New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 2: Manage Subscription Billing and Revenue and Expense Recognition

Microsoft Dynamics 365 Business CentralThis post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 2 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2024 Wave 2.

The 2nd of the new functionality in the Application section is manage subscription billing and revenue and expense recognition.

Businesses are finding ways to create recurring revenue streams by selling goods and services on a subscription basis. This release lets you manage subscription contracts in Business Central. The new subscription module lets you spend more time selling and less time organizing and invoicing contracts.

Enabled for: Users, automatically
Public Preview: Sep 2024
General Availability: Oct 2024

Feature Details

Companies across sectors have increased their adoption of digitalization and are revamping their products and services to accommodate subscription-based business models.

You can now support many different types of subscription scenarios in Business Central. There’s a simple set of processes that let you manage portfolios of the items and services that you bill on a recurring schedule. For example, hardware maintenance, IT support, cleaning services, and so on. You combine the sale of services and items in mixed subscription contracts that hold information about the items, services, and billing schedule.

Templates simplify the process of creating subscription contracts by standardizing the parameters and schedules for recurring billing. You can manage current pricing and plan for future price updates. On the accounting side, posting accruals to balance sheet accounts is automated, and revenue or expense are assigned to the correct periods in the income statement.

The new module comes with:

  • Contracts for which you do recurring billing for items and services.
  • Billing schedules with flexible parameters that cater to typical use cases for recurring billing.
  • Usage-based billing.
  • Automated billing.
  • Deferral integration.
  • Revenue recognition based on billing schedules.
  • Contract updates (parameters and prices).
  • Standard reports for contracts, customers, billing schedules, recognized revenue, future billing dates and amounts, and so on. Most reports are available as Power BI reports.

My Opinion

It’s interesting to see this module introduced; I can see how more Business Central users would be interested in this module. I’ll need to take a look and see how things work.

I do wonder what impact this will have on the ISVs out there with extensions for Business Central in this area? Is the new Microsoft module comprehensive or do the third party extensions offer more functionality?

Click to show/hide the New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 2 Series Index

New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 2
Auto-Apply Templates When You Synchronize Data With Dataverse
Use New Reports And Demo Data for Financial Reporting
Manage Subscription Billing and Revenue and Expense Recognition
Integrate Field Service with Service Management
Archive Service Management Documents
View Item Availability in Field Service Work Orders
Export Posted Sales Invoices to Shopify
Replenish Items for Projects
Reconcile Payment Transactions in Shopify with Invoices
Use Directed Put-Away and Pick Warehouses with Projects
Capture Data from E-Docs with Azure AI Document Intelligence
Add Invoice and Receipt Documents to E-Documents in Bulk
Import, Export Product Info Using Shopify Metafields
Define Shipping Information For Shopify Shipping Fees
Enable Locations In Shopify Refunds
See Improved Usability For Service And Projects
Allow More Than One User To Post Warehouse Entries at a Time
Add An Item As A Shopify Variant
Use Excel Reports For Consolidation And Fixed Assets
Synchronize Product Translations To Shopify
Use Specific Prices And Discounts When Synchronizing Prices In Shopify
Add Extended Text To Project Planning Lines
Use A Default Quantity Of 1 For Accounts On Documents
Suggest Number Series with Copilot
Chat with Copilot and Learn to Use Installed Add-On Apps
Complete Bank Account Reconciliation Faster with Copilot
Create Product Information Faster with Copilot
Summarize Any Record with Copilot
Experience Enhancements to Analysis Assist with Copilot
Start Using Copilot Without Having to Set Things Up
Create Sales Lines Easily with Copilot
Automate Tests for Your Copilot Extensions with the Business Central Test Toolkit
Start Creating Power Automate Flows With Copilot
Raise Awareness Of Copilot Actions On Card, Document, And Listplus Pages
Display Errors And Messages In Copilot Prompt Dialogs
Experience Enhancements To Chat With Copilot
Get Usage Telemetry On Copilot Extensions As An ISV
Start Using Integration with IRS for 1099 Submissions
Start Using E-Documents Framework Localized for Germany
Enable Additional Countries and Regions
Show Features With Demo Dataset For Czechia
Deferral Accounting – Posting The Original Amount As Correction – Czechia
Posting Of Alternative Customer-Vendor Posting Groups – Czechia
Calculate And Post Vat Settlement By Activity Code – Italy
Advance Letters With Reverse Charge – Czechia
Vat Return Feature Now Available – Czechia
Include Employee Transactions In Exchange Rate Adjustment Report – Czechia
Improve Vat Reporting And Adjustments – Czechia
Allocations Functionality In Cash Desks – Czechia
Sales Advance From The Project – Czechia
Enable Use Of Other Currencies – Czechia
Set Up Easier In-Client Performance Profiling with Rules
Use the Ternary Operator when Coding in the AL Language
Pull Extension Source from GitHub when Opening Visual Studio Code from the Web Client
Use the 'This' Keyword for CodeUnit Self Reference
Restore Extensions if Publishing from Visual Studio Code Fails
Use Improved Features for Report Documents
Package Resources in Extensions and Access from AL
Run Code Action for 'With' for File, Project, or Workspace
Type Testing and Casting Operators for Interfaces
Extend Al Interfaces
Extend and Customize Profiles from Other Extensions
Remove Friction When Working With External App Dependencies
Specify And Use Full-Text Search Indexes On Table Fields
Manage Environment Updates More Flexibly
Migrate Record Links and Notes with Cloud Migration Tooling
Manage Per-Tenant Extensions in Admin Center
View App Compatibility with Future Versions in Admin Center
Get Notified About Issues with Job Queue Background Processing
Get List of Manageable Environments for Microsoft Entra Apps
Support IPv6 for Enhanced Security and Scalability
Encrypt Data At-Rest With Customer-Managed Encryption Key
Get External Notifications When Job Queue Entries Fail
Use E-Documents with Power Automate
Use Multiple VAT Numbers for a Customer
Achieve Sustainability Scorecards and Goals
Navigate the Sustainability Manager Role Center with Ease
Add Attachments When You Send Electronic Documents
Record Greenhouse Gas Emissions Using Purchase Invoices
Report Sustainability Entries with Financial Reports
Use New Service Providers in the E-Documents Framework
Purchase Carbon Credits
Enable Internal Carbon Fee Calculation in Sustainability
Track Sustainability Certificates For Items And Vendors
Use Multiple Subcategories For One Sustainability Account
Use Embedded Power Bi Reports Out Of The Box
Do Ad Hoc Analysis On Fixed Assets, Projects, And Services
Use Advanced Settings In The Power Bi Connector
Use Built-In Named Formulas In Excel Layouts
Access Keys with Key Tips In More Languages
Use Drag and Drop On File Upload Dialog to Attach Multiple Files
Resize Columns Even when Personalization isn't Enabled
Change The Data Search Method In Lists

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