Learn the step-by-step process to configure vendor bank account approvals in Microsoft Dynamics 365 Finance, ensuring secure payments and fraud prevention.
Table of Contents
Question
Woodgrove Bank is implementing Microsoft Dynamics 365 Finance. It wants to ensure that vendor bank accounts are verified before making payments to prevent fraudulent activities. You need to establish a process that ensures all vendor bank accounts are approved before any payments are issued. What should you do?
A. Configure bank account approvals for vendors on the Bank accounts page.
B. Disable the bank account validation feature to streamline the payment process.
C. Implement a policy that requires vendors to confirm their bank account details via email before payment.
D. Manually check and approve each vendor’s bank account before processing payments.
Answer
A. Configure bank account approvals for vendors on the Bank accounts page.
Explanation
Configuring bank account approvals for vendors (A) on the Bank accounts page ensures that all vendor bank accounts are verified before payments are made, which helps prevent fraud. Manually checking each account (B) is not scalable and prone to human error. Requiring email confirmation (C) is not secure and can be easily manipulated. Disabling bank account validation (D) would increase the risk of fraudulent activities and is not advisable.
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