below are some highlights of the features related to multi-company, posting dates and copilot that I covered during this session.

Multi- company

First, there are some enhancements to the multicompany features in Business Central, for anyone who has companies in different environments. Some locations may have tax-specific or reporting-specific government compliance requirements, for example, VAT in Europe. In some cases, it might make sense to license a separate environment, if there are substantial differences between country-specific requirements. In Business Central, the code base for localizations is based on each environment so you have to consolidate.

Now you can consolidate financial information across environments in multi company setups. There is a way to reference different environments from within the Business Units page. You can reference a separate environment and not just the companies that are within that environment. It works for consolidation and intercompany transactions if you are processing transactions between companies.

Approval workflows for intercompany general journals have also been added. So, if you want a specific type of approval workflow relating to approving your company journals or intercompany transfers, now there is a standard template for that.

Sync Document and Posting Dates for Sales & Purchases

With this release, there is a new feature that will configure how your posting dates and document dates are set up for sales and purchases.

There are two types of dates that are important on both sales and purchases. There is the Document Date which is used to show the date of the document and also the aging. The Posting Date is when it actually hits the GL. These dates can be different. Now there's a setup called Link Doc. The Date to Posting Date in the Sales and Receivables Setup and Purchases and Payables Setup gives you the flexibility of allowing them to be the same or different.

Example: For sales, most of the time your invoice date and your document date are the same. You may not want to allow them to be different. But in purchases, there are times when you may want them to be different, depending on how you close the books.

Copilot & AI innovation

The 2023 wave 1 release introduced the first Copilot capability of AI-generated product descriptions. Basically, it can look at all the data on your item card and create some marketing text.

With this release, Microsoft has added a new screen for administrators to configure and discover Copilot and AI capabilities. There is also some intelligence on the way the bank reconciliation matches transactions coming from your bank to those that are posted to Business Central. Now they are using AI in their copilot tool that allows for improved matching and reconciliation for bank recs.

You can expect to see AI integrated with Business Central increasingly in the future.

To learn more about the other features in the latest release of Business Central, view the blog posts on our website.

Other Helpful Blog Posts:

- By Jason Ochipa, Tensoft, a Microsoft Dynamics 365 Business Central Partner

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