Finance Accounting is Fun with AX 7 This blog is for all AX application consultants, Manager and Program Manager. I am writing this blog to explain basic finance accounting with AX 7. You don’t really need to have a finance background to understand finance accounting in Dynamics AX. Before I start explaining finance in AX, I will brief some basic account concept, principles and terminology to make it easy for you to relate with real scenario. Some Basic Accounting Terms: Revenue – Income from business. (e.g. Sales, Turnover). Expense – Something spent to accomplish a purpose. (e.g. Travel, Operating expenses, Taxes). Asset – In simple words anything of value that can be converted into cash. (e.g. Property, Cash, Investment). Liability – Company’s financial debt, in other words money or services owed to another party. Chart of Account – List of all companies account. Balance Sheet – Financial statement which includes asset, liabilities and shareholder equity. In sim...