Our Blog

where we write about the things we love

05

Aug

What’s new, cool and noteworthy in Microsoft Dynamics AX 2012, part one: Chart of Accounts

At the beginning of this week, Microsoft announced “general availability” for Microsoft Dynamics AX 2012, and our Dynamics Practice Principal, James Page, talked about it on the Intergen blog here. With our AX team hard at work with the new product and discovering for themselves all the great new features, timesavers and tricks that are just waiting to be found and talked about, we thought we’d task them with summarising their own personal AX 2012 highlights here over the coming weeks.

Anna Davies, one of our senior AX Consultants, leads the charge with today’s highlight: AX 2012 – Chart of Accounts.   

AX 2012 - Chart of Accounts

It’s fairly common practice for some of our larger clients to have the same Chart of Accounts shared across multiple companies. To achieve this in Dynamics AX 2009, AX consultants or developers had to spend time creating table collections and follow a specific process when loading in ledger accounts.  In Dynamics AX 2012 you no longer have to setup ‘table collections’ to achieve this functionality. ‘Hooray!’ I hear you say. Want to know more? Read on…

Chart of Accounts

Chart of Accounts are set up under General Ledger>Setup>Chart of accounts>Chart of Accounts. Within this form it’s now possible to define multiple sets of Chart of Accounts. These can be shared across legal entities or defined per legal entity. 

In order to create a Chart of Accounts, simply click the new button and give it a name, e.g. ‘Corporate Main Account (Shared)’. Then define the main accounts (ledger accounts) to be used with the Chart of Accounts. Main accounts can be created manually or by Excel imports using the new Microsoft Office Add-in (this tool replaces the Dynamics AX 2009 Excel import/export routine which is now a depreciated function in Dynamics AX 2012).

 

AX 2012 chart of accounts

 

Once main accounts have been created, Accounts Structures should be configured and associated with the Chart of Accounts. Account structures are essentially the new way of configuring what was formerly known as ‘dimensions set hierarchies’ and ‘dimension set rules’ in Dynamics AX 2009. Watch out here in the coming weeks for another blog from me, giving more details on Account Structures.

The final step in the process is to assign the Chart of Accounts with the entity ledger (General Ledger>Setup>Ledger). See the screen shot below. This step is important, as it links the Chart of Accounts with the legal entity and it’s this setting which enables different companies to share a common set of ledger accounts or use an independent set of ledger accounts.

 

AX 2012 entity ledger

 

Note:-

The ‘Chart of Accounts’ field as seen in the screen shot above is only editable if no financial GL postings have been made. Make sure the correct Chart of Accounts has been applied before allowing transactional postings. 

 

Posted by: Anna Davies, Senior AX Consultant | 05 August 2011

Tags: AX, Microsoft, Microsoft Dynamics AX 2012


Related blog posts


Top Rated Posts

Blog archive

Stay up to date with all insights from the Intergen blog