Dynamics 365 Finance
What’s new or changed in Dynamics 365 Finance 10.0.14 (November 2020)
Aligned with the release plan of new features/ functionality in the D365 product line, Microsoft continues to make these products functionality rich. This blog includes the new features released in D365 Finance in the latest release 10.0.14, which became generally available on Nov. 1, 2020.
Many of these features are aimed at increasing the process automation level further, eg: Vendor invoice automation. Organizations can definitely gain significantly higher productivity levels from people – with them focussing on the more intelligent tasks.
Asset leasing functionality of Dynamics 365 Finance adheres to accounting standards for ASC 842 and IFRS 16. Hence, users do not have to spend time doing offline calculations.
Some of the key features of asset leasing are:
- Automation of complex lease calculation of a lease’s present value, and its subsequent processes such as future lease payments, amortization of lease liability, and the right of use asset depreciation and expenses schedules.
- Automatically classify the lease as either operating or finance, or as a short term Lease or low-value lease. The lease classification tests include Transfer of ownership, Purchase option, Lease term, Present value, and Unique asset.
- Centralizes the management of lease information, such as important dates, including the commencement and expiration dates, as well as the lease’s transaction currency, payment amounts, and payment frequency.
- Helps generate accounting entries for the initial recognition and subsequent measurement of the lease liability and right-of-use asset.
- Reduces time for complex calculation of lease modification and automatic adjustment transactions.
- Provides posting to different layers to accommodate different reporting purposes, such as tax reports that are available in Dynamics 365 Finance.
- Complies with the accounting standards to represent leases in balance sheets using the Balance sheet impact calculator.
- Provides audit controls over the integrity of the lease data to ensure that the posted transactions match the calculated amounts of the present value, future payments, and liability amortization.
- Provides tools to import from or export to Excel for all lease data.
- Includes features that help in preparing asset leasing reports, particularly the preparation of disclosures and notes.
- Integrating with chart of accounts, currencies, fixed assets, vendors, journals, data management, and number sequences.
Vendor invoice automation – analytics and metrics
The Vendor invoice entry workspace shows information that is related to vendor invoice processing. It includes a My Work view and an Analytics – All companies page. The My Work view shows summary tiles, vendor transaction grids, and related vendor information. The Analytics – All companies page uses the capabilities of Power BI to show visualizations that are related to vendor invoices.
The Vendor invoice entry workspace lets focus on vendor invoices that didn’t make it through the automated process. Tiles on the workspace list information about vendor invoices that weren’t successfully submitted to workflow, imported, or matched to product receipts. The workspace now lets you switch the view to a different company without having to sign in to a different company. Power BI metrics are also provided to give accounts payable managers insight into the efficiencies of vendor invoice automation. This information includes the number of days to process an invoice, the percentage of invoices in the last 30 days that were successfully processed without being touched, the reasons that an invoice failed automation, and additional workflow analytics.
Vendor invoice automation – match product receipts to invoice lines that have a three-way matching policy
Invoices frequently arrive before the goods do. When the invoice line has a three-way matching policy, someone must match the invoice lines to the posted product receipts after the goods arrive. Now, the system can automatically match posted product receipts to invoice lines for which a three-way matching policy has been defined. The process will run until the matched product receipt quantity is equal to the invoice quantity. As part of this process, you can indicate the maximum number of times the system should try to match product receipts to an invoice line before concluding that the process failed. The match product receipt to invoice lines process will run in the background, using a frequency of either hourly or daily. You can run the automated matching process as part of the process for submitting invoices to workflow, or as a standalone process.
Vendor invoice automation – Tracking imported invoice amount and imported sales tax amount -Vendor invoice automation – Tracking the invoice received date
The imported invoice amount and imported sales tax amount for vendor invoices can be provided in the import file. Typically, these values are scanned by an outside provider and
included in the import file. As the invoice is processed in Dynamics 365 Finance, the system calculates values based on the invoice data. Imported values must match the calculated values, ensuring that the invoice accurately reflects the amount due to the vendor. If your organization allows imported invoices to be submitted to workflow automatically, you can optionally require that the imported totals match the calculated totals before the invoice can be submitted to workflow.
The invoice received date is the date that the company received the invoice from the vendor. It provides a starting point for tracking the invoice’s progress.
The invoice received date can be included in the imported data for a vendor invoice. For in voices that were created manually, you can specify the invoice received date. If the received date isn’t entered, the date will default to today’s date.
The automation processes can be used to perform these tasks:
- Automatically submit imported invoices to the workflow system.
- Match product receipts to pending vendor invoice lines.
- Simulate posting before a vendor invoice is posted.
- Quickly and efficiently view workflow history.
- View and analyze the results of automating vendor invoice processing.
Automatic collection task creation
Organizations spend a significant amount of time researching aged balance reports, customer accounts, and open invoices to determine which customers need to be contacted about an open invoice or account balance. This research takes times away from a collection agent’s time spent communicating with customers to collect past due balances or resolving invoice disputes. Collections process automation lets you set up a strategy-based approach to your collection process. This helps you apply collection activities consistently by providing customized email reminders, or programmed process for sending collection letters.
The process of creating collection tasks automatically begins with your organization defining rules that are based on invoice attributes including payment prediction, due dates, and amounts due. Users can create an automated collections process that will schedule activities, send email messages, and create and post customer collection letters. The process steps are based on the leading or oldest open invoice. Each step uses this invoice to determine what communication or activity should take place with a specific customer.
Touchless email reminders to customer
When enabled, email reminders will be sent automatically to customers, with a list containing overdue invoice information based on email templates
New Invoice summary page available from Project invoice proposals and Project invoices list pages
This feature adds an Invoice summary to the Project invoice proposals and Project invoices list pages. Selecting to view the invoice summary will display project, activity, and summarized amount information for selected records. When the new grid control is enabled, totals are also visible on the Invoice summary page.
Vendor details to bridged transactions and check forms
This feature introduces the following changes:
- Updates the Bridged transactions page to display the vendor number, name, address, and pay-to information in the inquiry.
- Updates the Bank transactions page to display the Cleared date.
- Updates the existing Checks form to display the vendor name, address, and pay-to name and whether the check has cleared along with the Cleared date.
Public sector – Project invoice proposal selection parameter by funding source
This feature lets you create project invoice proposals by selecting the customer account associated with funding sources, which lets you create multiple project invoice proposals, regardless of the number of project contracts the customer is a funding source for.
For more details and information of the release please go to following link:
AUTHOR: RAJIV SETHI