Struggling with manual journal entry reversals in Dynamics 365 Finance? Discover how to streamline the process using automatic reversal rules and recurring journals to save time and reduce errors.
Table of Contents
Question
The finance team at Contoso, Ltd. is facing challenges with the current manual process of reversing journal entries. The current process is time-consuming and prone to errors. You need to streamline the reversal of journal entries to improve efficiency and accuracy. This will jhelp to ensure that reversals are performed according to the company’s financial policies. What should you recommend?
A. Continue with the manual reversal process but conduct additional training for the finance team to minimize errors.
B. Disable the ability to reverse journal entries to prevent errors and enforce stricter control over journal postings.
C. Implement automatic reversal of journal entries by configuring reversal rules and setting up recurring journals for periodic and deferral transactions.
D. Outsource the reversal process to an external accounting firm to handle all reversal transactions.
Answer
C. Implement automatic reversal of journal entries by configuring reversal rules and setting up recurring journals for periodic and deferral transactions.
Explanation
Option C is correct because it utilizes Dynamics 365 Finance’s functionality to automate the reversal process, which aligns with the goal of improving efficiency and accuracy. Option A is incorrect as it does not address the inefficiency of the manual process. Option D is incorrect because outsourcing is not a feature of Dynamics 365 Finance and does not leverage the system’s capabilities. Option B is incorrect as disabling reversals would not solve the problem and could lead to more significant issues in correcting journal entries.
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.