Learn the essential steps to configure and execute the inventory close process in Microsoft Dynamics 365 Finance. Discover actionable tips for accurate month-end reconciliation, including costing sheets, inventory costing versions, and adjustments to ensure your financial records align perfectly.
Table of Contents
Question
Your company uses the General Ledger module to manage their financial records. They have recently implemented a new policy to run inventory close as part of their month-end close and reconciliation procedures. You need to ensure that the inventory close process is correctly configured and executed to reflect adjustments in the general ledger. What three actions should you perform? Each correct answer presents part of the solution. Choose three.
A. Configure the costing sheet including indirect costs.
B. Disable the inventory close process for the period that ends on the inventory closing date.
C. Implement inventory costing versions.
D. Perform inventory closing and adjustment processes.
E. Set up inventory value reports for future periods only.
Answer
A. Configure the costing sheet including indirect costs.
C. Implement inventory costing versions.
D. Perform inventory closing and adjustment processes.
Explanation
To correctly configure and execute the inventory close process, you need to configure the costing sheet including indirect costs, implement inventory costing versions, and perform inventory closing and adjustment processes. Disabling the inventory close process for the period that ends on the inventory closing date would prevent the inventory close process from running, which contradicts the goal. Setting up inventory value reports for future periods only would not reflect the adjustments made in the current period.
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.