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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Implement and manage accounts payable and expenses | 10–15% | - Configure expense management and travel workflows - Manage vendors and vendor transactions - Configure accounts payable parameters and profiles
|
| Topic 2: Manage budgeting | 10–15% | - Configure budgeting parameters and dimensions - Perform budget forecasting and analysis - Allocate and control budgets - Create and revise budget plans |
| Topic 3: Implement financial management | 40–45% | - Configure financial dimensions
- Configure fiscal calendars and periods - Manage currencies and exchange rates
- Design and configure chart of accounts
|
| Topic 4: Implement accounts receivable, credit, collections, and subscription billing | 15–20% | - Manage customers and customer transactions - Configure accounts receivable parameters and profiles
- Implement subscription billing and revenue recognition - Set up collections processes and workflows |
| Topic 5: Manage cash, bank, tax, and cost accounting | - Configure consolidation and elimination processes - Implement cost accounting and cost management - Configure bank management and reconciliation - Set up tax calculation and reporting | |
| Topic 6: Manage fixed assets | 10–15% | - Manage asset leasing and valuation - Configure fixed assets parameters and groups - Perform fixed asset reporting and inquiries - Acquire, depreciate, and dispose of fixed assets |
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NEW QUESTION # 183
You need to identify the root cause for the error that User5 is experiencing.
What should you check?
Answer: C
Explanation:
Topic 1, Munson's Pickles and Preserves Farm
This is a case study. Case studies are not timed separately. You can use as much exam time as you would like to complete each case. However, there may be additional case studies and sections on this exam. You must manage your time to ensure that you are able to complete all questions included on this exam in the time provided.
To answer the questions included in a case study, you will need to reference information that is provided in the case study. Case studies might contain exhibits and other resources that provide more information about the scenario that is described in the case study. Each question is independent of the other questions in this case study.
At the end of this case study, a review screen will appear. This screen allows you to review your answers and to make changes before you move to the next section of the exam. After you begin a new section, you cannot return to this section.
To start the case study
To display the first question in this case study, click the button. Use the buttons in the left pane to explore the content of the case study before you answer the questions. Clicking these buttons displays information such as business requirements, existing environment, and problem statements. If the case study has an All Information tab, note that the information displayed is identical to the information displayed on the subsequent tabs. When you are ready to answer a question, click the button to return to the question.
Background
Munson's Pickles and Preserves Farm grows and distributes produce, jellies, and jams. The company's corporate headquarters is located in Dallas, TX. Munson's has one operations center and seven regional distribution centers in the United States.
The company has two wholly owned subsidiaries that operate in Canada. The Canadian entity owns an entity in France.
Munson's plans to expand into Latin America by purchasing the last 25 percent of a subsidiary that they own in Costa Rica. This process is expected to complete within the next two years.
The company plans to implement Dynamics 365 Finance and Dynamics 365 Supply Chain to meet their growing business needs.
Current environment. General
Munson's uses a mix of internally-developed legacy systems that handle their finance and distribution activities. The company has an isolated CRM system.
* Both Canadian subsidiaries have two departments: marketing and operations.
* Financial reporting is difficult due to data residing in disparate systems.
* Financial reporting is currently performed by using Microsoft Excel.
* Pre-orders in the current system are difficult to track because the order management system is not integrated with the finance system.
* Pickle sales post to one revenue account, but this does not allow for targeted reporting by pickle cut and type.
Current environment. Organization
The following chart shows Accounting/Reporting Currencies and Tax ID, if applicable.
* Typically, vendor invoices are received prior to receipt of product.
* The following fixed assets are sold for a loss:
* BUILD-100
* CAR-1233
* At the regional distribution centers, the value for physical inventory does not match the inventory in the financial system.
* Munson's rents their corporate office. Rent is not paid by purchase order. Rent is due once a quarter.
* Allocations are performed manually.
* Barrels are inventoried by site and warehouse.
* Munson's has multiple depreciation and tax books for all of their fixed asset equipment.
* Budgets are posted at the department level for each legal entity.
Requirements. Sales
* Customers should be able to pre-order for fall release of pickles.
* Three-way matching must be enforced for all purchases.
* Fixed asset sale transactions require a ledger account entered at the time of transaction.
* Fixed assets purchased must be automatically created in fixed asset module. This includes inventory items and write in purchase orders/non-inventoried items.
* One dollar from every sale needs must be tracked and donated at the end of each month to a charitable organization.
* Purchasing budgets must be enforced at the main account level.
Requirements. Finance
* Accounts payable must be able to enter vendor invoices on the day they were received to be settled against when product is received.
* Accounts payable must be able to enter vendor invoices to accrue expense without specifying a purchase order at the time of entry.
* Postage expenses must be split evenly across the regional distribution centers automatically.
* Administrative expenses must be distributed across the regional distribution centers by percentage of fulfillment orders monthly.
* Pickling machines depreciation must be uniquely recorded for visibility but not post to the ledger.
Issues
* During implementation testing, User1 indicates that after packing slips are generated for purchase orders, there are no ledger postings.
* User2 indicates that fixed assets purchased on a purchase order do not show up in the Fixed Assets module.
* User3 reports that they are seeing inconsistent application of the one-dollar donation from all sales orders.
* User4 in the Canadian subsidiary is able to purchase supplies for marketing despite exceeding the marketing department budget.
* User5 reports that when purchasing a non-inventoried computer, the system is automatically assigning it to the buildings fixed asset group.
NEW QUESTION # 184
Case Study 4 - Adtum Corp
Background
First Up Consultants is a global engineering and consulting organization based in Atlanta. The organization assists customers with various implementation projects. The organization provides both consulting services and custom software development.
First Up Consultants was recently acquired by a Canadian engineering firm that uses Dynamics
365 Finance. The firm requires First Up Consultants to transition to the solution by 2022.
First Up Consultants employs consultants that travel globally, which requires extensive expense management capabilities. First Up Consultants offers software as a service (SaaS) products to customers by using monthly and quarterly subscriptions.
Current environment
Travel and expense
The company is currently in Phase 2 of their Dynamics 365 Finance implementation.
Consultants submit all travel receipts by using inter-office mail to the team admin for processing, but First Up Consultants wants to modernize this experience Expense reports are manually approved and signed by the employee's manager.
Finance
First Up Consultants operates on a 4-5-4 calendar.
Accounting tor revenue has been difficult with the SaaS offerings. This has led to implementing Dynamics 365 Finance Revenue recognition.
Revenue recognition has been live for 3 months.
Adatum Corporation pays quarterly for use of the First Up Consultants web design application, starting from the day of use.
Fourth Coffee pays monthly for use of the First Up Consultants photograph editing application with a contract starting August 1 and payment starting September 1.
Adventure Works Cycles pays per use of the First Up Consultant video platform.
A blocking rule is set up to prevent a sales order from processing if a customer exceeds a credit limit.
Customer credit is set up at the account level for VanArsdel, Ltd.
Tailspin Toys is owned by Wingtip Toys. The companies have a credit limit of $60.000 and
$100,000, respectively.
Revenue allocation
The company reports the following revenue allocation percentages:
Tax
VAT tax recovery is required for eligible international business trip expenses. Bank reconciliation is manual and performed by using monthly mailed account statements.
The company collects sales taxes from the following states:
Requirements
Travel and expense
- First Up Consultants requires that employees start using corporate cards for all travel expenses.
- All expenses over $50 require a receipt.
- Beer cannot be expensed.
- Employees may use the corporate card for personal expenses during work travel, but expenses must be categorized correctly.
- Client entertainment expenses totaling more than $250 must be audited.
- Employees require a mobile expense experience.
- Expense report entries must be validated when a transaction line is entered.
- Employees require the ability to capture receipts by using a mobile device.
- First Up Consultants requires the ability to reimburse employees in their paychecks for expenses incurred on personal cards.
Financials
- A virtual thirteenth month is required for year-end transactions.
- Each day, a validation file must go to First Up Consultants bank detailing all vendor checks paid.
- Except fees, all matched transactions must clear automatically during bank reconciliation.
- The accounts payable team must verify expense reports prior to posting.
- Only payables are allowed to be posted to a prior period up to seven days into the new period.
Issues
- User1 installed the Expense Management Service add-in and implemented the auto-match and create expense from receipt features but the receipt images do not match the corporate card transactions.
- Employee1 submits an expense report for a business trip to Europe, but the report is not visible on the expense tax recovery page.
- Employees provided feedback that the system lets them know of an expense report policy violation only after the entire expense report is submitted.
- Members of the finance department observe sales orders that posted into a closed period.
- The finance team observed that for sales order invoice 1234, the price incorrectly posts to a revenue account when it should be deferring.
- Employee2 purchased supplies for a holiday party and needs to be reimbursed.
- A customer orders software licenses for the offices in Tennessee and Alabama.
- Expense reports for unapproved items are posting.
- VanArsdel, Ltd. exceeded its credit limit but the sales order was processed.
- Tailspin Toys purchases $70,000 in custom software development.
Question
You need to address the employees issue regarding expense report policy violations.
Which parameter should you use?
Answer: A
Explanation:
https://learn.microsoft.com/en-us/dynamics365/project-operations/expense/set-up-policies
NEW QUESTION # 185
A company uses Dynamics 365 Finance for expense management.
The company has multiple legal entities and multiple departments. Each department may have a different expense policy that may conflict with the legal entity expense policy.
You need to configure prioritization of department expense policy over legal entity expense policy.
Which three actions should you perform in sequence?
To answer, move the appropriate actions from the list of actions to the answer area and arrange them in the correct order.
Answer:
Explanation:
Explanation:
NEW QUESTION # 186
A rental service company hires you to configure their system to implement accrual schemes.
You need to configure the accrual schemes for this company.
Which configuration and transaction options should you use? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation:
NEW QUESTION # 187
You are a Dynamics 365 Finance expert for an organization.
You need to configure the Financial period close workspace.
Which three configuration processes should you use? Each correct answer presents a part of the solution.
NOTE: Each correct selection is worth one point,
Answer: A,B,E
Explanation:
See menu: General ledger > Period close > Financial period close configuration This page has the following tabs:
- Closing schedule
- Templates (the template defines the tasks to be done during the closing process)
- Calendars (these are not the ledger calendars! - defines only start and enddate together with specifications which weekdays) are valid
- Task areas (containing task id(s) and description)
- Resources (Employees linked to closing roles)
- Closing roles
What misleads is the fact the ledger calendars are found in the menu 'General Ledger > Period close'
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/financial-period-close-workspace
NEW QUESTION # 188
......
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