What is new in the Dynamics365 Spring Release for Finance and Operations? A Overview in Financial Management.
The enhancements to Dynamics 365 applications in the April ’19 release include hundreds of new capabilities across Sales, Marketing, Customer Service, Portal, Field Service, Project Service Automation, Finance and Operations, Talent, Retail, and Business Central. In this short description of the April ’19 release notes i will give you a short overview of all new features releasing from April 2019 through September 2019 for Dynamics 365, Financials. Previews for some features has started in February 2019.
1. Automatic ledger settlements
Ledger settlements let you match debit and credit transactions in the general ledger and mark them as settled. Advanced ledger settlements provided additional capabilities for filtering and selecting transactions. We are adding the ability to create rules that will enable additional filtering of the information and will automatically settle transactions.
The ledger settlement rules will allow you define how you want to filter transactions. You’ll be able to select accounts, dimensions, and other criteria that will define your filter. You can then apply the rule to your ledger transactions and preview the results before matching.
The ledger settlement rules will also allow you to select from a list of criteria such as accounts, dimensions, and posting types that define which transactions you want to match. When you add the rule to your ledger transactions, not only will the filter be applied but the matching transactions will be selected for settlement. The process will also be available for processing in batch.
2. Reverse journal posting
Reversals are improved to allow the reversal of multiple general journal lines or an entire general journal. Reversal from the voucher transaction form allows reversal of a limited number of subledger journal entries. Reversals are also allowed from the accounting source explorer.
3. Revenue recognition
Revenue recognition management provides automation to help accounting and finance professionals comply with International Financial Reporting Standard (IFRS) 15 and Accounting Standards Codification (ASC) 606.
4. Bank foreign currency revaluation
Users can run foreign currency revaluation for bank balances as part of their periodic processes. Users select the date, currency range, and the accounts they want to include across legal entities. Adjustments will be created based on the difference in exchange rates.
5. Expense client usability
Large numbers of users enter expenses daily in Finance and Operations. Enhancements to the entry experience around adding and modifying expense address requirements such as receipts capture and early visibility for policy violations. This feature also makes it easier to itemize expenses, making the experience quicker and more focused for users.
6. Billing schedules
Billing schedules allows for flexible billing rules against customer sales orders. Different billing schedules can be defined on each line of the sales order. Currently you can use Payment schedules to immediately post the full amount to Accounts receivable, spread over various periods based on the payment schedule. Billing schedules will instead post to Unbilled accounts receivable, and then create invoices based on the billing schedule. Each invoice will create an accounting entry to move the balance from Unbilled accounts receivable to Accounts receivable. This allows future periods to also remain on hold until the invoice is posted.
7. Enterprise credit management
Enterprise credit management provides capabilities to automate the credit control management process for accounting and finance professionals. Enterprise credit management will proactively suggest credit control activities, thereby improving cashflow, reducing bad debts, and providing new account risk management. The capabilities will include: • Management of risk scores
- System-suggested credit limits
- Configurable blocking rules
- Automation of credit cases
- Dynamic release of credit holds
- Credit limit management
- Tracking historical credit limits
8. Edit bank statement date and bank statement ID
Users can now edit the bank statement date and bank statement ID field for previously reconciled bank statements, if they are using the simple bank reconciliation functionality. This addresses a common request we hear from users when they need to make a correction. The bank statement date cannot be edited to change the order of bank statements, however. Users can also view the edit history on the new bank statement edit history page.
9. Associate federal 1099 default value to main account
Some invoice lines identified for 1099 federal tax reporting might be reported for a different 1099 box from the vendor’s default box. Because vendors might receive a payment on an invoice that correlates to multiple 1099 boxes, it’s preferable that a line funding distribution using a main account be consistently reported in a specific 1099 box. With this new feature, you will be able to recalculate the 1099 box values for vendors to more accurately report the accumulated balances with the Internal Revenue Service (IRS).
10. Payment journal summary report
Use the Payment journal summary report to print a listing of the invoices that will be included in the next check run. The report displays the vendor account, vendor name, invoice number, any discounts from the vendor, and the amount to be paid. The information is grouped by the bank through which the checks are paid and for each bank, the invoices are grouped by vendor. The report includes invoice amount subtotals for each vendor and displays the number of invoices that are being paid and the number of checks that will be created. The information comes from the vendor and the vendor transactions. The report groups by currency when multiple currencies are present in the report.
11. Restrict ability to edit accounting distribution on accounts payable vendor invoices
You can set up specific financial dimensions that must match between a purchase order (PO) and an invoice created from that purchase order. For example, matching is required for all financial dimensions between purchase orders and invoices; on invoices associated with a PO, the general ledger accounts on the invoice detail lines cannot be changed from what was entered on the PO lines
12. Summary budget vs. actual report
Use the Summary budget versus actual report to generate a summarized report comparing budgeted amounts to actual expenses and revenue activity during a time period you specify. For each account, the report lists budgeted amounts, actual expenses or revenues, encumbrance amounts from purchase orders, and pre-encumbrance amounts from purchase requisitions. Additionally, the report lists the remaining budget amount for each account and fund. The report can be sorted by fund and then account number and displays subtotals within each fund based on the financial dimension set you selected to group by. The grouping determines how the Navigation Pane, a tool helpful for reviewing activity, displays activity.
13. Financial dimension allocation on forecast positions
You can maintain financial dimension default templates for forecast positions on the Forecast position form by using controls on the Financial dimensions FastTab. You can also create a new template directly from the form. You can validate whether a forecast position’s default dimensions are legal in your organization’s chart of accounts. For any forecast position, click the new Validate button on the Action Pane to see whether the financial dimension setup for your forecast position is valid. The validations are made against the account structure that you identify on the Human resources parameters form. This quick validation can help you catch errors before you attempt to generate a budget plan from a forecast position. You can validate many positions from the Forecast positions list page.
14. Forecast position reports
Two new forecast position reports are now available. The Forecast position details report contains most of the information displayed on the Forecast position form. The account distributions assigned to the forecast position via financial dimensions and financial dimension templates are shown, along with the costs associated with each distribution combination for the forecast position. The Forecast position summary report shows forecast position costs by account distributions. The forecast position costs are shown, grouped by their assigned account distributions. The cost amounts are factored by the percentage assigned to the account distribution.
15. Job description update for Forecast position and Position
A new parameter has been introduced that will make the Description field on both the Forecast position and Position read-only and it will remain in sync with the selected Job ID. When Job ID is changed on either form, the description field will be updated to reflect the description associated with the changed Job ID. The new parameter is available on the Human resources > Setup > Parameters > Human resources parameters > General tab.
16. Remove option to replace budget plans
Specify the users who can replace existing budget plans. On the Budget planning configuration form > Parameters tab, select the Prevent replacement of budget plan scenarios check box to hide the Replace the existing budget plan scenario option in the Budget plan generation processes, Action field for all users, including the system administrator.
You can set up an account to allow stale-dated warrants or checks to be escheated using the Cash and bank management module. The escheatment process creates an advanced ledger entry to transfer funds from the dormant payment accounts to the unclaimed funds accounts, for possible claim at a future date by the original recipient or a designated representative. Unclaimed payments are reclassified based on the posting definition for escheatment that is set up in the Posting definitions form, and assigned to the Escheatment transaction that is set up in the Transaction posting definitions form, General ledger tab.
18. Cash control
Cash control allows you to define a limit for preventing additional transactions from posting if no cash balance is available or if the transaction causes the balance to be reduced below the defined limit. Accounts payable vendor invoices and General ledger advanced ledger entries are validated when they are created, edited, and posted. If the transaction’s posting would cause the related cash account’s balance to be reduced below the limit defined for the account, the user receives an error message and must change the account to continue. You can also allow specific users to override cash control. If an authorized user receives a warning that the cash balance for the account will be reduced below the limit, the user can optionally choose to continue with posting the transaction. Users might override the cash control limit when the expenditure must be posted in advance of receiving the funds to cover it; or when an approved transfer must happen, but has not been entered or posted yet. The cash control limit is compared to the cash control balance (cash account balance minus all posted, unpaid AP invoices). The limit is surpassed when the cash control balance is less than the cash control limit (threshold).
19. Interest distribution
Your agency can allocate interest on a bank account to specific General ledger accounts, based on the average daily balance in cash accounts. You can use this process to generate an advanced ledger entry for the interest amounts or generate the interest amounts for review without posting. Before distributing the interest, you must set up your participating cash accounts in the Interest distribution rules form. Each cash account and grant combination can be used to calculate interest for a different interest account.
20. Update bank balances when posting transactions using advanced ledger entry
You can associate a bank account with one or more main accounts. If a bank account is associated with a main account, the bank account’s balances can be updated when advanced ledger entries are posted to the associated main account. Note that the bank account must have an account number and routing number associated with it.
21. Daily statement of treasurer’s accountability
Use the Treasurer’s statement of accountability report to generate a trial balance report specifically for the treasurer’s fund to be used for reconciliation purposes. For example, you can generate the report on a daily basis to review the activity in selected accounts for the treasurer’s fund and compare that to the equity activity in other funds. This daily report allows you to search for discrepancies, unexpected balances, and possible adjustments needed, and to complete other general audit functions.
22. Canadian harmonized sales tax
Certain Canadian provinces use the Harmonized Sales Tax (HST), which is a combination of the Goods and Services Tax (GST) and Provincial Sales Tax (PST), and which is paid to vendors when products are purchased. Certain portions of the HST can be recovered by public sector entities after having paid them to vendors, depending on what the purpose of the purchase is. The purpose of the purchase is designated by the financial dimension values and main account on the transaction document line (for example, purchase requisitions, purchase orders, or vendor invoices).
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