Microsoft Dynamics 365 Business Central 2023 Release Wave 1 Highlights
Microsoft recently published details of its 2023 release wave 1 for Dynamics 365 Business Central. This article explores some highlights from the release wave and their implications for Dynamics 365 Business Central users now and in the future.
Partial VAT
Historically, dealing with partial exemption on VAT required deploying either an extension or a customisation, or even a workaround. Microsoft is addressing this by making the partially deductible VAT functionality available in the base application, rather than restricting it to select localisations. This change is part of Microsoft’s effort to standardise functionalities across all its localisations. The functionality will be controlled via a new setup page with several setup possibilities to tailor it to clients’ business needs. Announced at the Microsoft Ignite conference in November 2021, this functionality will be available to all Dynamics 365 Business Central customers from May 2023.
Multi-Companies
Managing multiple companies is increasingly common but has traditionally been complex. The Intercompany features have been upgraded to simplify this process. Previously, mapping accounts between entities via a separate ‘Intercompany Chart of Accounts’ was clunky. Microsoft has improved the mapping functionality, making setup easier, even using details from a partner company’s Chart of Accounts.
Another issue with multi-company entities is the unsynchronised data, such as Item details, due to changes made in one company but not others. The release introduces Master Data Management, which allows data between entities to be coupled so changes in the source data are reflected in all destination companies. This simplifies managing items and dimensions across multiple companies.
Copilot/Artificial Intelligence (AI)
Recent advancements in AI are being integrated into Dynamics 365 Business Central with two new functionalities:
- New Item from Picture: Users can create new Item cards based on a photo upload. Dynamics 365 Business Central will analyse the image and suggest appropriate item attributes, speeding up the creation process.
- Marketing Text Generation: The Item attributes (and other fields) can be analysed to generate marketing text ready for proofreading and uploading to your webstore.
Statistical Accounts
Dynamics 365 Business Central traditionally focused on financial numbers, but the new “Statistical accounts” feature introduces a ledger for non-financial information. This new ledger allows recording and storing non-financial data alongside financial information, facilitating comprehensive business data storage and analysis.
Manage User Permissions Using Security Groups
Managing permissions in Dynamics 365 Business Central is now more efficient with Azure Security groups. This feature simplifies assigning permissions, reduces the risk of human error, and speeds up user onboarding and project setup. A tool is provided to migrate Dynamics 365 Business Central User Groups to Azure Security Groups, with a deadline of October 2024.
Optimise Your Solution Today
The new features for Dynamics 365 Business Central will be released from April 2023 through September 2023. For more information about these features and how to leverage them, get in touch with our team to help your organisation transition and harness the power of these changes.
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If you are a growing business looking to centralise data or seeking a more effective system, contact us today to see how Telefónica Tech can revolutionise your business with Dynamics 365 Business Central.