Dear Group Memebers
We have task to integrate MS Nav 2017 in company with ifrs and tax accounting. In my last work where there were Oracle Business Suite there were 2 modules in system TAX and IFRS.
Some entries posted in both modules, some entries posted only in ifrs. We calculate some enties and posted manually them in ifrs module, or calculate tax and post them manually through journals to tax module. FA depreciation, inventory accounting were different in these modules.
I want to know, is there another way to integrate MS Navision? Or there should be 2 modules?
Where I can read articles, books, materials regarding this question?
As standard IFRS and the TAX (IAS?) Posting option does not exist in NAV.
Only Solution is to create a specific set of G/L accounts for IFRS or TAX (IAS?) and then manually do the postings in the Chart of Accounts.This method is used in several installations worldwide (companies like Falck, Carlsberg, Egmont Entertainment).
If you upgrade to Dynamics 365 Business Central there are a few improvement as far as I know - but you still have to do the manuel prosting (but you get a little help)
Take a look here:
For example in Tax accounting there should be applied only diminishing balance depreciation method for all Fixed Assets. But in İFRS for Fixed Assets (equipment, buildings, cars etc.) there could be applied different depreciation methods (straight-line method, diminishing balance method and the units of production method). So, how to depreciate the same FA card by different methods in the same FA module?
One of the way to solve these problem is to create different Depreciation accounts and Depreciation expence accounts in Chart of Accounts and have 2 Depreciation books.
Is there anothe way?
And it’s only way how to solve probem with FA. But inventory, revenue recognition differences ets. they are not solved.
No there are no other way.
Two depreciation books, and two sets of G/L Accounts (In many companies only one of them have integration to G/L and the other one is posted manually in G/L 2-4 times a year only.