Hot Off the Press, Microsoft Dynamics 365 & Industry Clouds 2022 Release Wave 2 Plan
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.
The 2022 release wave 2 for Dynamics 365 and industry clouds brings new innovations that provide you with significant capabilities to transform your business. The release contains hundreds of new features across Dynamics 365 applications, including Marketing, Sales, Customer Service, Field Service, Finance, Supply Chain Management, Intelligent Order Management, Project Operations, Human Resources, Commerce, Fraud Protection, Business Central, Connected Spaces, Guides, Customer Insights, and Microsoft Cloud for Healthcare, Financial Services, Nonprofit, Sustainability, and Retail.
My new feature highlights:
Reverse debit, credit when importing bank statements
This feature helps correct the debit and credit marks when importing bank statements in advanced bank reconciliation.
Define financial tags to support analytical reporting
Financial tags let organizations track user-defined fields on accounting entries posted to the general ledger. This eliminates the need to create financial dimensions that contain values that are not reusable. Additional financial dimensions increase the size of an organization's chart of accounts, causing a negative impact on system performance during processes such as the year-end close. The financial tag values can be used for reporting purposes or ledger settlement. For example, you can create a financial tag to track payment references used for ledger settlements, making it easier to match transactions.
Save time with ledger settlement automation
This feature saves time and labor costs by automatically matching debit and credit transactions in the General ledger and marking them as settled. Your accounting staff no longer has to mark and settle the related transactions manually, allowing them to focus on the areas that have the highest value for your organization.
Access new bank reconciliation report
The bank reconciliation report provides clear, overall information of bank reconciliation status and bank transactions within a certain period, supporting a better auditing evidence.
Financial Dimension service
The creation and validation of unique financial dimension values is a costly operation that can be improved with the Financial Dimension service, which is able to update the data in parallel.
General ledger year-end enhancements - specify balance sheet dimensions and year-end close service
This feature comprises a number of enhancements that improve performance during the year-end close process.
Select posting date in advanced bank reconciliation
Through this enhancement, customers can set the posting date of bank transactions in the bank statement and the accounting record.
Vendor invoice OCR – try deployment wizard Business value This feature provides customers with an out-of-the-box optical character recognition (OCR) solution for vendor invoice processing that reduces the labor required for data entry and helps reduce errors that can occur when tasks are completed manually.