- Basic understanding of ERP and CRM concepts.
- A Dynamics 365 for Finance and Operations Functional Consultant is responsible for performing discovery, capturing requirements, engaging subject matter experts and stakeholders, translating requirements, and configuring the solution and applications. The Functional Consultant implements a solution using out of the box capabilities, codeless extensibility, application, and service integrations.
Organizations use Dynamics 365 for Finance and Operations to elevate their financial performance by increasing profitability, optimizing workforce productivity, reducing operational expenses, adapting quickly to requirement changes, and streamlining asset management.
This course discusses how to configure and use essential components of financial management in Dynamics 365 for Finance and Operations.
- Lectures 34
- Quizzes 0
- Duration 12 hours
- Skill level Beginner
- Language English
- Students 46
- Assessments Yes
Module 1: Financial Management
In this module students will learn some benefits of financial management of Dynamics 365 for Finance and Operations.
Module 2: Configure Currencies
One of the first and most important steps of implementing financial management in Dynamics 365 for Finance and Operations is currency setup. Currency setup is a required step in the configuration of the system and is used to record financial transactions. This module explains currency management in Finance and Operations.
Module 3: Create fiscal calendars, years and periods
Before posting transactions, a new fiscal year must be divided into periods. This is because transactions cannot post unless a period is created for the posting date and shared across multiple legal entities. A benefit of sharing fiscal calendars is that this supports multiple fiscal calendars for each legal entity. The fiscal year in Finance and Operations can be set to any length and divided into any number of periods. This module explains fiscal and ledger calendar management in Finance and Operations.
Module 4: Configure Chart of Accounts
A chart of accounts is a set of main accounts in Finance and Operations that captures financial information upon posting a journal. Each account is assigned an account number as a unique identifier.
Module 5: Configure Ledger and Journals
A journal is a worksheet that one can use before manually enter postings into the system. When set up correctly, journals allow to quickly and efficiently manage posting. To use a journal, there must be a journal name, and the configuration of the ledger, journal, and posting of the General ledger module should be complete. By using the General ledger journal directly or via the General ledger processing workspace, one can perform daily activities as someone who is assigned proper security role to access the General ledger. A journal name gives financial leaders the capability to control data entry validation and restrict posting of a journal name for users differently.
Module 6: Configure Cash and Bank Management
In Dynamics 365 for Finance and Operations, organizations use the Cash and bank management module to create and maintain bank accounts. The Bank account table contains a record for each bank account. Each record contains bank account information, such as the following: Registration number and account number; Address; Other contact information; Currency; Check setup; and Main account for posting. Finance and Operations uses this information to process all bank transactions, such as payments and deposits.
Module 7: Use Cash and Bank Management
This module covers the main procedures in the Cash and bank management module in Finance and Operations. Students learned how to work with cash and bank management workspaces, such as Bank management and Cash overviews. Students also learned about the processes and procedures for cash and bank management, like how to make deposits and cancel payments (deposits). Finance and Operations provides functionality to manage check payments, as well as procedures for resolving special situations with checks. One can delete, refund, and void checks, in addition to generating and issuing checks according to company specifications. Because Finance and Operations records all financial transactions, companies can use the bank reconciliation function to match internal company records of transactions against bank statements.
Module 8: Configure Letters of Credit and Guarantees
Students now have learned what the bank letters are; how to configure letters of credit in order to create bank documents that are commonly used for the purchase and sale of goods across international borders; and about letters of guarantee, where a bank agrees to pay a specific amount of money to a person if one of the bank's customers defaults on a payment or obligation to that person.
Module 9: Perform Daily Procedures
Every manual posting entered in Finance and Operations is entered through a journal. A journal is a type of worksheet where entries do not post immediately. One can review, change, and verify completed journals until they are ready for posting. A voucher template is a voucher that can be used as the basis for future vouchers in other journal entries. One can use voucher templates with a general journal or any of the financial sub ledger journals, such as Accounts payable and Accounts receivable journals. One can set up restrictions on the company, account type, and segment values.
Module 10: Intercompany Accounting
Intercompany accounting can help organizations by providing a single-entry point for transactions that must be recorded to multiple companies. Making transactions from a single company saves data entry time and helps provide a guarantee that transactions affecting multiple companies are recorded in each company. Finance and Operations also helps trace the intercompany entries through the system. It has the functionality that is required by most companies that process intercompany transactions. This includes the ability to efficiently record intercompany sales orders, purchase orders, and cash disbursements.
Module 11: Configure Ledger Allocations and Accruals
Finance and Operations provides the capabilities to support accrual schemes.
Module 12: Configure Sales Tax
The requirements for tax calculation and tax reporting differ significantly for different countries or regions. Therefore, the Tax module of Dynamics 365 for Finance and Operations is extremely comprehensive.