Learn the top 3 configurations for setting up Accounts Payable in Microsoft Dynamics 365 Finance. Streamline vendor payments, manage tax compliance across countries, and enhance payment security with expert tips.
Table of Contents
Question
Contoso Ltd. is implementing Microsoft Dynamics 365 Finance and needs to set up their Accounts payable module to handle vendor invoices and payments efficiently. They have a diverse vendor base with different payment terms and operate in several countries with different tax regulations. You need to create a comprehensive setup for the Accounts payable module that will streamline the invoice processing and payment procedures while ensuring compliance with various tax regulations. What three configurations should you implement? Each correct answer presents part of the solution. Choose three.
A. Configure a single universal payment term for all vendors to simplify the payment process.
B. Establish vendor groups and configure vendor posting profiles to manage different payment terms and tax implications.
C. Exclude tax configurations from vendor posting profiles as taxes are managed separately in the General ledger module.
D. Implement invoice validation policies and invoice matching setup to automate the review process and ensure accuracy.
E. Set up bank accounts and bank account approvals for vendors to manage payments and enhance security.
Answer
B. Establish vendor groups and configure vendor posting profiles to manage different payment terms and tax implications.
D. Implement invoice validation policies and invoice matching setup to automate the review process and ensure accuracy.
E. Set up bank accounts and bank account approvals for vendors to manage payments and enhance security.
Explanation
Establishing vendor groups and configuring vendor posting profiles are crucial for managing different payment terms and tax implications, which vary by vendor and region. Implementing invoice validation policies and matching setups automates the review process, reducing errors and ensuring compliance. Setting up bank accounts and approvals for vendors enhances payment management and security. A single universal payment term is not practical due to the diversity of vendor agreements and would not accommodate different payment conditions. Taxes should not be excluded from vendor posting profiles as they are integral to managing vendor transactions and ensuring tax compliance.
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