Discover the best strategy to streamline bank reconciliation in Microsoft Dynamics 365 Finance. Learn how advanced bank reconciliation can reduce errors, save time, and ensure compliance with financial regulations. Perfect for MB-310 exam preparation!
Table of Contents
Question
Contoso, Ltd. is looking to optimize their bank reconciliation process within Microsoft Dynamics 365 Finance. They currently perform reconciliations manually. Thisis time-consuming and prone to errors. You need to create a strategy to streamline the bank reconciliation process while ensuring accuracy and compliance with financial regulations. What should you recommend?
A. Configure and implement advanced bank reconciliation by importing electronic bank statements and using matching rules for automatic transaction reconciliation.
B. Continue with the current manual reconciliation process but increase the frequency to daily reconciliations for better control.
C. Hire additional finance staff to handle the increased volume of manual bank reconciliations.
D. Outsource the bank reconciliation process to a third-party service provider to reduce the workload on internal staff.
Answer
A. Configure and implement advanced bank reconciliation by importing electronic bank statements and using matching rules for automatic transaction reconciliation.
Explanation
Configuring and implementing advanced bank reconciliation with electronic bank statement imports and automatic matching rules will streamline the process, reduce errors, and ensure compliance. Hiring additional staff, outsourcing, or increasing the frequency of manual reconciliations does not address the underlying inefficiency and potential for errors in the manual process.
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.