Dynamics 365 Business Central 2024 Release Wave 2 Plan
Microsoft revealed the updates part of Business Central 2024 release wave 2 that are planned to be released from October 2024 through March 2025. After the great new functionalities revealed in release wave 1 earlier this year, Microsoft has introduced more promising upgrades that will allow us to achieve more in less time and with less effort.
Here are some of the upgrades we are eagerly waiting to leverage in Business Central ERP:
New reports and demo data for financial reporting
Business Central will provide new reports as demo data. Users can use these report templates to create their own financial reports and customize them to their own business needs. Five new standard reports will be available for Business Central users.
Subscription billing and revenue and expense recognition
This feature will simplify the process of handling subscription-based billing as it will let users create recurring revenue streams by selling products and services as a subscription. Before that users could only manually create invoices each month, which was a time-consuming activity, hindering their productivity and precision. Now, this process is automated with the option to set up recurring invoicing for items or services that you bill on a recurring basis. This ensures more reliability in financial reporting, better time management and streamlined payment processes.
New features for Shopify
The integration between Business Central and Shopify is further refined with several new features. Users will be able to export posted sales invoices directly to Shopify, track multiple payment methods, perform accurate reporting, and synchronize the payment transactions in Shopify with the order for easier reconciliation.
Reconcile payment transactions in Shopify with invoices
New features in Service Management
Business Central release wave 2 introduces the integration of Field Services with service management. Users can view item availability from Field Service Work Orders in Business Central which helps them optimize their work efficiency and minimize unnecessary costs. Moreover, the system will allow users to archive documents, simplify the process of record-keeping and preserve important data.
New features in Project Management
Microsoft has revealed new features for creating purchase orders directly from projects which will guarantee the availability of the correct items for your projects and goals. This functionality streamlines and enhances the accuracy of the replenishment process. The algorithm is like that of the Order Planning worksheet, but the system also analyzes demand and supply for the required items.
Furthermore, the updated features provide options for warehouse integration: using specific locations and managing warehouse configurations more precisely and effectively.
New Copilot features
Microsoft has been constantly enhancing the capabilities of Copilot and Business Central 2024 release wave 2 plan is no exception. Business Central users will be able to utilize numerous Copilot features adaptable to each role:
As your personal assistant, Copilot is a game-changer for your productivity. The AI tool simplifies daily work tasks, expands your skills and unleashes your creativity. Chat with Copilot is your opportunity to get all the information you need in a simple conversational tone. Business Central release wave 2 introduces new features in Chat with Copilot: users can ask questions related to content from add-ons and additionally, Copilot can provide explanations based on documentation provided by the apps integrated into your ERP system.
Create product information with Copilot
Product information requires changes - businesses adapt their offering to customer preferences, seasonal demand, etc. Copilot makes it easier to add new products, change existing products or create new product lines and categories as it reuses information from similar items. Based on such previous info, Copilot generates suggestions for variants, units of measurement, substitutions, dimensions. This is another one of Copilot benefits that is revolutionary for us as users who aim to make the most out of their time.
Summarize records with Copilot
Copilot summarizes any record by turning it into a few easy-to-understand sentences that will display the exact insights you need. Data from tables, larger orders, customer details – you name it, and Copilot generates a clear and concise summary for you.
Create sales lines with Copilot
Use the upgraded capabilities of Copilot to create sales documents faster. Reduce the time spent on repetitive tasks and manage sales documents with greater speed and precision. With Copilot, you work faster but you never compromise on the quality of the results.
Embedded Power BI reports out of the box
Dynamics 365 Business Central 2024 release wave 2 introduces a way to use insights more strategically than ever. Use out-of-the-box Power BI reports for finance, sales, purchasing, inventory, manufacturing to analyze data and gain a holistic view of your business and identify areas of improvement.
The following Power BI reports will be available from October 2024:
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Finance: 14 reports
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Sales: 12 reports
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Purchasing: 13 reports
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Inventory: 7 reports
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Manufacturing: 11 reports
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Projects: 6 reports
Multiple VAT numbers for a customer
Business Central users can set up different ship-to addresses for customers who have warehouses in multiple EU countries and respectively, different VAT numbers for each place. This feature will be available on the following sales documents:
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Sales invoices
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Sales orders
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Sales credit memos
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Sales return orders
Sustainability features
In April, Microsoft revealed the new sustainability features as part of Dynamics 365 Business Central 2024 release wave 1. Now, the second 2024 release wave is refining these capabilities and revealing new opportunities for developing a sustainable business strategy.
The upgraded features of the ERP system will allow users to set up specific scorecards with owner information to track sustainability and set specific goals. This way, companies raise more awareness on the importance of reducing their carbon footprint and strive to put more effort into sustainable practices. Furthermore, this is highly beneficial for a company's reputation as it is an opportunity to attract more investors and customers.
Users will be able to record greenhouse gas emissions using purchase invoices and reduce their carbon footprint. Companies can follow and identify the most polluting activities and choose more sustainable practices to reduce their carbon impact. This is not only for regulatory purposes, but also for encouraging eco-consciousness among employees and customers and ensuring effective resource management. After receiving the information about their carbon emissions on the invoices from vendors, users can enter the emissions data in Purchase Invoices and Purchase Orders, eliminating the need for duplicate data entry in the Sustainability Journals.
Sustainability data will also be integrated into financial reports which significantly contributes to the transparency and ecological responsibility of companies.
If businesses want to adopt more urgent measures to reduce carbon emissions, they can set up carbon fees for greenhouse gas emissions. The fee is a certain amount of money that the company charges itself for each unit of CO2 that it emits. This feature aims to stimulate companies to embrace more sustainable approaches and minimize their carbon footprint, as they will be charged for each environmentally harmful decision they make.
Explore the rest of the upgrades coming in the Dynamics 365 Business Central 2024 release wave 2
*Reminder that these features are yet to be released for general availability, starting from October 2024 and the delivery timelines are subject to change.
If you are considering your upgrade to the newest version of Dynamics 365 Business Central or are still stuck with outdated inefficient systems, we can help you transition to modernization. For any questions and inquiries, don't hesitate to contact us.
Source: Microsoft Learn
