Microsoft Dynamics 365 Finance General Ledger Configuration - MB-310 Exam | Microsoft

Configuring Dynamics 365 Finance General Ledger Module

Question

A company is preparing to complete a year-end close process.

You need to configure the Dynamics 365 Finance General ledger module.

Which three configurations must you use? Each correct answer presents part of the solution.

NOTE: Each correct selection is worth one point.

Answers

Explanations

Click on the arrows to vote for the correct answer

A. B. C. D. E.

ADE.

This question is asking about configuring the system.Answers A (Configure the Fiscal year close parameters), D (Validate the main account type) and E (Create the next fiscal year) are required to configure the system.

The next step after configuring the system would be Answer C (Set up the year end close template)

After the system is configured, the year-end close process can be run.

On the Year-end close page, a template can be defined for the group of legal entities for which the year-end close process will be run.

The template will be reused at each year-end close, but can be modified if your organization changes.

https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close

The year-end close process is an important task that companies perform at the end of their financial year. This process is used to finalize financial activities and create a starting point for the next fiscal year. In Microsoft Dynamics 365 Finance, there are several configurations that must be used to ensure a smooth year-end close process. The three configurations that must be used are:

A. Configure the Fiscal year close parameters: This configuration is necessary to define the rules for the year-end close process. This includes the date range for the fiscal year, the ledger accounts that will be affected, and the types of transactions that will be included in the process. The Fiscal year close parameters can be found under the General ledger module.

B. Configure the ledger calendar for the new fiscal year: The ledger calendar defines the fiscal periods that will be used in the new fiscal year. This configuration is necessary to ensure that transactions are recorded correctly in the new fiscal year. To configure the ledger calendar, navigate to the Calendar tab in the General ledger module.

C. Set up the year-end close template: The year-end close template is used to automate the year-end close process. It defines the tasks that need to be completed and the order in which they should be completed. This configuration is necessary to ensure that the year-end close process is completed efficiently and accurately. The year-end close template can be found under the General ledger module.

D. Validate the main account type: It is important to validate the main account type to ensure that the account is set up correctly for the year-end close process. For example, if an account is set up as a balance sheet account, it must have a zero balance at the end of the year. To validate the main account type, navigate to the Main accounts tab in the General ledger module.

E. Create the next fiscal year: This configuration is necessary to ensure that transactions can be recorded in the new fiscal year. The next fiscal year can be created by navigating to the Fiscal calendar tab in the General ledger module and selecting "Create new fiscal year."

In summary, to configure the Dynamics 365 Finance General ledger module for the year-end close process, the following configurations must be used: configuring the Fiscal year close parameters, configuring the ledger calendar for the new fiscal year, setting up the year-end close template, validating the main account type, and creating the next fiscal year.