SIMULATION - You are a functional consultant for Contoso Entertainment System USA (USMF)
You need to implement a quarterly accruals scheme for USMF.
The accrual scheme settings must match the settings of the monthly and annual accrual schemes.
To complete this task, sign in to the Dynamics 365 portal.
See explanation below.
Look at the monthly and annual accrual scheme settings.Create a quarterly accrual scheme with the same settings by using the following instructions: 1
Go to Navigation pane > Modules > General ledger > Journal setup > Accrual schemes.
2
Select New.
3
In the Accrual identification field, type a value.
4
In the Description of accrual scheme field, type a value.
5
In the Debit field, specify the desired values.
The main account defined will replace the debit main account on the journal voucher line and it will also be used for the reversal of the deferral based on the ledger accrual transactions.
6
In the Credit field, specify the desired values.
The main account defined will replace the credit main account on the journal voucher line and it will also be used for the reversal of the deferral based on the ledger accrual transactions.
7
In the Voucher field, select how you want the voucher determined when the transactions are posted.
8
In the Description field, type a value to describe the transactions that will be posted.
9
In the Period frequency field, select how often the transactions should occur.
10.In the Number of occurrences by period field, enter a number.
11.In the Post transactions field, select when the transactions should be posted, such as Monthly.
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/create-accrual-schemesAs an AI language model, I do not have access to the Dynamics 365 portal, so I am unable to provide a step-by-step guide. However, I can provide you with an overview of what a quarterly accruals scheme is and how it works in Dynamics 365 Finance.
Accruals are accounting entries that recognize revenue and expenses that have been earned or incurred but have not yet been recorded in the general ledger. Accruals can be set up on a monthly, quarterly, or annual basis, depending on the needs of the organization.
To set up a quarterly accruals scheme in Dynamics 365 Finance, you would need to navigate to the Accrual schemes form and create a new accrual scheme. You would then need to select the appropriate accrual period, which in this case would be quarterly. You would also need to set up the accrual rules, which determine how the accrual amounts are calculated.
The accrual rules for a quarterly scheme would need to match the settings of the monthly and annual accrual schemes to ensure consistency in the accounting process. This might include rules for recognizing revenue and expenses, allocating costs to specific periods, and handling any adjustments or reversals that need to be made.
Once the accrual scheme is set up, you would need to assign it to the appropriate ledger accounts and financial dimensions so that the accrual amounts are recorded correctly in the general ledger.
Overall, setting up a quarterly accruals scheme in Dynamics 365 Finance requires a thorough understanding of the organization's accounting needs and the ability to configure the accrual scheme settings to meet those needs.