Discover the best practices for configuring advanced bank reconciliation and electronic payment setups in Microsoft Dynamics 365 Finance. Learn how to ensure compliance with local regulations and streamline financial operations for multinational subsidiaries. Perfect for exam preparation and real-world implementation!
Table of Contents
Question
A multinational corporation is using Microsoft Dynamics 365 Finance to manage their financial operations across multiple legal entities. They have recently expanded their operations to include a new subsidiary. This subsidiary operates in a country with complex bank reconciliation and electronic payment requirements. You need to ensure that the new subsidiary’s bank reconciliations are configured to comply with local regulations and that electronic payments can be processed efficiently. What two actions should you recommend? Each correct answer presents part of the solution. Choose two.
A. Configure advanced bank reconciliation by creating bank rules that match the local regulations and set up the electronic reporting framework to generate payment formats required by local banks.
B. Enable the cash flow forecast automation setup to ensure that the subsidiary’s cash flow is accurately projected, taking into account the specific bank transactions and electronic payment formats.
C. Implement a third-party bank reconciliation tool to handle the complex requirements and manually process electronic payments outside of Microsoft Dynamics 365 Finance.
D. Use the default bank reconciliation process without any modifications and process electronic payments using the standard formats provided by Microsoft Dynamics 365 Finance.
Answer
A. Configure advanced bank reconciliation by creating bank rules that match the local regulations and set up the electronic reporting framework to generate payment formats required by local banks.
B. Enable the cash flow forecast automation setup to ensure that the subsidiary’s cash flow is accurately projected, taking into account the specific bank transactions and electronic payment formats.
Explanation
Option A is correct because configuring advanced bank reconciliation with rules that adhere to local regulations and setting up electronic reporting for local payment formats will ensure compliance and efficiency. Option B is correct as automating the cash flow forecast can help manage the subsidiary’s cash flow effectively, considering the unique banking transactions. Option C is incorrect because it suggests using a third-party tool, which is not necessary when Microsoft Dynamics 365 Finance can be configured to meet the requirements. Option D is incorrect as it does not address the need for compliance with local regulations and may not support the required electronic payment formats.
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.