The controller at a company has multiple employees who enter standard General ledger journals. The controller wants to review these journal entries before they are posted. Currently, journals entries are posted without review.You need to configure Dynamics 365 Finance to help set up a system led review process to meet the controller's needs.Which functionality should you configure?
Answer(s): C
For this question these are the correct answers:* a Ledger daily journal workflow that uses the organizational hierarchy for journal posting, associated with the General ledger journal name* a manual journal approval with the journal assigned to the controller's user groupNote: Some organizations require that journals be approved by a user other than the user who entered the journal. Two types of approvals are available for financial journals: manual and workflow.For this question these are the incorrect answers:* a manual journal approval with the journal assigned to the user group that the employees are assigned to* a saved query in the Voucher inquiries form for the controller to view all general journals posted to the ledger* an Advanced ledger entry workflow that uses the organizational hierarchy for journal posting, associated with the Advanced ledger journal name* an alert that is sent to the controller when a journal name is created* signing limit policies with the controller when a journal name is created* signing limit policies with the controller assigned to the appropriate signing limit band* the controller's security role so that he has approval privileges for General ledger journals Explanations for correct answers:* a Ledger daily journal workflow that uses the organizational hierarchy for journal posting, associated with the General ledger journal nameSome organizations require that journals be approved by a user other than the person who entered the journal.To set up an approval process, you can create a workflow.A workflow represents a business process. It defines how a document flows through the system and indicates who must complete a task or approve a document.You can use workflow approvals for the following journals and journal types in General ledger.Note: Journal workflowsBased on journal names, you can require manual approval, workflow approval, or no approval. Use this information to set up one or more workflow configurations for each journal type, and then select a configuration for each journal name and activate workflow for that journal. If workflow approval is set up for a journal,additional controls are displayed at the top of the Journal form.* a manual journal approval with the journal assigned to the controller's user group Set up manual journal approvalThe user who is responsible for journal routines sets up the approval system for each journal where approvals will be used. Manual journal approval is available for all journals in Microsoft Dynamics AX.1. Click General ledger > Setup > Journals > Journal names.2. In the left pane, select the journal to use the approval system for; for example, a journal that has a journal type of Daily.3. In the Approval field group, select the Active check box, and then select a user group in the Approve field.The users who belong to this user group will be able to manually approve these journals.Explanations for incorrect answers:* an Advanced ledger entry workflow that uses the organizational hierarchy for journal posting, associated with the Advanced ledger journal nameSet up workflow journal approvalThe user who is responsible for journal routines sets up the approval system for each journal where approvals will be used. Workflow journal approval is available only for selected financial journals.* an alert that is sent to the controller when a journal name is created Some organizations require that journals be approved by a user other than the user who entered the journal.Two types of approvals are available for financial journals: manual and workflow.* the controller's security role so that he has approval privileges for General ledger journals Some organizations require that journals be approved by a user other than the user who entered the journal.Two types of approvals are available for financial journals: manual and workflow.
https://docs.microsoft.com/en-us/dynamicsax-2012/appuser-itpro/set-up-general-ledger-workflows https://learn.microsoft.com/en-us/dynamicsax-2012/appuser-itpro/set-up-financial-journal-approvals
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.After you answer a question in this section, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.A client wants general journals to be used only to post ledger-type transactions.You need to set up journal configuration to achieve the requirement.Solution: Set up posting restrictions on the general journal.Does the solution meet the goal?
Answer(s): B
Posting restriction feature allow to determine whether specific user or user groups can post only journals that they create.Instead Solution: Set up the journal control to specify the account structure and ledger segment.Journal control You can set up restrictions on the company and account type, and also the segment values.Example:A journal name can be used only for adjustments. In this case, you can specify that only the Ledger account type is valid across all companies.
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/general-journal-processing https://www.cloudfronts.com/blog/d365-enterprise/d365-finance-operations/posting-restriction-for-journals- dynamics-365-finance-operations
You are implementing Dynamics 365 Finance.You need to enable electronic fund transfers (EFT) for vendors.Which three steps must you complete? Each correct answer presents pail of the solution.Note: Each correct selection is worth one point.
Answer(s): A,D,E
DE: File formats for methods of paymentThere are two methods that you can use to get file formats for use with methods of payment, electronic reporting (ER) file formats or X++ file formats.When you set up a method of payment for a customer or vendor, you indicate which file formats and standards should be used for payments and how payments will be processed. You can select from the following types of formats:ExportImportReturnRemittanceMethod 1: Electronic reporting file formatsFor file formats that are based on ER configurations, you must import the configurations from Lifecycle Services (LCS). After you import reporting configurations for those file formats, the imported formats will be available to select on the Methods of payment page. The process for importing and selecting file formats forEurope is similar to the procedure for Japan.Method 2: X++ file formats (incorrect; not C)Incorrect:Not B, not E: Regulatory Configuration Service (RCS) Lifecycle Services (LCS) storage deprecation The use of Microsoft Dynamics Lifecycle Services (LCS) as a storage repository for Electronic reporting (ER) configurations is being deprecated.Note: Regulatory Configuration Service (RCS) is a standalone designer and lifecycle management service for no-code/low-code globalization functionality. RCS lets globalization stakeholders extend and customize key globalization areas of tax, e-invoicing, regulatory reporting, banking, and business documents without having to involve developers. This no-code/low-code globalization approach makes globalization easier, faster, and more cost effective to create or extend.
https://learn.microsoft.com/en-us/dynamics365/finance/localizations/emea-select-file-formats-for-the-method- of-payments
A company uses Dynamics 365 Finance for sales tax calculation and reporting.You have configured the sales tax code, sales tax group, and item sales tax group:The JAX sales tax group include the following tax codes:· Jacksonville· Duval CT· FL· FL Special 1· FL Special 2· FL Special 3· FL Special 5The default item sales tax group includes the following tax codes:· Jacksonville· Duval CT· FL· FL Special 1· FL Special 2· FL Special 3· FL Special 4· Lake Worth· Palm Beach CTYou assign the JAX sales tax group as the sales tax group, and default item sales tax group on the sales order.You need to select the tax code used for tax calculation on the sales order.What should you choose?
The tax codes that are present in both the sales tax group and item sales tax group for a transaction are the tax code that apply to that transaction.In this case this is:· Jacksonville· Duval CT· FL· FL Special 1· FL Special 2· FL Special 3Note: Every transaction that sales tax needs to be calculated and posted for must have a sales tax group and an item sales tax group. Sales tax groups are related to the party (for example, customer or vendor) of the transaction, whereas item sales tax groups are related to the resource (for example, item or procurement category) of the transaction. Tax groups contain a list of tax codes. The tax codes that are present in both the sales tax group and item sales tax group for a transaction are the tax code that apply to that transaction.Incorrect:Not A: This is the sales tax group.Not B: FL Special 5 is not present in the item sales tax group.Not D: This is the item sales tax group.
https://learn.microsoft.com/en-us/dynamics365/finance/general-ledger/indirect-taxes-overview
A United States-based company uses Dynamics 365 Finance to collect and report sales tax. The company has a main account for each state where they collect and report sales tax.The system must transfer the tax liability for each state to their respective main account automatically every month when they run the settle and post sales tax process.You need to configure Dynamics 365 Finance.What should you do?
Set up ledger posting groups for sales tax. Required.Ledger posting groups define the main accounts for recording and paying sales taxes.Sales tax is calculated and posted to main accounts that are specified in Ledger posting groups. Ledger posting groups are attached to each sales tax code. You can set up individual ledger posting groups for each sales tax code, use one ledger posting group for all sales tax codes or assign multiple ledger posting groups to the sales tax codes.Incorrect:Not A: Sales tax settlement periods is setup for the main account.Note: Set up sales tax settlement periods. Required.Sales tax settlement periods contain information about when and how often sales tax must be reported and paid. They are related to a sales tax authority.Not B: Sales tax authorities can be related to vendor accounts, but it is not required. You can pay sales taxes to the authority directly or through a vendor account that you create for the sales tax authority.Not D: A single sales tax authority is used.Note: Set up sales tax authorities. Required.Sales tax authorities are the entities that tax must be reported and paid to.Set up sales tax authoritiesSales tax authorities are entities to which collected sales tax needs to be reported and paid. You can pay sales taxes to the authority directly or through a vendor account that you create for the sales tax authority. If you do this, the company can use its usual payment routines to pay the sales tax authority on time. If you do not set up the tax authority as a vendor, someone must prepare a manual payment to the tax authority on the appropriate due date.
https://learn.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/set-up-ledger-posting-groups- sales-tax https://learn.microsoft.com/en-us/dynamics365/finance/general-ledger/indirect-taxes-overview
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