Top 10 Points While Setting Up New Company in MS Dynamics NAV

1. Define No. Series

You have to decide which No. Series You are going to use and record for future discussion with 

client. These No. Series are defined under :-

1. Sales & Receivables Setup.

2. Purchase & Payables Setup.

2. Decide about Payment Tolerance?

This implies whether an invoice is settled at less amount than actual means 1059.00 $ can be settled at 1050.00 $ so ask from your client.

3. What are the major setups needed to start the transaction?

1. GL SETUP

2. Sales & Receivables SETUP

3. Purchase & Payables Setup.

4. Inventory Setup.

5. VAT and TAX SETUP as per your localisation.

4. Document Exchange Service & XBRL 

If data exchange is required from MS Dynamics NAV Financial Management PEPPOL Format

Extensible Business Reporting Layout required by system.

5. Types Of Costing Method

For inventory decision FIFO LIFO Average Specific or Standard.

FIFO :- Inventory Valuation will be based on cost last received 

LIFO:-  Inventory Valuation will be based on cost First received

AVERAGE:- Inventory Valuation will be based on average of all.

SPECIFIC:- Inventory Valuation will be based on serial No. of Items and Inv. Val. will be based on exact units in stock.

STANDARD :- Inventory Valuation will be based on FIFO but the only difference is that the incoming cost which are based on an estimated cost that you set up on an ITEM. It is mainly used with Manufacturing.

6. How will you close the company?

Will there be any subsidiary coming in the company decide the designing of COA accordingly.

7. Decide about the Posting Groups?

Specific , General and Tax Posting Group present in MS Dynamics NAV.

1. Customer Posting Group 

2. Vendor Posting Group

3. Inventory Posting Group

4. Bank Account Posting Group

5. Job Posting Group

6. Fixed Asset Posting Group

7. Gen. Business Posting group

8. Gen. Product Posting Group

9. VAT Posting Setup / Tax Setup.

8. How will you do Payment Reconciliation ?

Will there be any data exchange framework requirement for details you may check Table series 1200.

So these are few major points which a Functional consultant must be aware before delivering the project to client.