Learn how to configure the General Ledger in Microsoft Dynamics 365 Business Central for multi-currency transactions and periodic financial reporting. Discover the essential steps to set up currency codes, accounting periods, and invoice rounding for efficient financial management.
Table of Contents
Question
Your company requires a robust financial setup in Microsoft Dynamics 365 Business Central to handle the increased volume of transactions.
You need to ensure that the General Ledger Setup is configured to support multi-currency transactions and periodic financial reporting.
What should you do? Each correct answer presents part of the solution. Choose 3.
A. Specify the currency code for the local currency and set up an additional reporting currency.
B. Configure accounting periods for accurate financial reporting.
C. Enable application of ledger entries in different currencies as the sole currency management strategy.
D. Arrange for automatic bank deposits to manage multi-currency transactions.
E. Create separate chart of accounts for each currency involved in the transactions.
F. Set up invoice rounding details to handle multi-currency transactions.
Answer
A. Specify the currency code for the local currency and set up an additional reporting currency.
B. Configure accounting periods for accurate financial reporting.
F. Set up invoice rounding details to handle multi-currency transactions.
Explanation
Specifying the currency code for the local currency and setting up an additional reporting currency are necessary steps for handling multi-currency transactions and reporting. Configuring accounting periods is essential for periodic financial reporting. Setting up invoice rounding details helps in managing transactions involving multiple currencies. Enabling application of ledger entries in different currencies alone does not fully support multi-currency transactions and reporting. Arranging for automatic bank deposits is unrelated to currency management. Creating separate charts of accounts for each currency is impractical and would complicate financial management.
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