Dynamics 365 Finance empowers business users to control finances and manage funds with accurate information, at any time, for financial planning and forecasting and staying up-to-date with analytics.
The GYDE365 survey takes you through a series of questions to assist with the configuration and design of your Dynamics 365 solution. This survey is split into 7 sections;
The General Ledger defines and manages your business’ financial records. The General Ledger is a register of debit and credit entries. These entries are classified using the accounts that are listed in a Chart of Accounts.
The General Ledger module is at the centre of Dynamics 365 Finance and records all financial transactions from any other modules.
The following are examples of features in the General Ledger module:
- Chart of Accounts structure, creating building blocks using Financial Dimensions to allow detailed reporting analysis across your organisation.
- Accruals are used in accrual accounting to track revenue that is recognized in the period that it is earned in, not when payment is received, and to track expenses (costs) that are recognized when they occur, not when payment is made.
- You can allocate or distribute monetary amounts to one or more accounts, or to account and dimension combinations based on allocation rules. The two types of allocations are fixed and variable. You can also settle transactions between ledger accounts and revalue currency amounts.
- At the end of a fiscal year, you must generate closing transactions and prepare your accounts for the next fiscal year. You can use the consolidation functionality to combine the financial results for several subsidiary legal entities into results for a single, consolidated organisation. The subsidiaries can be in the same Finance database or in separate databases.
- Financial reporting can consolidate multiple companies during report generation. The financial reports that are available out-of-the-box in Dynamics 365 Finance and Supply Chain Management (formerly Operations) can be run at any time. These reports provide many additional benefits, such as the ability to drill down to all companies and dimensions.
The following figure illustrates the typical processes of the General Ledger module in a company: