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Legal Entity Transactions and Dimensions

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Legal Entity Transactions and Dimensions

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Questions and Answers

Match the D365 Finance capabilities with their corresponding requirements:

Automatic due to/due from transactions = Configure automatic creation of transactions between LegalEntityA and LegalEntityB Automatic split of dollar amounts = Automatically split the dollar amount in half between DimensionA & DimensionB Year-end close posting = Automatically post year-end results to accounts 30016 Journal entry automation = Facilitate automated posting of journal entries

Match the system configurations with their intended effects in the D365 Finance module:

Due to/due from configuration = Streamline inter-company transactions Dimension splitting = Ensure accurate distribution of expenses or revenues Closing accounts configuration = Finalize financial results at year-end Transaction automation = Reduce manual errors in postings

Match the legal entities with their roles in the transactions:

LegalEntityA = Party initiating the transaction LegalEntityB = Party receiving the transaction DimensionA = First allocation for split DimensionB = Second allocation for split

Match the system capabilities with their appropriate features:

Inter-company transaction handling = Support for automatic creation of due to/due from entries Automatic journal posting = Dynamically adjust amounts based on configurations Year-end account management = Ability to post results automatically to designated accounts Transaction automation = Enhance efficiency and reduce manual input Signup and view all the answers

Match the financial processes with their related configurations in D365 Finance:

Due to/due from transactions = Linking between different legal entities Posting journal entries = Applying rules for dollar amount splitting Year-end closing process = Recording final financial results Dimension allocation = Automatically dividing amounts between categories Signup and view all the answers

You're implementing a D365 Finance General Ledger Module for a client that has multiple legal entities. The client has the following requirements:

Configure automatic creation of due to/due from transactions based on when LegalEntityA transacts with LegalEntityB.

Automatically split the dollar amount in half between DimensionA & DimensionB when journals are posted

Automatically post year-end results to accounts 30016 during year-end close. You need to configure the system. Which system capability should you configure?

Configure automatic creation of due to/due from transactions based on when LegalEntityA transacts with LegalEntityB. = Intercompany Journal Automatically split the dollar amount in half between DimensionA & DimensionB when journals are posted = Allocation terms Automatically post year-end results to accounts 30016 during year-end close. = accounts for automatic trasnactions Must set up fixed /variable allocations & then review the allocations in a journal before posting = Ledger allocation rules Signup and view all the answers

Study Notes

Legal Entity Transactions

Intercompany Transactions: Configure automatic creation of due to/due from transactions when legal entities engage in transactions with each other.
Transaction Automation: The system should automatically generate entries in the "Due to" and "Due from" accounts when one legal entity (e.g., LegalEntityA) makes a transaction with another legal entity (e.g., LegalEntityB).
Intercompany Reconciliation: This feature assists in tracking and reconciling financial transactions between different legal entities.

Dimension Splitting

Dimension Allocation: The system should automatically allocate the dollar amount of journal entries equally between two dimensions (DimensionA and DimensionB) during posting.
Financial Reporting: This enables the client to track and analyze financial data across different dimensions, providing a deeper understanding of their financial performance.

Year-End Close Automation

Automated Posting: Configure the system to automatically post year-end results to account 30016 during the year-end closing process.
Financial Statement Generation: This step is crucial for generating accurate financial statements at the end of the fiscal year.
Year-End Reconciliation: Automated posting can simplify reconciliation processes by ensuring all transactions are correctly classified and summarized.

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Description

Explore the automation of intercompany transactions, dimension splitting, and year-end close processes in financial systems. This quiz covers the configuration of due to/due from transactions and the allocation of journal entries across different dimensions, enabling effective financial reporting and reconciliation.