Learn how to set up detailed financial tracking by department and project in Microsoft Dynamics 365 Business Central using dimensions, avoiding a complex chart of accounts. Discover the best practices to streamline reporting and financial management.
Table of Contents
Question
Your company has expanded their business and now requires a detailed tracking system for financial transactions by department and project within Microsoft Dynamics 365 Business Central.
You need to set up the system to allow for detailed financial reporting by project and department without creating a complex chart of accounts.
What should you do?
A. Set up ‘Department’ and ‘Project’ as dimensions and assign dimension values for detailed tracking.
B. Generate separate general ledger accounts for each department and project combination.
C. Configure intercompany postings to track transactions by project and department.
D. Enable application of ledger entries in different currencies for each project and department.
Answer
A. Set up ‘Department’ and ‘Project’ as dimensions and assign dimension values for detailed tracking.
Explanation
Creating ‘Department’ and ‘Project’ as dimensions with assigned values allows for detailed tracking and reporting without complicating the chart of accounts. Generating separate general ledger accounts (Option B) would create an unnecessarily complex chart of accounts. Configuring intercompany postings (Option C) is not directly related to tracking by department and project. Enabling ledger entries in different currencies (Option D) addresses currency management, not tracking by department and project.
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