Discover the top three actions to enhance bank reconciliation in Microsoft Dynamics 365 Finance when expanding to a new country. Learn how to align matching rules, validate parameters, and ensure accurate transaction code mappings for compliance and efficiency.
Table of Contents
Question
A multinational corporation is using Microsoft Dynamics 365 Finance to manage their financial operations across various countries. They have recently expanded their operations to a new country with complex electronic payment formats and bank reconciliation requirements. You need to evaluate the existing bank reconciliation setup to ensure compliance with the new country’s regulations and improve the efficiency of the reconciliation process. What three actions should you perform? Each correct answer presents part of the solution. Choose three.
A. Assess the existing reconciliation matching rules to determine if they align with the new regulatory standards.
B. Disable the ‘Use bank statements as confirmation of electronic payment’ functionality to prevent automatic updates to payment statuses.
C. Examine the Cash and bank management parameters to ensure they support the validation options required by the new country’s regulations.
D. Implement a single universal transaction code for all bank transactions to simplify the reconciliation process.
E. Review the transaction code mappings for accuracy and completeness in relation to the new country’s transaction types.
Answer
A. Assess the existing reconciliation matching rules to determine if they align with the new regulatory standards.
C. Examine the Cash and bank management parameters to ensure they support the validation options required by the new country’s regulations.
E. Review the transaction code mappings for accuracy and completeness in relation to the new country’s transaction types.
Explanation
Reviewing the transaction code mappings is essential to ensure that the bank transactions match the new country’s specific codes. Assessing the existing reconciliation matching rules is necessary to confirm they meet the new regulatory requirements. Examining the Cash and bank management parameters is crucial to validate that they are set up to comply with the new country’s regulations. Disabling the ‘Use bank statements as confirmation of electronic payment’ functionality would not improve efficiency or compliance. Implementing a single universal transaction code would not be effective as it would not accommodate the variety of transaction types required for accurate reconciliation.
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