In this chapter, we learned how to post any accountancy transaction using journals. We explored how VAT entries are created when taxes are involved and how we can use them to report taxes to the authorities. We saw how to create a fixed asset and post its acquisition cost, revaluate it, calculate its depreciation, sell it, or cancel wrong entries.

In the annual accounting close section, we have learned the steps we need to perform in order to close the fiscal year, and in the inventory valuation section we came across different costing methods and how to reflect item costs into the general ledger. Finally, we have seen how to perform the consolidation of different subsidiary companies.

In the next chapter, we will take a look at the reporting tools available in Dynamics NAV. This way we will be able to analyze all the data collected in the system.