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 control over the year end close process, help ensure the accuracy of account balances, and improve overall performance of the year-end close process.
https://docs.microsoft.com/en-us/dynamics365-release-plan/2021wave2/finance-operations/dynamics365-finance/general-ledger-year-end-enhancements
Finance Insights
This feature comprises a number of enhancements that give you more control over the year end close process, help ensure the accuracy of account balances, and improve overall performance of the year-end close process.
Tax Calculating Service - Supporting Multiple VAT ID's
This feature is part of the Tax Calculation capabilities to support multiple VAT ID determination for a single legal entity and its counterparties.
Tax Calculating Service - Supporting Tax in a Transfer Order
This feature is part of the Tax Calculation capabilities to support indirect tax determination, calculation, posting, and settlement on inventory transfer order transactions.
Tax Calculating Service - Enabling Tax Calculation Parameters by Jurisdiction
The following tax calculation parameters are supported in the 2021 wave 2 release:
• Deduct cash discount before sales tax calculation
• Reverse sales tax on cash discount
• Cash discount is calculated on amount including sales tax – Customer
• Cash discount is calculated on amount including sales tax – Vendor
Tax Calculating Service - Integration with Free Text Invoice
Free text invoice integrates with the Tax Calculation service to support the enhanced features in the Tax Calculation service for more flexible and configurable tax determination and calculation. This feature supports determining tax rates by tax applicability rules, and the multiple VAT IDs feature.
Tax Reporting - Supporting Multiple Tax Registration Numbers
Businesses can configure a legal entity in the system and then associate it with multiple sales tax/VAT registration numbers. When you execute tax reports, you can select a specific tax registration number and run the reports for that number. When you execute the VAT Declaration, EU Sales List, and Intrastat, you can select the necessary tax registration number, filter required report transactions based on the number, and then create country-specific Back to Contents Dynamics 365 Finance 118 Dynamics 365: 2021 release wave 2 plan Version 21.2.0 formats of the tax report. The functionality is activated together with the Tax Calculation service where the exact tax numbers for a transaction are determined and saved in the system.
Download the 2021 Release Wave 2 PDF
Link to my 2021 Release Wave 1 Blog