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Microsoft MB-310 Premium Bundle
Microsoft MB-310 Premium Bundle

MB-310 Premium File: 321 Questions & Answers

Last Update: Feb 07, 2024

MB-310 Training Course: 25 Video Lectures

MB-310 PDF Study Guide: 889 Pages

$79.99

MB-310 Bundle gives you unlimited access to "MB-310" files. However, this does not replace the need for a .vce exam simulator. To download your .vce exam simulator click here

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Microsoft Dynamics 365 MB-310 Practice Test Questions, Exam Dumps

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Understand Procure to Pay cycle, process PO Invoices and Non PO Invoices

3. 6. Vendor Invoice journal creation and Reviewing vendor transactions

Welcome back. In the previous video, you looked at how you create purchase orders and how you do purchase invoices. Right? For example, we placed an order with the supplier, and we got an invoice from the supplier. So in that case, how do you do the invoices for a purchase order that has already been confirmed, right? So that is what we looked at in the previous video. In this one, I would like to take you through the creation of a simple invoice journal creation.I explained it in the previous video, where there will be some non-purchase order-related invoices in the organization, right? So if you are purchasing some services, or if you are getting some services from the vendors, then most likely you will not go the route of creating a purchase order and doing a product receipt and all that. So, that is where you use the invoice journals to do those transactions. So we will take a look at them now. Then we will review the vendor transactions, right? After the transaction is posted, how do you see them in the vendor transactions? Right? So let me take you into the application, right? I go to the modules' accounts payable. Then you have this invoice journal, right? So you have this. Click on this. Then you will see the journal's screen, right? So to be able to create a new journal, you will have to click on this new button. Then select a journal name. So you selected this AP invoice even for your practice, right? So I will give you more details about what this journal name is and why you have it in the system, right? So you will basically get some values defaulted, and that is something that you will learn in the later videos where we talk about the journal names, right? So for now, select a journal name and click on these lines. So this is where you will enter. So firstly, enter the transaction date here, right? So leave this to a vendor. So this account type actually determines what values you should be seeing in this field, right? So this journal interface is common across all the modules, right? For example, if I go to the customer paymentjournal, I will see the same screen, right? But the only difference is that this account type is by default selected for this customer. Okay? So leave this to the vendor because we want to enter a vendor transaction now, right? In the accounts here, if you click this drop-down, then you will see all the vendors within the Contoso US company, right? So I'm looking at them, and I want to look for my XYZ Enterprises, right? Definitely, this is going to be a difficult task for you to find that vendor, right? Wherever you see the lookups, when you click on this lookup or drop-down, you will be able to filter right here. you willSo begins XYZ. So that is what I'm telling the system. And you can see that there are two vendors that begin with that particular keyword. So I want to take this because it is something that I created for some different practise purposes. And this is the one that we created, XYZ Enterprises, correct? So you can enter the invoice date here. This is something like, in some cases, what happens is the vendor generates the invoice on November 3rd, right? But by the time it got to us, he'd probably sent it over a career, right? So then it might have reached us on November 6, but I want to keep the invoice date as November 3, because that is what is in the invoice data, right? However, the transaction was entered into the system on November 6, but we received the invoice on November 3. So that is what I'm entering in the invoice date. So in some cases, you don't need to enter anything. Then the transaction date will be considered as your invoice date. Okay, so what is the invoice number? So this is the number that I'm seeing in the document that my vendor sent me. And what is this invoice for? So there is a description here. So perhaps we bought a ticket from this travel agency, right? So you can enter some description here, and if it's a vendor invoice, you always give credit, right? So that is the accounting thing, right? You credit the vendor, and you debit your expense account. Correct. So that is the reason we are doing credit here. And what is your debt going to be? Right? Since we are saying it should be a travel expense, let us take a travel expense account here, okay? Right. So before that, notice one thing here. In the offset account type, you have the same options like ledger, customer, vendor, and all that, right? now that I want this to go to a particular ledger account. They should be selected for the ledger, right? So in the offset account, you will see the list of ledger accounts. You will also call them "main accounts" in finance and operations. So you will learn about these main accounts a little later. So I see the list of accounts here. Out of them, I want to look for the travel expenses. I search for travel, and I see this, right? So select this travel expense and forget about this business unit department and all these things. So these are basically called dimensions. We will talk about dimensions a little later, and all theSo I created this transaction, and I will be able to go ahead and post this here, right? Until we post this transaction, this is just a draft, so anybody can come and do some changes to this one. But once we post this particular transaction, that is when this is considered an invoice that is already posted, right? So before I go ahead and post this one, I want to take you to the Vendor Form. I go to all the vendors, and I have this vendor here, right? So I told you that each of these buttons would open up and show up a particular piece of information, right? For now, I want to take this vendor and click on this transaction here. So when I click on this particular transaction, I will see nothing here, right? Because that is a new vendor that we created and we did not do any transactions, right? And I also told you that this particular transaction that we entered here is just a draft, right? So we will have to post this transaction, and that is when this transaction will be appearing in your vendor transactions. Okay? All right. So as you can see, this journal is now posted. So you see here, this is Informational Messages," "Info Messages." That is how you usually hear people calling them. It says "Operation completed. Right? Just click here. Then you will see the number of vouchers posted to the journal is one, right? So this is done, right? Now, what you should do is go back to your vendor transactions. and you can just try refreshing this. Because the form is already opened, I am trying to refresh it. So what do you see here? I am seeing the transaction that we created, right? So what is it saying? So, a credit to the vendor is $1,000, right? So let me show you something. First, if I close this and this specific vendor, clicking on this balance shows you the balance owed to this vendor, correct? So that is $1,000. The negative sign represents that, as an organization, we will have to pay this vendor right now, correct? Close this and go back to your transactions. So it has the details, like when was the transaction posted, what is the invoice number, and every other detail, right? so much in transaction currency. So in which currency did we transact? And this one refers to your amount in accounting currency. So what is the accounting currency and what is the transaction currency? I will talk about them a little later, okay? And look at this balance field here. So this tells you what the balance is that is still to be paid from this invoice, right? So currently, this shows a thousand dollars. Because yes, this is an invoice that we received just now. And we will have to still pay the whole amount, right? So sometimes what happens is we receive an invoice for $1,000, and perhaps after a week, we make a partial payment, right? We paid like $500 out of the $1,000 invoice, right? Then this balance will show you that the remaining $500 is to be paid. So remember this balance field, right? This tells you what the balance amount of this invoice is right now. So with this, we are done with the invoice journal creation, correct? I want to take you to one more thing. Right now, I will go to accounts payable, and in that, I can use this vendor payment journal, right? So as I said, we use journals to post transactions in the system. So I go to the vendor payment journal and you see the same interface, right? So you have the new button here and you can select the journal name, and once you create a new record, you will be able to click on these lines, right? So you can see here you have the same interface, right? So we will talk about how to do the vendor payment journals. But the point that I would like to make here is that journal interfaces are the same across the application. So like the vendor payment journal, you also have your customer payment journal. when you receive a payment from your customer. Then you go to accounts receivable, then you go to this payment and customer payment pplication. SSo again, you see the same interface here. You select the journal name and get into the lines. Then here you will see the same interface to enter your customer payment as well, right? Like this, you will use the journals to enter the transactions, and the interface is almost the same across all the modules, right? So with this, we are done with this particular video, and thank you so much for watching.

Getting the trial version of Finance and Operations

1. 7. Get free trial for D365 Finance and operation using your work email

Are you excited to practise what you've learned so far? I'm sure the answer is yes, right? So, how do you gain access to the 365 finance and operations? This is the video I want to show you. How do you easily get access to finance and operations, right?So firstly, I'm going to my browser, then go to this trial at Dynamics.com. This is one of the easiest options, right? So Microsoft is providing you the free trial version, okay? So scroll down because you have all of the Dynamics 365 trial applications, and we want finance earned operations, right? So select that and scroll it down. So, here, enter your work email ID, right? So for example, if I enter some Gmail ID here and give my phone number, as you see here, the system tells me that looks like a personal email address. Enter your work address so we can connect you with others in your company. So what is the essence here? You cannot use your personal email address here. Like@gmail.com or Hotmail may not work here, right? So you will have to enter your official email ID. If, in fact, you are working somewhere, I'm sure that you will have a work email account, right? So for example, I have my work email ID, which is this, and I enter your real phone number. so you will really get some messages there. So what it is telling me right now is that you have an account with us and you are using this email ID with another Microsoft service already, right? If the work email ID that you are entering is using another Microsoft service, for example Office 365, Teams, or something else, then it will ask you to just sign in, right? So I'll click Sign in and enter the password for this particular email ID, right? Just go on, right? So, say yes here. So, as you see here, we are almost there, and you will have to enable this and say Create. So by clicking on Create, you are creating a new instance for yourself, right? Just click on this button, and it will take some time for the machine to spin up for yourself, right? So you're going to see a message like this. Your organisation will be ready soon, right? And Microsoft will send you an email once our instance is ready. So you'll have to watch out for that particular email from Microsoft that gives you a link to be able to log into the environment, right? So once you click on the link that is providedby Microsoft, you will have to enter the credentials, theuser email ID, and the password with which you willbe able to log into the application and you willsee the same thing that I've shown you, right? So you'll see the same demo data as the contoso companies, as well as the same dashboard and everything? So with that you have now understood, howdo you get the access to the application. There are a few things that you will have to remember, right? So what are those? So please remember, the trial will initially be for the period of 30 to 45 days only, right? And once the 30- to 45-day period is over, you will be able to extend it for some more time. But you will have to be checking up on your emails, right? Keep logging into the environment at least once every two days, right? Otherwise, there is a possibility that Microsoft may take down this particular instance that it allocated for you, right? Next, always keep checking your mailbox. You will see our communications about your trial. so that may be like extending your trial. Or else, even within this 30 to 45-day period, it is possible that Microsoft will send you some communication asking if you are still using this environment. And click on the below link to keep using your application. When you click on that, Microsoft will think that you are still using it, and it will actually take it off for you, right? It keeps it reserved for you. So it is important that you check your emails and keep logging into the environment to ensure that your application is active for you, right? So that's all for this video, and thank you so much for watching.

Core configuration of the application

1. Creation of New Legal entities

Welcome back. You learned how to create vendors, sorting and filtering techniques, and the procure to paycycle, among other things, in the previous videos, right? So my entire mention is that I want you to understand how the business works, right? and at the same time get a little familiarity with the finance and operations system, right? So if you are a consultant or have worked on other ERP systems or other business applications, you know the basics now and you understand how to do different things in finance and operations. And you also got familiar with the interface, right? So now is the time to start building everything from scratch. So let us assume that we're going to use Dynamics 365 Finance and Operations for a new company, a brand new company that is established, and we want to implement it for this new company. And that is where we are going to start now, right? So in this video, what you will learn is you willlearn how do you create the new legal entity, right? The new company: how do you create it in finance and operations? Then you will understand what localization is and what localised features basically are, right? So before we move forward with the legal entity creation, I want to give you the case study that we are working with. So you had a look at this one before, right? We are currently working in the demoenvironment, where you can see the contoso companies. One is for the United States. One is for India, Malaysia, Japan, and Russia as and Russia So what if this contest is openingup a new office in Singapore, right? So that is what the case study is that we are taking up now, right? So as consultants, we are responsible for gathering the requirements for Kantoso Entertainment Systems Singapore and will have to build a new legal entity for them right from scratch. So this is what we'll be doing now. So, with this, let us see how we create a new legal entity that is for Contest Entertainment Systems Singapore, right? And I'm giving a four-letter code for this company, which is SGPC, right? So, going forward, everything you learn will first be learned in the contest United States company, that is USMF, and then you will configure it in an SGPC company. So with that, you're building the SGPC company from scratch, right? So let's get into the system now. All right? So if it is a fresh implementation, you are going to start with an empty application. So when I say empty, you're going to see only that company. Currently, you're seeing Dat Company here, right? So this is the only one that you will see, right? You will not see anything here. You will not see any legal entity, right? So currently, you are seeing all the demo data companies. But in the fresh implementation, you will see nothing, right? Then how do you start creating it? You cannot, for example, go to the Dutch company and create your vendors and everything. So you will have to start creating your new legal entity. So for that, what you do is go to Modules and Organization Administration, then open up Legal Entities. So you see legal entities here, right? Let's open it up. Once you open up the legal entities form, this is how you see that. So you will see all the legal entities that are available in the demo data, right? So what you do now is create our new legal entity, right? So click on this new button just like in any other form in Finance and Operations. So give your company a name, right? As a result, we call it Ascontesto Entertainment Systems Singapore. Okay, and what is that four-letter code that we wanted to hat four-so that this is what you will select in the legal entity drop-down menu. Okay, so here, you choose the country region for your legal entity. So, based on your implementation, if you're doing it for a customer in Singapore, you're going to interpret this as Singapore, right? So I take this as Singapore and say, okay, so I have got my new company, SGPC, created, right? So you're seeing this one here, right? corners and entertainment systems. Singapore: When you create a new company, there is certain information that you will have to enter here, right? So the first thing is to select the address information here. By default, your company name will show up here. And in the address field, it just shows the country or region ID, right? So here, you edit this one and enter the address of this particular company, right? Enter the street information, city, state, and all the details, right? So just like how you entered the vendor address information, you will be entering the company address information—our legal entity address information, right? So the address information entered is going to be the same across all the places like vendors, customers, and legal entities, and whichever form you take, the address entry is going to be the same. Okay? So you enter the street information and everything and say, "Okay," then you have your contact information. The contact information of the legal entity can be entered here. And please remember one thing here. The address information that you enter here will show up in some of the reports that you will send to your customers or some external parties, right? For example, you sent sales invoices, right? So the company address information will show up for your customer, right? so you'll have some registration number details here. So based on the legal entity that you are selecting—I mean, based on the country that you selected, some of these fields will get enabled, right? So scroll it down and you can enter some bank account information. So I don't want to talk about all this right away. I want to talk about only the fields that you will be mandatorily touching when you start your implementation, right? So you look at this dashboard image. So what I do is go to another tab and go to the homepage, and as you see here, this is the dashboard image. So whatever the dashboard image that you put here with appropriate image dimensions, that will show up on your dashboard, right? You can also add some report logos by scrolling down. So whatever the logo that you put here, that will show up in your external reports. So the external reports, in particular, are similar to customer invoices and, for example, customer account statements? So you add the logo of your client. So that shows up nicely on some of the reports, right? So those are some of the fields you should be familiar with. And once you set up the language, you also set up the time zone. So the time zone is important because, based on the time zone that you select here, all the records that are created, the creative date time or modified date time kind of information, will be captured based on the time zone you enter here, right? Now I want to talk about the localised functionality. So you see here, this is one important parameter here: what should be the localised functionality to be used for this particular company? Then the question is, What is this localization? So just think about it. So Microsoft has come up with this product, Dynamics 365 Finance and Operations, right? So they hugely invested in this product, and this can be used by almost every business across the globe, right? Then when it is being used by India, there may be certain functionalities that we need in India, right? So similarly, if it is being used in the United States, there may be certain functionalities that are applicable only to the United States and not the rest of the world, right? So, in such cases, how does the same product get sold everywhere and in all countries around the world, right? So that is the reason Microsoft has come up with some localised functionality. Which means if it is being implemented for an Indian company, you can get some localised functionalities that are specific only to India, and if it is being implemented for a particular company in the United States, certain localised functionalities for the United States can be enabled. So how can you enable it? So that's the question now. So you can enable it using this parameter, right? As a result, the functionality region was localized. So you'll almost always leave this parameter to this detection using the company address, right? So when you said detect using the company address, then automatically, based on the country or region that you selected for this legal entity, the localised functionalities of that particular country will be enabled, right? So when we were creating this legal entity, we said that SGP Singapore So if there are any localised functionalities or features that are available, then automatically the system can enable them for this particular company. Right? Now to talk about localised functionalities a little bit more, I just want to give you a little more clarity there, right? So in the United States, we need a certain functionality called tax. Within India, we need some functionalities around tax. So those are specific to GST, right? So if you go to the USMF company, which is for condoSo entertainment systems, you're in the United States, right? If you look at the All Vendors form, you see here that I already went to Accounts Payable and all vendors and opened this form. You scroll it down, and you see that you have a particular tab called Tax 10 Double nited States,Within the same vendor form, you have this Tax10 double line, and you have some information that you can capture that is related to tax. However, I want to go to a different legal entity, which is my Indian legal entity. Let me switch to IMF here and open this vendor and scroll it down. You are not seeing that tax, correct? You go back to your US legal entity, and you are seeing this Tax 10 double line. However, you are not seeing it here, right? You have another tab here, which is called "Tax Information." This is specific to ot seeing tSo that is how the localised features can be enabled, correct? You go back to the legal entities, and as I said, for the majority of the implementation, you will leave this to be detected using company addresses. And very rarely, what happens is that when you are implementing it at a particular company that is, let's say, outside of the United States, you are implementing it in Mexico, right? Even if you're implementing it in Mexico, you might want to tell the system that I want to use the functionalities that are available for the United States. So I can take over the United States. Then, what happens is that the system will get the localised functionalities of the United States. So, in some implementations where the United States and Mexico are neighbouring countries, the Mexican company may believe that some of the functionalities available in the United States localization are ones that we want to use. In such cases, you will set this parameter to "United States," right? But, as I previously stated, in the vast majority of cases, you leave it to detect using company addresses, correct? Fine. Now I will close this because this is good enough for us to get started with our newly created legal entity. So already, you have your SGPC company available here, right? So try to search for your SGPC company, and I'm sure that you will find it there. So if you can't find it, it's probably because it was just trying to refresh it. And you can see this now anyway, right? So click on this SGPC company. And this is your new legal entity. So you created a new legal entity now that says "CondomSo Entertainment Systems Singapore." Right? Now let us go and start creating the vendors now.I go to the accounts table—all vendors, right? I'm sure that when you create a new legal entity, you are excited to go and do everything now, right? Whatever you have learned so far, let us see if we can move forward with this. I go and try to create a new vendor. Okay, so you started creating a new vendor, right? And you have some of the information that is mandatory. So, thegroup, if you look at this one here, I'm sure you'll get stuck here, right? Because you will have to create the groups before you create the vendors. So like that, there will be a lot of dependent data. So that is the reason you will have to start knowing what you will have to create first before you move forward with the other configuration. What is that base configuration that you will have to create? Correct. So that is where we move forward into the next lecture. A quick recap on what we learned You learned creation of new legal entity. And you now understand what is localization, what arethe localised features and how do you enable them? By setting up the parameter on the legal entity, Right? So with that, we are done with this particular video, and thank you so much.

2. 8.1 Configuring basic setups for the newly created company

Welcome back. In this video, you will learn about the basic information that you will need to set up your newly created company. OK, so some of the information is physical: lenders, accounting currency, reporting currency, chart of accounts. Okay? In the next videos, you will see more detail about how you configure them within the finance and operations application. But in this video, we will just discuss these different terms and what the purpose of these different configurations is. All right? So let's keep moving. So the first question is, "What is the calendar year and what is a fiscal year?" Right? So you've heard of a calendar year, right? So a calendar year typically represents the January-December period, correct? And the physical year is not common across all the countries, right? So it varies from country to country. If you take India, we follow April to March as our fiscal year because that is the accounting year that many companies follow within India. And in Australia, they last from July to June. Similarly, in the United States, the majority of corporations will run their fiscal year from January to December. Okay? So let us take a quick look at the different fiscal years for different countries. So, I will take you to the Wiki page. All right? So if you search for the fiscal year in the Wikipage, this is the information that you will see there. And you can take a look at this one here. In Australia, you have it from July to June. And as you scroll down, you'll notice that different countries have different fiscal years. Correct? So for India, as you see here, this is April to March. Take a look at the United States. So you see the corporate Jan to December isthe fiscal year for many of the corporates. However, most of the states and the federal government will follow different fiscal years. Okay? So where you can see July toJune and October to September, right? As a result, we can conclude that different countries will use different fiscal years. Correct. At the same time, it is not mandatory that a company that is established in that particular country follow the official fiscal year of the country. All right? So, for example, in India, while the majority of the implementations follow April to March as the calendar year, some of the implementations, some of the companies that have their head offices in the United States, will follow January to December as their fiscal year. Okay? So with this, what we understand is the fiscal year is an accounting year, which is different for different implementations and different companies, right? So during your implementation, you will know from your customer or client what fiscal year they would like to follow. Okay? So based on their physical year, you will have to set up the physical year in the finance and operations system, okay? So that is where you will configure the physical calendars within Finance and Operations. When it comes to certification, there could be a possible question about where these fiscal calendars are used in finance and operations, right? So if you see certain questions, then you have to remember that fiscal calendars are basically used for three different reasons. One is for financial transactions, then fixed reset depreciations, and finally budget cycles. Okay? So we talked about this financial transaction, right? because the transaction that you are posting will be posted into that particular fiscal year. So to make your reporting easier, when you repull the reports, like for the last fiscal year, then the system gets you the data that is posted for that particular fiscal year. Okay? So that is where your fiscal year or fiscal calendar is used, correct? So that is where we see financial transactions, and when it comes to fixed asset depreciations, those of you who do not know about fixed assets need not worry about it for now; we will learn about them later. But those of you who have the basic idea about the fixed assets know that we have the fixed reset acquisition and fixed reset depreciation, right? So you acquire the fixed asset for the company, and you will run the depreciation. You will be posting the depreciation for different years, correct? So this fixed us at depreciation posting. We use the fiscal calendars even there. Okay? So, to define, say, the last period of three months, how much depreciation should be calculated? So the fixed asset depreciation will follow the fiscal calendar that we define in the system, okay? And similarly, a budget cycle will also use the fiscal calendar where we define, say, the budget that we are defining in the company is for the period of January to December 2020, right? So to be able to define that, you use the fiscal calendars. Okay? So that is where you will have to remember that in the budget cycles, you will use the fiscal calendars and even the fixed-rest depreciation and the financial transactions. Okay? So this is one of the certification questions, and that is the reason we are talking about it. But, don't worry, we'll go over this fixed rate depreciation and budget cycles in greater detail in the following sections. The next topic is accounting currency and reporting currency. Okay? So when you are implementing a finance and operations system for a specific client, you will have to set up what the accounting currency is that should be followed for that particular company. Okay? So typically, the accounting currency will be the currency of that particular country. For example, if we are implementing it for a client who is based in India and this legal entity is for Indian operations, then we will setup the accounting currency as INR, Indian rupees, right? And at the same time, if you are implementing it at another subsidiary of the same client that is within the United States, then your accounting currency will be US dollars. Okay? Then what is the reporting currency? Let's talk about the reporting currency with the help of a notepad. Let's take an example of our newly created company, which is Contoso Entertainment Singapore, okay? So based on the logic that we talked about, the accounting currency of this particular company is going to be the Singapore dollar (Sgt), and what is going to be the reporting currency? So how do you usually define it usually?So just think about this one here. Contoso Entertainment Singapore has its head office in the United States. Okay. and the management fits in the United States. So whatever the revenue reports and balance sheets that leak out of the system, it is likely that the management would like to see the figures and the values in US dollars, correct? So that is the reason you can define your reporting currency as US dollars. Okay? So when you define a reporting currency, just remember one thing here. It is not that the reports will be generated only in US dollars, okay? So the reports will be generated in both currencies. So whatever the values that will be coming up in the reports, you will see them in both accounting currencies and reporting currencies. That is, the values will be represented in Singapore dollars and also US dollars. Okay? So by defining the reporting currency, what happensin the system is every transaction that youare booking, like if you're booking 1000 Singaporedollar transaction, so that conversion value in USdollars will be always maintained. So, for example, your 1000 Singapore dollars are equivalent to 800 USD. I'm just taking a rough figure, right? So this will be maintained in the system for each and every transaction that you are posting. Okay? So that is about accounting currency and reporting currency. And you will also have to define a chart of saction that ySo you know the chart of accounts, right? You will have your travel expense account and your accounts payable and receivable—all the accounts that you need to manage the business. So you will have to define those accounts in the system because different implementations and different clients will have different charts of accounts, right? So if you take one implementation, we will use like 200 accounts, and if you take another implementation, they will have a different set of accounts, which is like around 250 accounts, right? So that is the reason you can define your own set of accounts in the system. Okay? So you will have to create the chart of accounts, and that is how the system knows what all the accounts that we have to use in the particular company that we are implementing. So these different things that we discussed about all this configuration will be done in a particular form called a ledger. Okay? So within the general ledger module, you have a form that is called a ledger form, and that is the heart of the finance module and the entire application, where firstly, you will define this configuration in the system before you move forward with any other configuration. Otherwise, you keep getting a few errors. You did not define your accounting currency, your chart of accounts, and all that. Okay? So that is the reason you will start with this configuration and then move forward to the next one, right? So I will see you in the next video where we talk about how you configure them and where we also discuss these things in detail, right? So thank you so much for watching.

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