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Dynamics AX Dynamics AX Finance Module – Finance Module –

For BeginnersFor Beginners

Agenda Financial Terminologies

General Journal

Posting

Heads

Accounts

Trial Balance

Debit/Credit

Income Statement

T-Account Entries

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Dynamics AX Dynamics AX Finance Module – Finance Module –

An IntroAn Intro

www.folio3.com@folio_3

Financial Terminologies Keeping track of financial information with a traditional record-

keeping system is often called bookkeeping.

As transactions occur, they are recorded chronologically by a

bookkeeper in a journal.

Most companies use more than one journal, for e.g.

Sales Journal

Cash receipt journal

General Journal (Ledger)

Transaction Posting Business transactions are first recorded in a journal. Then

they are transferred to accounts in the general ledger

through a process called posting.

Posting is done periodically - daily, weekly or monthly,

depending on the size of the company

General Ledger HeadsAccounts in the general ledger include:Cash

Accounts Receivable

Inventory

Prepaid Insurance

Equipment

Accumulated Depreciation

Accounts Payable

Notes Payable

Contributed Capital

Retained Earning

Accounts

Are subsidiaries of the Account Head

Different for each company

For e.g. the Accounts Receivable subsidiary ledger will have

details about the sales, receipts and account balances for

every customer.

Trial Balance

A list of the account balances in all the accounts of a

company is called the Trial Balance.

Debit/Credit Debit refers to the amount deducted from an account (shown

on the left side in an account ledger).

Credit refers to the amount added/deposited in the account

right side of an account (shown on the left side in an account

ledger).

How to Record Account Transaction Entries

Trial Balance

Income Statement

Income Statement (contd.)

T-Account Entries

Contact

For more details about our Dynamics AX development

services, please get in touch with us.

dynamics@folio3.com

US Office: (408) 365-4638

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