#D365 #D365FO #D365FSC #ERP #Accounting #Setup #WhatsNew #2022Wave2 Microsoft periodically delivers automatic Dynamics 365 Updates. This keeps your ERP system up to date with the latest and greatest software. There are several new features, particularly the Finance features, that I find interesting with Dynamics 365 Finance & Industry clouds: 2022 Release Wave2. Overview: The 2022 release wave 2 for Dynamics 365 and industry clouds brings new innovations that provide you wi

#Microsoft #D365 #D365FSC #ContraRevenue #CreditNotes #PostingProfile #Italy Have you wanted to distinguish Sales Order Returns [Contra Revenue] on the Trial Balance, but only see a Posting Profile for "Revenue"? The setup in Dynamics 365 has a feature to add a new posting type for Credit Notes. (This feature is limited to Italy legal entities, contact you technical team if you need the feature enabled for non-Italy legal entities). 1. Enable on the feature Workspaces > Featu

#D365 #D365FSC #Setup #FinancialDimensions Have you ever wanted to run a trial balance by Customer, Item, Vendor, Projects, etc. ? There are a lot of benefits to doing this, but the challenge is automating the process. D365 can do this, and the setup is easy. Today, we will use "Projects" as an example. 1. Create a entity backed Financial Dimension General ledger > Chart of Accounts > Dimensions > Financial dimensions Select "New" and choose the desired table. Note: Do not ch

#D365 #D365FSC #FinancialDimensions #Setup #Activate #MaintenanceMode You have created new Financial Dimensions, want to activate them, and system says you must be in maintenance mode. To perform the following steps, you must have access to Life Cycle Services for your environment. 1. Enabling Maintenance Mode Login to Life Cycle Services Choose your project on the front page On the right side click “Full details” for your environment Note: It may take a minute or so for the

#Microsoft #D365 #D365F #D365FSC #Consolidaions #ConsolidateOnline #Tax #Process #BusinessProcess #Strategy #Simplification Do you want to prepare Financial Statements including GAAP Adjustments or TAX Adjustments? This can easily be accomplished with out of the box features. Assumptions: You are using D365 Financial Reporter. You do not want to use posting layer Question: How can I do this if a Legal Entity [LE], (setup = Use for Consolidations) does not allow manual journal

#Miscrosoft #D365 #D365F #D365FSC #Consolidaions #ConsolidateOnline #Process #BusinessProcess #Strategy #Simplification We discussed Consolidations in earlier blogs. Today I want to talk about strategy for processing consolidations. Assumption: You have read the earlier blogs. Assumption: You have foreign currency transactions in you child companies. (if not, you can skip step 0 and skip step 4; just use steps 1,2,&3) Links to earlier blogs Automated Accounting, D365 Onlin

#D365 #D365FO #D365FSC #FinancialReporter #FinancialStatements #Schedule #Automate Running your monthly financial package on a recurring schedule? D365 can easily do that for you via Financial Reporter. 1. Access Financial Reporter designer mode Open Financial Reporter General ledger > Inquiries and reports > Financial reports Choose a report, then click edit Choose "Open" to install ReportDesigner. Choose your account and password. You will see the report designer icon on yo

#Miscrosoft #D365FS #D365FSC #Setup #CurrencyRates #Import Tired of keypunching Currency Exchange rates? Even more tired of researching keypunch errors? Replace those tedious keypunch activities with automated import of Currency Exchange rates in Microsoft D365 ERP. Today I will use Oanda as an example. 1. Create currencies Many implementations that I have seen, have all the currencies already created and ready for use. If you need to create some, use standard ISO naming for

#D365 #D365FSC #D365FO #Microsoft #ChartofAccounts #Setup #Design #Architecture Overview A Chart of Accounts is the backbone of a financial system. It is a core setup in D365 Finance ERP system. A best of breed, thoughtful, Chart of Accounts will benefit financial reporting, facilitate validations, and streamline accounting and review. Optimizing your new Chart of Accounts will use a combination of some, or all of the following strategies. These strategies are best practic

#Microsoft #D365 #D365FO #D365FSC #AssetLeasing #Bug #Resolution #issue600336 #KB4634318 In my earlier blogs, I mentioned that the reclassification of liability from long to short term had a bug, subsequent reversal was backwards. D365 Asset Leasing (IFRS16) (365financearchitect.com) D365 Asset Leasing (IFRS16), Deeper Dive (365financearchitect.com) Bug resolution Now resolved, fix will appear in Quality Update 10.0.20 Description of Change "During the short term reclassifica

#Microsoft #D365 #D365FO #D365FSC #Implementation #DataMigration #TrialBalance So you have a new implementation of Microsoft Dynamics 365, or you have a new Legal Entity than you want to create in your existing D365 environment. "What strategy should I take for my Trial Balance data migrations" ? Today we will offer a tried and true method. You have already designed and setup your new Chart of Accounts and Financial Dimensions. You think you have properly mapped all the Legac

#D365 #D365FO #D365FSC #Setup #InventoryClose #InventoryRecalc #InventoryRecalculation #FIFO Why should I? It is too much work. I am afraid of it. I don't know what it does. For this blog, I will focus on Inventory Recalculation and Inventory Closing. I will use FIFO costing as an example for Recalculation. 1. Definitions Inventory Recalculation: Changes Dynamics native costing 'average' to your chosen method (i.e. FIFO). Is a prerequisite to Inventory Close Is not require

#D365 #D365FO #D365FSC #Setup #Workflow #Journals #Posting #Automate You have already created your General Journal and submitted to to applicable Work Flow for Approval. Now you patiently, or not, wait for approval so you can post your journal. Wait no more ! Just schedule your approved workflow journals to autopost. The following defines the process to automate the posting of the approved General Journal. Post Journals Define the parameters that you are going to use. All of

#D365 #D365FO #D365FSC #ERP #Accounting #Setup #WhatsNew #2021Wave2 Microsoft periodically delivers automatic Dynamics 365 Updates. This keeps your ERP system up to date with the latest and greatest software. There are several new features, particularly the Finance features, that I find interesting with Dynamics 365 Finance 2021 Release Wave2. My new feature highlights: General Ledger Year End Enhancements This feature comprises a number of enhancements that give you more c

#Dynamics365, #D365FSC, #D365FO, #AssetLeasing, #Setup, #Accounting, #IFRS16, #ASC842, #Configuration, #PostingProfiles, #Vouchers, #Bug, #KnownError In the previous blog we discussed Microsoft D365 Asset Leasing vouchers. D365 Asset Leasing (IFRS16) (365financearchitect.com) Today we will review the related setups and posting process for Asset Leasing. 1. Asset Leasing Parameters (Leases, Accounts, and Number sequences) Create and assign the exhibited Journal Names. Asset le

#Dynamics365, #D365FSC, #D365FO, #AssetLeasing, #Setup, #Accounting, #IFRS16, #ASC842, #Configuration, #PostingProfiles, #Vouchers Dynamics 365 Finance and Supply Chain automates Lease Accounting. D365 will process transactions for both ASC 842 and IFRS 16 Today we will cover the process related to IFRS 16. 1. Chart of Accounts Create the exhibited Main Accounts. General ledger > Chart of accounts > Accounts > Main accounts 2. Posting Profiles Assign Main Accounts per the tab

#D365 #D365FO #D365FSC #PPV #PurchasePriceVariance #Setup #Reporting #VarianceAnalysisStatement #ItemModelGroup #PostingProfiles Purchase Price Variance (PPV) is the difference between the Standard Cost of a product vs. the Purchase Order pricing. D365 will automatically record the PPV when posting a Purchase Order Receipt and also when posting the Purchase Order Invoice. In today's scenario we will demonstrate the following: Item # #1 Standard Cost $1,000.00 ea Purchase O