Discover the essential steps to improve budgeting and forecasting in Microsoft Dynamics 365 Finance. Learn how to enable budget control, establish budgets, and prepare for the MB-310 certification exam with actionable insights.
Table of Contents
Question
Fabrikam, Inc. wants to improve its budgeting process to benefit from forecasting. They also want to use financial insights to compare actuals against allocated budget. You need to set up a system that allows the company to control its budget effectively and make adjustments based on the company’s performance. What two actions should you perform? Each correct answer presents part of the solution. Choose two.
A. Enable budget control based on the established budget and select either hard control or soft control depending on the organizational culture.
B. Establish and approve a budget in Finance, then convert the budget plan to a budget register entry.
C. Use the Accounts Payable module to track vendor invoices and outgoing payments.
D. Use the Fixed Assets module to track the company’s assets and depreciate them.
Answer
A. Enable budget control based on the established budget and select either hard control or soft control depending on the organizational culture.
B. Establish and approve a budget in Finance, then convert the budget plan to a budget register entry.
Explanation
Establishing and approving a budget in Finance, then converting the budget plan to a budget register entry, and enabling budget control based on the established budget allows the company to control its budget effectively and make adjustments based on the company’s performance. The Fixed Assets module is used to track the company’s assets and depreciate them, not for budgeting. The Accounts Payable module is used to track vendor invoices and outgoing payments, not for budgeting.
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.