Learn the essential steps for configuring Dynamics 365 Finance general ledger to handle intercompany transactions, journal entries, and ledger settlements. Pass your MB-310 exam with expert guidance on extended ledger journals and posting profiles.
Table of Contents
Question
Fabrikam, Inc. is configuring Microsoft Dynamics 365 Finance to manage their financial processes. They need to ensure that the general ledger accurately reflects all financial transactions, including intercompany postings and currency revaluations. You need to design a comprehensive approach to manage the general ledger processes, including the creation of new journal entries, posting, and settlements. What combination of configurations should you implement?
A. Configure automatic posting rules for all transactions and avoid using ledger settlements to reduce complexity.
B. Disable the Extended ledger journal option to simplify the journalizing process and manually reconcile intercompany transactions.
C. Enable the Extended ledger journal option, set up default posting profiles for intercompany transactions, and configure ledger settlement accounts for efficient matching and clearing.
D. Use a single journal name for all types of transactions and bypass the ledger settlement process to streamline operations.
Answer
C. Enable the Extended ledger journal option, set up default posting profiles for intercompany transactions, and configure ledger settlement accounts for efficient matching and clearing.
Explanation
Enabling the Extended ledger journal option (A) ensures that transactions get a date and time stamp, which is crucial for accurate record-keeping. Setting up default posting profiles for intercompany transactions and configuring ledger settlement accounts allows for efficient management of intercompany postings and currency revaluations. Disabling the Extended ledger journal option (B) would lead to less detailed tracking. Configuring automatic posting for all transactions (C) and using a single journal name (D) would oversimplify the process and could lead to inaccuracies and difficulties in reconciling accounts.
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.