MB-310T00: Microsoft Dynamics 365 Finance

In any Dynamics 365 Finance implementation project, the first step is to configure the General ledger module. All other modules post their related financial transactions into the general ledger. As part of implementing the general ledger, configuring the chart of accounts is the first required step to identify accounts, dimensions, and structures.

In this module, you will discover the chart of accounts, and then explore the various types of financial dimensions and how they are set up. You will also look at periodic financial processes.

Accruals are used in accrual accounting to track revenue that is recognized in the period that it’s earned in, not when payment is received, and to track expenses (costs) that are recognized when they occur, not when payment is made. Allocations are used to distribute amounts across multiple ledger account combinations. They help to ensure that expenses or revenue is charged to the correct object in accounting. By using allocations and accrual features in Dynamics 365 Finance, financial leaders can create rules, configure source and destination, and schedule the task only once, the rest is taken care of by Finance.

When you record financial data in Dynamics 365 Finance, you must include the date of the transaction. By using a fiscal calendar and breaking it down into segments of years and periods, you can post or record financial data to a predefined open period.

Dynamics 365 Finance helps make general journal processing easier and ensures that correct data is captured, and internal control isn’t compromised. Let’s get familiar with the general ledger processes, and then perform daily procedures in General ledger.

In any Dynamics 365 Finance implementation project, the first step is to configure the General ledger module. All other modules post their related financial transactions into the general ledger. The ledger also provides the means for sharing the chart of accounts, currencies, and fiscal calendar by multiple legal entities.

You can use intercompany accounting when accounting processes are centralized for subsidiaries or branch offices. With intercompany accounting, you can create a single entry that posts to multiple companies. Dynamics 365 Finance provides features that help you set up the system, process transactions, and trace intercompany transactions.

In today’s global market, businesses receive and send payments using different currencies. Exchange rates must be managed properly to lower the monetarily loss when accepting multiple currencies. Understanding how to forecast the amount of loss or gain caused by changes in exchange rate values can help you make smart business decisions to handle cash discounts and payments.

With Cash and bank management in Dynamics 365 Finance, you can record and reconcile financial transactions against the bank statement and identify bank transaction types such as deposits and non-sufficient funds (NSF).

Learn to configure the Accounts receivable module in Dynamics 365 Finance to create customer invoices, post packing slips, and use free text invoices that are not related to sales orders. This module also explains how to receive customer payments by using several different payment types, such as cash, checks, credit cards, and electronic payments.

Instead of extending the code for Dynamics 365 Finance to meet regulatory features and compliance for different countries or regions, a business user can configure and use the electronic reporting tool without a single line of code. For example, you can adopt new regulatory requirements and generate business documents in the required format to electronically exchange information with government bodies, banks, and other parties.

You can complete closing procedures for a period or a year. Closing processes prepare the system for a new period. In this module, you will learn how to prepare, configure, and perform periodic processes in Dynamics 365 Finance.

All businesses must collect and pay taxes to various tax authorities. Different countries or regions have different rules and rates. In some countries or regions, the rules differ between states, counties, or cities. Therefore, the Tax module of Dynamics 365 Finance is comprehensive.

Cost accounting lets you collect data from various sources, such as the general ledger, sub-ledgers, budgets, and statistical information. You can then analyze, summarize, and evaluate cost data so that management can make the best possible decisions for price updates, budgets, cost control, and so on.

To perform the process of ordering, storing, and using a company’s inventory of raw materials, components, and finished products, you need to configure the inventory management functionality in Dynamics 365 Supply Chain Management. Inventory journals are used to post physical inventory transactions of various types, such as the posting of issues and receipts, inventory movements, the creation of bills of material (BOMs), and the reconciliation of physical inventory.

Manufacturing companies need to calculate the costs that are related to finished goods that are being produced such as labor, materials, surcharges, and overheads. You can configure Dynamics 365 Supply Chain Management to calculate costs of bill of materials of the finished goods in production. Additionally, you can create costing sheets that are broken out by particular cost categories, incorporate routing costs, and even add surcharges and other indirect costs. Companies can then analyze, summarize, and evaluate cost data so they can make the best possible decisions for price updates, budgets, cost control, and so on.

You can enter vendor invoices manually or receive them electronically. In this module you will learn how to configure the Accounts payable module in Dynamics 365 Finance to empower accounts payable staff to perform their daily activities.

Purchasing goods for resale or as materials for manufacturing or services is a large responsibility. Tracking those purchases and paying the vendors that supply the goods is just as challenging. Organizations must monitor accounts payable closely and implement procedures so management can easily obtain the financial information that they need to have to stay informed about changes in the costs of goods. To give an accurate view of the financial condition of the business, all expenses that affect net profit are included in accounts payable.

Accounting distributions are used to define how an amount will be accounted for, such as how the expense, tax, or charges will be accounted for on a vendor invoice. Every amount that must be accounted for when the vendor invoice is journalized will have one or more accounting distributions.

Speed, accuracy, and a digital solution when communicating with vendors is an essential need for a successful business. Dynamics 365 Supply Chain Management offers seamless collaborations with vendors through the Vendor collaboration portal.

The order to cash process manages the life cycle of the sales process, which consists of sub processes of receiving and processing customer sales. The invoicing and accounts receivable functions in the process determine the company’s cash inflows.

You can create customer invoices that are based on sales orders or packing slips. You can also enter free text invoices that are not related to sales orders. Additionally, you can receive payments by using several different payment types, which include bills of exchange, cash, checks, credit cards, and electronic payments. If your organization includes multiple legal entities, you can use centralized payments to record payments in a single legal entity on behalf of the other legal entities.