A company uses Microsoft Dynamics 365 Finance.The system displays the following error when you try to acquire a fixed asset:Account for the transaction type, value model, does not exist for fixed asset ASSET-001.You need to resolve the error.What should you do?
Answer(s): C
Verify that a valid account structure exists. Also verify the posting profile that belongs to the asset is there.
https://community.dynamics.com/ax/f/microsoft-dynamics-ax-forum/374191/account-for-transaction-type- acquisition-value-model-does-not-exist-for-fixed-asset
A company plans to implement Dynamics 365 Finance. The company manages a high volume of customers.The finance team wants to enable the following capabilities for each set of customers:Create sales budgets.Generate trade statistics such as weekly sales.Define ledger posting.Define terms of payment.You need to select functionality that defines clusters of customers.Which configuration should you select?
Answer(s): A
Customer Groups are used for categorizing your customers (generally for financial reasons). There are a few defaults that can be set on the customer group which would flow to each customer that was created within the group. These defaults are:Terms of PaymentTime between invoice due date and actual payment (for forecasting cash flow) Write-off reasonSales tax groupOnly a single customer group can be applied to a customer although it can be changed if necessary.Note: Create a customer groupUse this procedure to set up groups that share characteristics such as payment terms and the length of time that it typically takes for payments to be received after an invoice is due. You can then assign these groups to customers.1. Click Accounts receivable > Setup > Customers > Customer groups.2. Click New. In the Customer group field, enter a unique identifier for the customer group.3. In the Description field, enter a short description of the customer group.4. In the Terms of payment field, select the terms of payment that apply to customers who are assigned the selected customer group. Terms of payment are part of managing your customer accounts and are strongly recommended.5. For more information, see Terms of payment (form).6. In the Settle period field, select the standard interval between the due date for payments from customers in the selected customer group, defined by the terms of payment, and the date on which the payments are received in your legal entity's bank account. The settle period is used for liquidity calculations that are based on the cash flow forecast.7. To define ledger accounts for automatic ledger transactions that are related to the issuance of inventory to customers in the selected customer group, click Setup > Item posting, and define the accounts.8. For more information, see Item posting (form).9. To set up a sales forecast that applies to the customers in the customer group in the Demand forecast form, click Forecast.Incorrect:Not B:Payment terms are the conditions surrounding the payment part of a sale, typically specified by the seller to the buyer.Payment terms provide clear details about the expected payment on a sale. Often, payment terms are included on an invoice and specify how much time the buyer has to make payment on the purchase.These terms allow for additional information such as the type of payment expected, whether any discounts will be provided, how the buyer can make the payment, any late fees, as well as any special terms discussed during the sales process.Not C:Customer posting profilesCustomer posting profiles let you assign general ledger accounts and document settings to all customers, a group of customers, or a single customer. These settings will be used when you create sales orders invoices,free text invoices, project invoices, payment journals, collection letters, and interest notes.Specify the following values to set up your posting profile.
https://learn.microsoft.com/en-us/dynamicsax-2012/appuser-itpro/create-a-customer-group https://learn.microsoft.com/en-us/dynamics365/finance/accounts-receivable/customer-posting-profiles https://stoneridgesoftware.com/all-about-customer-groups-in-microsoft-dynamics-365-for-finance-and- operations/
A company uses Dynamics 365 Finance to include multiple business units as a financial dimension.All customer payment journals must be posted to the headquarters' business unit financial dimension.You need to configure the accounts receivable journal name.What should you configure?
HOTSPOT (Drag and Drop is not supported)A company uses Dynamics 365 Finance.The company has prepaid insurance expenses at the beginning of the calendar year that cover the entire year. The company must expense the prepaid insurance automatically and equally during a month-end process.You need to configure the accrual scheme.How should you configure the accrual scheme? To answer, select the appropriate options in the answer area.Note: Each correct answer is worth one point.Hot Area:
Box 1: Prepaid insurance accountDebitFollow the below procedure to setup Accrual schemes for prepaid expenses.1. Open Accrual Schemes.Path: General ledger>>Journal Setup>>Accrual Schemes.2. Click on New.3. Enter the name you want to give to Accrual Scheme in Accrual Identification.4. Enter description of Accrual Scheme in Description of Accrual Scheme.5. Click on Debit and enter Account you want to get debited at the time of booking the prepaid entry. Usually the account selected here will be the balance sheet Account where Advance or Prepaid will be recorded.Box 2: Insurance expense accountCredit6. Click on Credit and select the Main Account you want to Credit moving forward into the months i.e., the actual expense account.Box 3: CalendarAccrual basis7. Click on Voucher and from dropdown menu select `New voucher for accrual transactions'.8. Click on Number Series and select appropriate number series.9. Click on description and add description for the Accrual Scheme.10. Click on Accrual Basis and form dropdown select `Calendar'.Box 4: BeginningPost in week, month, or quarter"The company has prepaid insurance expenses at the beginning of the calendar year.."11. Click on Period Frequency and from drop-down select Monthly. For this transaction we want to post Accrual journal every month that is why we have selected Monthly.12. Click on Number of Occurrences by Period and enter period. Here, we want to post Accrual Journal for 3 Months that is why we have selected Number of Occurrences as 3. If you want to post for 12 months, then enter `12' here and so on.13. Click on Post Transaction and from drop-down menu select Month.14. Click on Post in Week, Month, or quarter and from dropdown select Beginning15. Here, we have three option to select from,Beginning 1st of every monthMiddle 15th of every monthEnd 30th /31st of every month16. Click on Spread Month and Quarter Values and select Evenly from drop-down.17. Here, we have two options to select from,Evenly Divide the total amount equally according to months mentioned. Number of days Calculated the amount according to the no. of days.18. Click on Save.
https://www.synoverge.com/blog/accrual-scheme-in-microsoft-dynamics-365-fo/
DRAG DROP (Drag and Drop is not supported)A company uses Dynamics 365 Finance.You need to use the advanced bank reconciliation feature to reconcile bank transactions.In which order should you perform the actions? To answer, move all actions from the list of actions to the answer area and arrange them in the correct order.Select and Place:
Step 1: Import an electronic bank statementReconcile bank statements by using advanced bank reconciliation The Advanced bank reconciliation feature lets you import electronic bank statements and automatically reconcile them with bank transactions in Dynamics 365 Finance.Import an electronic bank statementYou import your bank statements by using the Import statement action on the Bank statements page. On the bank statement, the bank account is identified through a combination of values that are set on the bank account details. These values include the bank name, bank account number, routing number, Society for Worldwide Interbank Financial Telecommunication (SWIFT) code, and International Bank Account Number (IBAN).Step 2: Validate the bank statementValidate the bank statementTo validate a statement, on the Bank statements page, click Validate. Bank statements must be validated before they can be reconciled. This step is automatically completed if you set the Reconcile after import option to Yes at the time of import.Step 3: Reconcile the bank statementReconcile the bank statementAfter you've imported an electronic bank statement and validated the statement on the Bank statements page, you can reconcile the bank statement by using the Bank reconciliation and Bank reconciliation worksheet pages.Step 4: Post the bank statementPost new transactions that are associated with the reconciliation Bank statement transactions that you marked as New on the reconciliation worksheet are posted on the Bank statement page.Post customer and vendor payment journals from bank statements and reconciliation worksheets In Dynamics 365 Finance version 10.0.36, the Generate customer and vendor payments from bank statement and reconciliation feature is available. This feature enhances the bank statement and reconciliation worksheet. You can post customer and vendor payment journals directly from selected bank statement lines.
https://learn.microsoft.com/en-us/dynamics365/finance/cash-bank-management/reconcile-bank-statements- advanced-bank-reconciliation
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