Dynamics 365 for Financials includes a standard configuration of most financial processes, but you can change the configuration to suit your business. For more information, see Setting Up Finance.
The default configuration includes a chart of accounts and standard posting groups that make the process of assigning default general ledger posting accounts to customers, vendors, and items more efficient.
The following table describes a sequence of tasks, with links to the topics that describe them.
|Apply incoming payments, reconcile bank accounts during payment application, and collect outstanding balances.||Managing Receivables|
|Make payments, apply outgoing payments, and work with checks.||Managing Payables|
|Reconcile bank accounts and transfer funds between bank accounts.||Managing Bank Accounts|
|Understand the general ledger and the chart of accounts.||Understanding the General Ledger and the COA|
|Add dimensions for richer business intelligence.||Working with Dimensions|
|Create budgets to forecast different financial activities and assign dimensions for business intelligence purposes.||How to: Create Budgets|
|Record income or expenses directly in the general ledger without posting dedicated business documents.||How to: Post Transactions Directly to the General Ledger|
|Post reversing entries to undo transactions that you have posted in the general journal.||How to: Reverse Journal Posting|
|Assign extra costs, such as freight and physical handling that you incur during trade, to the involved items so that the cost is reflected in inventory valuation.||How to: Use Item Charges to Account for Additional Trade Costs|
|Recognize revenues and expenses in other periods than when the transactions were posted.||How to: Defer Revenues and Expenses|
|Import salary transactions from your payroll provider into the general ledger.||How to: Import Payroll Transactions|
|Monitor the flow of cash in and out of your business.||Analyzing Cash Flows in Your Company|
|Prepare to close a fiscal year or period.||Closing Years and Periods|
|US: Meet the IRS requirement to submit various versions of the 1099 form for vendor payments.||Reporting 1099 Transactions in the US|
|US and Canada: Understand how to set up and use US and Canadian sales tax functionality.||Reporting Sales Tax in the US and Canada|
|Canada: Understand how to set up and use Canadian sales tax functionality for goods and services.||Reporting Sales Tax and Goods/Services Tax in Canada|
|Canada: Set up and use Canadian functionality for reporting General Index of Financial Information.||How to: Work with GIFI Codes in Canada|
|EU: Prepare a report that lists VAT from sales, and submit the report to a tax authority.||How to: Report VAT to Tax Authorities|