Learn how to use balance control accounts in Microsoft Dynamics 365 Finance to monitor liquidity, prevent overdrafts, and ensure sufficient funds for disbursements. Discover the best solution for accounts payable coordinators to verify bank account balances accurately before processing payments.
Table of Contents
Question
Adventure Works Cycles has implemented Microsoft Dynamics 365 Finance. They want to leverage balance control accounts to monitor liquidity accounts effectively. They aim to prevent overdrafts and maintain sufficient funds for disbursements. You need to create a solution that allows the accounts payable coordinator to verify the expected balance of bank accounts before processing payments with a minimum of errors. What should you do?
A. Advise the accounts payable coordinator to manually calculate the expected balance by reviewing each journal entry before posting.
B. Disable balance control accounts to streamline the payment process and avoid additional checks.
C. Implement balance control accounts for bank accounts and configure them to include both posted and unposted journals in the expected balance calculation.
D. Set up a periodic batch job to email the expected balance reports to the accounts payable coordinator daily.
Answer
C. Implement balance control accounts for bank accounts and configure them to include both posted and unposted journals in the expected balance calculation.
Explanation
Balance control accounts (A) are designed to monitor the current and expected balance on an account, including both posted and unposted journals, which helps prevent overdrafts. Manual calculations (B) are time-consuming and prone to error. A periodic batch job (C) may not provide real-time data needed for immediate payment decisions. Disabling balance control accounts (D) would remove the ability to monitor account balances effectively.
Microsoft Dynamics 365 Finance Functional Consultant MB-310 certification exam assessment practice question and answer (Q&A) dump including multiple choice questions (MCQ) and objective type questions, with detail explanation and reference available free, helpful to pass the Microsoft Dynamics 365 Finance Functional Consultant MB-310 exam and earn Microsoft Dynamics 365 Finance Functional Consultant MB-310 certification.