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Microsoft Official Training Materials for Microsoft Dynamics Your use of this content is subject to your current services agreement
Last Revision: October 2006 The information contained in this document represents the current view of Microsoft Corporation on the issues discussed as of the date of publication. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information presented after the date of publication. This document is for informational purposes only. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS DOCUMENT. Complying with all applicable copyright laws is the responsibility of the user. Without limiting the rights under copyright, no part of this document may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), or for any purpose, without the express written permission of Microsoft Corporation. Microsoft may have patents, patent applications, trademarks, copyrights, or other intellectual property rights covering subject matter in this document. Except as expressly provided in any written license agreement from Microsoft, the furnishing of this document does not give you any license to these patents, trademarks, copyrights, or other intellectual property.
2006 Microsoft Corporation. All rights reserved. Microsoft, Microsoft Dynamics AX and Microsoft Excel are
either trademarks or registered trademarks of Microsoft Corporation or their affiliates in the United States and/or other countries. Microsoft Dynamics AX is a subsidiary of Microsoft Corporation. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
Microsoft Official Training Materials for Microsoft Dynamics Your use of this content is subject to your current services agreement
ELearning ............................................................................................................ 1 InstructorLed Training.......................................................................................... 2 Courseware ........................................................................................................... 2 Certifications.......................................................................................................... 2 Microsoft Dynamics Training Courseware Elements............................................. 4 About This Course................................................................................................. 6 Student Objectives ................................................................................................ 8
Chapter 1: Budgeting
Objectives.............................................................................................................. 9 Introduction............................................................................................................ 9 Scenario .............................................................................................................. 10 Create a Budget Model ....................................................................................... 10 Lab 1.1 Create a Budget Model and Submodel ............................................... 12 Period Allocation Keys ........................................................................................ 13 Lab 1.2 Create Period Allocation Keys Using the Wizard ................................ 19 Enter Budget Numeric Data and Generate the Budget ....................................... 20 Generate a Budget Report .................................................................................. 22 Lab 1.3 Enter and Generate a Budget.............................................................. 23 Additional Budgeting Functionality ...................................................................... 24 Conclusion........................................................................................................... 30 Test Your Knowledge Budgeting ...................................................................... 31 Quick Interaction: Lessons Learned .................................................................... 32
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Objectives............................................................................................................ 33 Introduction.......................................................................................................... 33 Relationship of Cash Flow to Other Modules ...................................................... 34 Set Up Cash Flow Forecasting............................................................................ 35 Lab 2.1 Review Accounts Receivable Parameter Setup .................................. 39 Lab 2.2 Review Customer Posting Profile Setup.............................................. 41 Lab 2.3 Review Customer Groups Setup ......................................................... 43 Lab 2.4 Set Up a Ledger Account for Cash Flow Forecasting ......................... 45 Lab 2.5 Set Up a Dependent Ledger Account.................................................. 47 Define a Cash Flow Forecast Budget Model ....................................................... 48 Create Cash Flow Transactions .......................................................................... 49 Lab 2.6 Create a Budget Entry to Include in Cash Flow................................... 50 Lab 2.7 Create a Sales Order to Include in Cash Flow .................................... 51 Calculate Cash Flow Transactions ...................................................................... 53 Lab 2.8 Calculate Cash Flow Transactions ...................................................... 54 View Online Data and Print Cash Flow Reports.................................................. 55 Conclusion........................................................................................................... 56 Test Your Knowledge Cash Flow Management ............................................... 57 Quick Interaction: Lessons Learned .................................................................... 58
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Objectives............................................................................................................ 59 Introduction.......................................................................................................... 59 Exchange Rate Adjustments ............................................................................... 60 Accounts Receivable and Accounts Payable Exchange Rate Adjustments........ 65 Lab 3.1 Accounts Receivable Exchange Rate Adjustment .............................. 72 Set Up Currency Rounding ................................................................................. 73 Lab 3.2 Rounding ............................................................................................. 75 Conclusion........................................................................................................... 76 Test Your Knowledge Multi-Currency............................................................... 77 Quick Interaction: Lessons Learned .................................................................... 78
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Objectives............................................................................................................ 79 Introduction.......................................................................................................... 79 Bridging Accounts ............................................................................................... 80 Lab 4.1 Bridging Accounts................................................................................ 83 Electronic Vendor Payments ............................................................................... 84 Lab 4.2 Electronic Vendor Payment Set Up ..................................................... 94 Electronic Customer Payments ........................................................................... 95 Lab 4.3 Electronic Customer Payment Set Up ................................................. 98 Prepayments ....................................................................................................... 99 Lab 4.4 Prepayments Set Up ......................................................................... 101 Bill of Exchange Administration ......................................................................... 102 Lab 4.5 Bill of Exchange................................................................................. 115 Ledger Accrual .................................................................................................. 116 Lab 4.6 Ledger Accrual .................................................................................. 120 Conclusion......................................................................................................... 121 Test Your Knowledge Advanced Payments ................................................... 122 Quick Interaction: Lessons Learned .................................................................. 123
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Objectives.......................................................................................................... 125 Introduction........................................................................................................ 125 Posting Intercompany Transactions .................................................................. 126 Intercompany Posting Setup ............................................................................. 127 Lab 5.1 Set Up Posting Relationships ............................................................ 131 Posting an Intercompany Transaction ............................................................... 132 Lab 5.2 Enter and Post an Intercompany Transaction ................................... 135 Tracing an Intercompany Entry ......................................................................... 136 Lab 5.3 Trace an Intercompany Transaction.................................................. 140 Conclusion......................................................................................................... 141 Test Your Knowledge Intercompany Accounting............................................ 142 Quick Interaction: Lessons Learned .................................................................. 143
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Microsoft Official Training Materials for Microsoft Dynamics Your use of this content is subject to your current services agreement
Objectives.......................................................................................................... 145 Introduction........................................................................................................ 145 Set Up a Consolidation Company ..................................................................... 146 Lab 6.1 Set Up General Ledger Parameters .................................................. 150 Lab 6.2 Set Up System Account and Currency .............................................. 151 Lab 6.3 Set Up the Chart of Accounts ............................................................ 153 Set Up a Subsidiary Company .......................................................................... 154 Lab 6.4 Set Up the Subsidiary Company ....................................................... 158 Perform a Consolidation .................................................................................... 159 Lab 6.5 Perform a Consolidation .................................................................... 162 Consolidation According to the FASB 52 Regulation ........................................ 163 Run Consolidation According to the FASB 52 Regulation................................. 163 Demonstration FASB52 Consolidation ........................................................... 168 Consolidations Inquiry ....................................................................................... 171 Lab 6.6 Consolidations Inquiry ....................................................................... 172 View and Delete Consolidation Transactions .................................................... 173 Lab 6.7 View and Delete Consolidation Transactions .................................... 174 Conclusion......................................................................................................... 175 Test Your Knowledge Consolidations............................................................. 176 Quick Interaction: Lessons Learned .................................................................. 177
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Objectives.......................................................................................................... 179 Introduction........................................................................................................ 179 Collection Letters............................................................................................... 180 Processing Collection Letters ............................................................................ 186 Lab 7.1 Collection Letters............................................................................... 189 Interest Codes ................................................................................................... 192 Lab 7.2 Interest Code ..................................................................................... 199 Conclusion......................................................................................................... 200 Test Your Knowledge Collection Letters and Interest .................................... 201 Quick Interaction: Lessons Learned .................................................................. 202
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Objectives.......................................................................................................... 203 Introduction........................................................................................................ 203 Dimensions Sets, Hierarchies and Rules .......................................................... 204 Dimension Sets ................................................................................................. 206 Dimension Subsets ........................................................................................... 208 Dimension Set Hierarchy................................................................................... 209 Dimension Set Rules ......................................................................................... 213 Lab 8.1 Dimensions, Sets, Hierarchies and Rules ......................................... 216 Conclusion......................................................................................................... 217 Test Your Knowledge Dimensions Hierarchy ................................................. 218 Quick Interaction: Lessons Learned .................................................................. 219
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Objectives.......................................................................................................... 221 Introduction........................................................................................................ 221 XBRL Taxonomy ............................................................................................... 222 Import XBRL Taxonomy .................................................................................... 223 Lab 9.1 Import XBRL Taxonomy .................................................................... 227 Conclusion......................................................................................................... 228 Test Your Knowledge XBRL Taxonomy ......................................................... 229 Quick Interaction: Lessons Learned .................................................................. 230
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Objectives.......................................................................................................... 231 Introduction........................................................................................................ 231 Fiscal YearEnd Tasks...................................................................................... 232 Creating a New Fiscal Year............................................................................... 232 Closing Procedures ........................................................................................... 234 Lab 10.1 Year-End Close ............................................................................... 240 Conclusion......................................................................................................... 241 Test Your Knowledge Year-End Close........................................................... 243 Test Your Knowledge Year-End Close........................................................... 243 Quick Interaction: Lessons Learned .................................................................. 244
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Chapter 1 Budgeting ...................................................................................... 245 Chapter 2 Cash Flow Management................................................................ 247 Chapter 3 Multicurrency ................................................................................. 248 Chapter 4 Advanced Payments...................................................................... 250 Chapter 5 Intercompany ................................................................................. 251 Chapter 6 Consolidations ............................................................................... 252 Chapter 7 Interest and Collection Letters ....................................................... 253 Chapter 8 Dimensions Hierarchy.................................................................... 255 Chapter 9 XBRL ............................................................................................. 256 Chapter 10 Year End Close............................................................................ 257
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Lab 1.1 Create a Budget Model and Submodel ............................................. 259 Lab 1.2 Create Period Allocation Keys Using the Wizard .............................. 260 Lab 1.3 Enter and Generate a Budget............................................................ 261 Lab 2.1 Review Accounts Receivable Parameter Setup ................................ 262 Lab 2.2 Review Customer Posting Profile Setup............................................ 263 Lab 2.3 Review Customer Groups Setup ....................................................... 264 Lab 2.4 Set Up a Ledger Account for Cash Flow Forecasting ....................... 265 Lab 2.5 Set Up a Dependent Ledger Account................................................ 266 Lab 2.6 Create a Budget Entry to Include in Cash Flow................................. 267 Lab 2.7 Create a Sales Order to Include in Cash Flow .................................. 268 Lab 2.8 Calculate Cash Flow Transactions .................................................... 270 Lab 3.1 Accounts Receivable Exchange Rate Adjustment ............................ 271
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Table of Contents
Lab 3.2 Rounding ........................................................................................... 273 Lab 4.1 Bridging Accounts.............................................................................. 274 Lab 4.2 Electronic Vendor Payment Set Up ................................................... 275 Lab 4.3 Electronic Customer Payment Set Up ............................................... 277 Lab 4.4 Prepayments Set Up ......................................................................... 279 Lab 4.5 Bill of Exchange................................................................................. 280 Lab 4.6 Ledger Accrual .................................................................................. 281 Lab 5.1 Set Up Posting Relationships ............................................................ 283 Lab 5.2 Enter and Post an Intercompany Transaction ................................... 285 Lab 5.3 Trace an Intercompany Transaction.................................................. 286 Lab 6.1 Set Up General Ledger Parameters .................................................. 287 Lab 6.2 Set Up System Account and Currency .............................................. 288 Lab 6.3 Set Up the Chart of Accounts ............................................................ 290 Lab 6.4 Set Up the Subsidiary Company ....................................................... 291 Lab 6.5 Perform a Consolidation .................................................................... 292 Lab 6.6 Consolidations Inquiry ....................................................................... 293 Lab 6.7 View and Delete Consolidation Transactions .................................... 294 Lab 7.1 Collection Letters............................................................................... 295 Lab 7.2 Interest Code ..................................................................................... 298 Lab 8.1 Dimensions, Sets, Hierarchies and Rules ......................................... 300 Lab 9.1 Import XBRL Taxonomy .................................................................... 302 Lab 10.1 Year End Close ............................................................................... 303 _
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Microsoft Official Training Materials for Microsoft Dynamics Your use of this content is subject to your current services agreement
Introduction
ELearning
Online training for Microsoft Dynamics products helps you increase your productivity without spending time away from your home or office. e-Learning allows you to learn at your own pace through flexible access to training, therefore proving beneficial for those lacking the time or budget to travel. e-Learning is available as tutorials in the Foundation Library or as an eCourse.
Foundation Library
The Foundation Library is a fee-based collection of overview tutorials specific to the Microsoft Dynamics family of products. These tutorials have the following features: Covers a broad range of topics at a high level, and typically does not exceed 60 minutes in length. Provides tips and tricks to show you how to increase productivity and save time. Enables you to learn about the changes in features and functionality of a new version. Allows you to evaluate a new Microsoft Dynamics module or product.
Foundation Library subscriptions are available for individual purchase or through partner and customer service plans.
eCourses
eCourses are fee-based online training courses designed to cover detailed concepts on specific product areas and can allow you to: Gain in-depth technical and business application training through daily on-demand training. Learn at your own pace - lessons can be stopped and restarted, skipped or repeated.
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InstructorLed Training
With instructor-led training, you can gain a solid foundation or refresh your knowledge in Microsoft Dynamics products and processes while learning from an expert in an interactive environment. With courses on a variety of topics, you can: Follow demonstrations and attend presentations. Receive hands-on product experience. Participate in classroom activities and discussions with other attendees. Gain beneficial training when preparing for Microsoft Dynamics certification exams.
Courseware
Courseware can be ordered for the purpose of self-paced study. These materials are comparable to Courseware used with instructor-led training, and enable you to: Learn at your own pace, in your own time. Refer to an abundance of tips, tricks, and insights. Learn in a self-study format when preparing for Microsoft Dynamics certification exams.
For selected training manuals there are training extensions which cover country specific features in the product. These training extensions are separate training manuals designed to teach local functionality within a given country. Please notice that training extensions are used in conjunction with the Courseware, not as stand-alone training manuals.
Certifications
The Microsoft Dynamics certification program recognizes an individual's expertise in working with a Microsoft Dynamics product for individuals as part of the Microsoft Dynamics certification program.
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Introduction
Microsoft Dynamics Certified Professional
The Microsoft Dynamics Certified Professional credential is intended for professionals who have demonstrated proficiency with at least one series of a Microsoft Dynamics product. In order to become a Microsoft Dynamics Certified Professional, candidates are required to pass one Microsoft Dynamics certification exam.
NOTE: For more information on eLearning, instructor-led training, Courseware, training manuals and certifications for Microsoft Dynamics products visit http://www.microsoft.com/businesssolutions > Services > Training, or email mbsuniv@microsoft.com.
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Objectives
Each chapter begins with a statement of the learning objectives for that chapter. Learning objectives are important because they inform you about what needs to be done to successfully complete the chapter.
Introduction
An introduction sets the stage for the learning to take place and prepares you with key statements of the chapter.
Topics
Chapters are split up into topic areas, usually according to the learning objectives for the chapter. This is especially beneficial in large chapters so that the knowledge and skills to be learned are split up into more manageable units.
Conclusion
The conclusion wraps up the chapter by highlighting the important parts of the chapter as well as providing a transition to the next chapter. The conclusion also offers an opportunity to refresh earlier learning.
Labs
Labs test your skills with the learning concepts presented and learned during a topic or chapter. Labs begin with a scenario paragraph which describes the business problem to be solved, and also sets the stage for the exercise. Solutions to the labs are also provided. Labs may be offered at different levels to accommodate the variety of skills and expertise of each student.
Challenge Yourself!
Challenge Yourself! labs are the most challenging. These exercises are designed for the experienced student who requires little instruction to complete the required task. This level of exercise states the business problem to be solved and describes the tasks the learner needs to complete.
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Introduction
We suggest you try the "Challenge Yourself!" labs first, and if you need help completing the task, look to the information in the "Need a Little Help?" labs.
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Description
This 2 day course explores the advanced financial functionality available in Microsoft Dynamics AX. Some of the topics covered include the set up and usage of budgeting, cash flow management, multi-currency, intercompany, and consolidated accounting. Additionally, students learn the multiple advanced payment options available in Microsoft Dynamics AX, XBRL taxonomy, collection letters and interest and year-end close functionality. This course is meant to be an extension of the Financials I - Microsoft Dynamics AX course by adding advanced topics to the base knowledge covered in Financials I.
Audience
This course is intended for individuals on the implementation team, administrating or using the financial management modules in Microsoft Dynamics AX. This audience typically includes individuals tasked with assessing a customer's business needs and advising them on the use, configuration and customization of the application. Additionally, individuals responsible for training or supporting Microsoft Dynamics AX benefit from this course.
At Course Completion
After completing this course, students should be able to: Understand how to set up and maintain budgets within Microsoft Dynamics AX. Understand the cash flow functionality in Microsoft Dynamics AX. Setup multicurrency and know how to create multicurrency transactions. Understand the steps involved in using the Advanced Payments functionality within Microsoft Dynamics AX. Understand how to set Intercompany accounting and create transactions in more than one company.
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Introduction
Understand the setup and steps involved in consolidating companies. Understand the steps necessary to set up and process collection letters. Understand how to create and use dimensions hierarchies. Understand how to import and use XBRL taxonomy for financials statements. Understand the processes available for a year end close within Microsoft Dynamics AX.
Prerequisites
Before attending this course, students must have: Basic knowledge of accounting principles. An understanding on how to navigate within Microsoft Dynamics AX.
In addition, it is recommended, but not required, that students have completed: The Microsoft Dynamics AX Financials I Microsoft course.
Student Materials
The student kit includes a comprehensive workbook and other necessary materials for this class.
Certification Exams
W1 AX-01-010 - Microsoft Dynamics AX Financials v. 4.0
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Student Objectives
What do you hope to learn by participating in this course? List three main objectives below. 1.
2.
3.
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Chapter 1: Budgeting
CHAPTER 1: BUDGETING
Objectives
The objectives are: Create Budget Models and Submodels Create Period Allocation Keys Enter Budget Numeric Data and General the Budget Generate and Print a Budget Additional Budgeting Functionality Copy and Modify Budgets View Budget Data
Introduction
Budgets are tools that are used to predict what the results of operations will be for a company. In addition, they can be used to compare actual and predicted (budgeted) results, to evaluate the effectiveness of operations. Before generating a budget in Microsoft Dynamics AX 4.0, the following steps must be performed: Set up a budget model Set up a budget submodel Create period allocation keys Enter budget data
This section describes the steps that are required before generating a budget. The budget is generated by running a budget report. After describing the generation of a budget, methods of modifying or creating new budgets are presented.
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Scenario
You are a consultant working with Microsoft Dynamics AX 4.0. One of the clients, the Global Trade & Manufacturing Company, has asked you to provide training to the accounting team on budgets. When the budgeting functionality of Microsoft Dynamics AX 4.0 was implemented at GTM, most of the work and decisions were handled by the accounting manager and controller. Now that GTM has been working with the application for some time, the accounting manager and controller want to be able to delegate the budgeting tasks to others on the accounting team. Your agenda for the training is to cover creating budget models and submodels, creating period allocation keys, entering information for budgets, generating budgets, and modifying and viewing budget data.
Because budget models are hierarchical in nature, submodels may be attached to ordinary budget models. This makes it possible to narrow the recording of results based on an enterprise's needs, whereas still retaining the flexibility to report on all aspects of the enterprise at the same time. Typically, a budget structure is based on correlating the Microsoft Dynamics AX 4.0 budget model and submodel system to the different departments, divisions, or budget responsible persons of the enterprise.
Scenario
The Global Trade & Manufacturing Company's products are sold throughout the United States. The company is organized geographically, with an East Region, a Central Region, and a West Region. GTM views its results by region and also in total. Using budget model structures, GTM can view its budgets by region, combination of regions, and by total company. So that GTM can capture budgets regionally but still maintain the ability to see the total company results, they set up a master budget model for the Total Company, with regional submodels of East, Central, and West. With this budget model set up, GTM can report on and edit budget transactions for the regions separately but still see the total results by pointing instead to the Total Company model. Because the regions are set up as submodels of the Total Company, all the budget information that is contained in the submodels is included in the Total Company.
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Chapter 1: Budgeting
The Budget Model Form
The Budget model form: Enables creation and editing of budget models. Supports several different budget models. Facilitates budget simulations. Supports results comparisons. Can only be built on two-levels. Can contain multiple submodels.
NOTE: Only two levels of submodels are considered in calculating budget balances.
2. Click Ctrl+N to create a new record. 3. In the Budget Model field, type the name. 4. In the Name field, type a description of the budget model. 5. Select the Cashflow forecasts check box to apply cashflow forecasts to this model.
NOTE: Select the Stopped check box when the budget model is blocked for modifications. Selecting this field protects against unintentional editing.
2. On the Overview tab, click the budget model to which the submodel will be attached. 3. Click the Submodel tab. 4. Click Ctrl+N to create a new record, click the arrow, and then click the submodel to be attached to this model.
NOTE: Additional functionality with regard to Budget Models and Cost Accounting is described in the Cost Accounting content.
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Challenge Yourself!
The first step is to create the budget model.
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Chapter 1: Budgeting
NOTE: Period allocation keys are also used in Inventory management; for more information, see the Trade & Logistics content.
Scenario
The Global Trade & Manufacturing Company recently began using Microsoft Dynamics AX 4.0, and want to take advantage of the Period allocation keys feature to help set up their budgets. Some of GTM's budgets are evenly allocated over the accounting periods, and some are allocated irregularly to coincide with different revenue cycles.
2. Click Wizard. 3. On the Welcome screen, click Next. 4. In the Per field, enter the number of units (days, months, years) between each allocation line. 5. In the Unit field, click the arrow, and then click the unit type, either days, months, or years. 6. In the Period field, type the length of the period for which allocation lines will be created, for example, 365. A number will be suggested depending on the values in the Per and Unit fields. 7. Select the Fixed check box to start the allocation from the opening period date of the year. If the check box is not selected, allocation will start from the system date.
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Chapter 1: Budgeting
GENERAL LEDGERSETUPPERIODSPERIOD ALLOCATION KEYSWIZARD
17. Click Next. 18. Confirm the proposed allocations, and then click Finish. If the suggested allocations are not satisfactory, click Back or Cancel. To view the allocation graphically: 19. On the Period allocation key form, click the Graphics tab. 20. Click Setup to modify the Graphics setup. For more information about the fields on this form, press F1 to access Online Help. 21. Close all the forms.
2. Click Ctrl+N to create a new key. 3. In the Period Key field, type the name of the key. 4. In the Name field, type a description for the key.
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10. Repeat steps 7 through 9 until the period allocation keys are set up and the total allocation percentage amounts to 100. 11. Click the Dimension tab. 12. In the Department field, click the arrow, and then click the department dimension related to this allocation key. Repeat this step for each line to which a department dimension is to be assigned. 13. In the Cost center field, click the arrow, and then click the cost center dimension related to this allocation key. Repeat this step for each line to which a cost center dimension is to be assigned. 14. In the Purpose field, click the arrow, and then click the purpose dimension related to this allocation key. Repeat this step for each line to which a purpose dimension is to be assigned. 15. Close the form. To view the allocation graphically: 16. On the Period allocation key form, click the Graphics tab. 17. Click Setup to modify the Graphics setup. For more information about the fields on this form, press F1 to access Online Help. 18. Close all the forms.
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Chapter 1: Budgeting
Procedure: Copying an Existing Period Allocation Key
To copy an existing Period allocation key: 1. From the Navigation pane, click GENERAL LEDGER SETUP
PERIODSPERIOD ALLOCATION KEYS.
2. Click Ctrl+N to create a new key. 3. In the Period Key field, type the name of the key. 4. In the Name field, type a description for the key. 5. Select the Fixed check box to start the allocation from the opening period date of the year. If the check box is not selected, allocation will start from the system date. 6. Click Copy. 7. In the From key field, click the arrow, and then click the Allocation key to be copied. 8. Click OK. 9. Click Lines to modify any of the allocations that have been copied. 10. Close the form. To view the allocation graphically: 11. On the Period allocation key form, click the Graphics tab. 12. Click Setup to modify the Graphics setup. For more information about the fields on this form, press F1 to access Online Help. 13. Close all the forms.
2. Click Ctrl+N to create a new key. 3. In the Period Key field, type the name of the key. 4. In the Name field, type a description for the key. 5. Select the Fixed check box to start the allocation from the opening period date of the year. If the check box is not selected, allocation will start from the system date. 6. Click Balances. 7. Click Select. A standard Microsoft Dynamics AX 4.0 query screen will display. Specify the criteria that can be used to calculate the distribution basis of the allocation key.
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Chapter 1: Budgeting
Challenge Yourself!
Use the Period Allocation Key Wizard!
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The ledger budget is accessed by clicking GENERAL LEDGERLEDGER BUDGET. Alternatively, by clicking Chart of Accounts, selecting a ledger account, and then clicking Ledger budget, that budget will display.
Scenario
The Global Trade & Manufacturing Company, as part of the process of implementing Microsoft Dynamics AX 4.0, has begun to create budgets in the application. The accountant responsible for creating budgets has already created several budget models and submodels and also a period allocation key for every budgeting period used by GTM. He or she can now create the budgets.
2. Confirm that the Show Report Transaction check box has been cleared. 3. Click Ctrl+N to create a new record. 4. In the Model field, click the arrow, and then select the model budget for this record. It is possible to use several budget models for the same account to run different scenarios. 5. In the Ledger account field, click the arrow, and then click the ledger account number to be budgeted. 6. In the Date field, enter the date. 7. The Comments and Currency fields default, but can be edited if it is necessary. 8. In the Amount field, type the budget amount.
NOTE: The budget amount is entered with a minus before credit amounts.
9. Click the General tab. 10. Click the Method field arrow, and then select Key.
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Chapter 1: Budgeting
11. In the Period Key field, click the arrow, and then click the period key that can be used to allocate this budget. 12. Click the Setup tab. 13. Select the Active check box on the Setup tab if the amount entered should be included in the current budget. The field is selected by default. 14. Select the Cashflow forecast check box to include the current budget transaction in cashflow forecast calculations in General ledger. The default value for this field is determined by the Budget model selected during setup.
CAUTION: Remember that a Cashflow Forecast is just that a forecast regardless of where the numbers come from.
15. In the Sales Tax Group field, click the arrow, and then click the sales tax specification for this budget transaction. The default value for this field is determined by the related ledger account in the Chart of Accounts 16. Repeat steps 3 through 15 for additional lines in the budget.
NOTE: It is possible to import a budget from a Microsoft Excel template. For information about how to import data, refer to the Administration course content. CAUTION: Before using the budgeting features in Microsoft Dynamics AX 4.0, set up a Budget model using GENERAL LEDGERSETUPBUDGET MODEL. This is described in the Budget model section of this content.
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After these steps have been completed, it is possible to generate a budget, using the setups required by the business. The budget is generated by creating the report.
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Chapter 1: Budgeting
Challenge Yourself!
Remember you are entering data for a ledger budget.
NOTE: Labs 1.1 and 1.2 must be completed before starting this lab.
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2. Click the Quantity field, and type the number of items to be consumed. 3. Click the Price field, and type the price of the item. The budget Amount field will be populated.
2. In the Method field, click the arrow, and select the allocation method:
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Chapter 1: Budgeting
None No assignment occurs. Period Fill in the Quantity with the number of units in the Unit field. Using this method replicates the original amount, based on the budgeting unit and the end date. Key The budget is assigned according to the period allocation key specified in the Period key field. This method can be used to take seasonal variation into account.
3. If Period has been selected as the Method, in the Quantity field, enter the number of the Unit that will be used between lines. 4. If Period has been selected as the Method, in the Unit field, click the arrow and select the time unit: days, months, or years that will be used between lines. 5. In the End field, type the last date of the posting period for this transaction. 6. If Key has been selected as the Method, in the Period key field, click the arrow, and then click the period allocation key that will be used to generate this budget. 7. Select the Stop check box to exclude these budget transactions subsequent allocations.
2. Click the account to be viewed. 3. Click Transactions. 4. Data on the Transactions form is not editable, but related data can be displayed: Click Voucher to view related ledger transactions. Click Origin to view transactions in other modules that generated this transaction. Click Audit trail to view the global audit trail with details on who created which transactions and where and when those transactions were created. Click Posted sales tax to view posted sales tax transactions and itemization of each tax.
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Chapter 1: Budgeting
3. Click the Setup button. 4. Select the setup features to be applied to the line: Click Allocation terms to alter the allocation of costs, incorporate cashflow affect, and set up period allocation keys and budget transactions for this line.
EXAMPLE: If cost of goods sold constitutes 30 % of total sales and freight constitutes 2% of total sales, use allocation terms to generate the COGS and freight transactions in your budget automatically.
Click Period allocation keys to allocate the amount of the budget. Click Settlement terms to transfer part of the balance to a different account. When setting up a budget, establish the terms for how variances are treated, specifically the account and offset accounts to which the amounts are posted, under which conditions variances are posted (Value type), and the starting date for these terms. These Value types can be selected: o Maximum: If the actual amount exceeds the amount budgeted. o Minimum: If the actual amount falls under the minimum budgeted. o Equal: If the actual amount is equal to the budgeted amount. o Percent: If the actual amount varies from the budgeted amount by the percentage specified. Click Cashflow forecast to set up a cashflow forecast based on the budget line.
Editing Budgets
Budget lines can be edited using the edit feature in Microsoft Dynamics AX 4.0. Using the edit feature, existing budgets can be: Copied Updated Deleted
Specifically, the budget model, accounts, dimensions, and calendar units can be changed.
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2. Click the line to be edited. 3. Click Edit. 4. Click Budget Change, click the arrow, and then click: Copy Update Delete
5. Complete the Edit budget transactions form. For information about the fields on this form, press F1 to access Online Help.
2. Click the line to be transferred. 3. Click Transfer balances. 4. Complete the Transfer balances to budget form. For information about the fields on this form, press F1 to access Online Help.
Simulating Budgets
In Microsoft Dynamics AX 4.0, it is possible to simulate budgets using allocation or budget settlements.
2. Click the line that will be used for the simulation. 3. Click SIMULATIONALLOCATION to simulate a budget using allocations.
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Chapter 1: Budgeting
4. Click SIMULATIONBUDGET SETTLEMENT to simulate a budget using settlement of a budgeted balance to transfer part of the balance to a different account.
2. Click the line for which the forecast is to be viewed. 3. Click Cashflow Forecasts.
Viewing Statistics
In Microsoft Dynamics AX 4.0, it is possible to view statistics. Display of the statistics is in graphical format, and can be modified by clicking Select setup or Statistics intervals.
2. Click the line for which statistics are to be viewed. 3. Click Statistics. 4. To modify display of the statistics: Click Select setup. For information about the fields on this form, press F1 to access Online Help.
Click Statistics intervals. For information about the fields on this form, press F1 to access Online Help.
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Conclusion
This section provided an overview of budgeting functionality in Microsoft Dynamics AX 4.0. This includes the following areas: Creating budget models. Creating budget submodels and attaching them to budget models. Creating period allocation keys. Entering budget data. Generating budgets. Copying and modifying budgets. Viewing budget information.
With Microsoft Dynamics AX 4.0's budgeting features, users can copy, modify, and allocate existing budgets, forecasts, and transactions to create new budgets.
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Chapter 1: Budgeting
8. Name three forms that can be viewed from the Ledger budget.
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Introduction
Microsoft Dynamics AX 4.0 cash flow forecasting and currency requirement tools are used to estimate the company's future need for cash. To have a reliable cash flow forecast, functionality is available to: Identify and list all the liquidity accounts, that is the company's cash or cash-equivalent accounts. Identify and set up the forecasts of transactions that affect the company's liquidity accounts. Calculate, view, and print cash flow forecasts and calculate and display currency requirement. Control the level of cash flow forecast integration by either selecting a very simple setup for cash flow forecasts, or by setting up many parameters to enable forecasting in many areas.
The cash flow statement is an accounting requirement in some countries and/or for certain types of companies, for example, publicly traded companies. To build a cash flow statement in Microsoft Dynamics AX 4.0, use the financial statement functionality. For more information about cash flow statements, refer to the Financial Statements section of this content.
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The following table shows the relationship between the modules in Microsoft Dynamics AX 4.0 and the cash receipts and disbursements. Module Sales order Purchase order Accounts receivable Accounts payable Ledger (budget) Ledger (transactions) Transactions Sales orders not yet invoiced. Purchase orders not yet invoiced. Open transactions, invoices not yet paid. Open transactions, invoices not yet paid. Entered transactions in budgets marked for cash flow forecast. Transactions on accounts that have future cash flow transactions posting specified, for example payment of taxes. Entered transactions in budgets marked for cash flow forecast. Entered transactions in budgets marked for cash flow forecast.
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The fields of interest are those in the Cash flow forecast field group. For the first four fields, an arrow is available that accesses the options set up in the Terms of payment table (ACCOUNTS PAYABLESETUPPAYMENTSTERMS OF PAYMENT).
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Challenge Yourself!
Locate and note the relevant setups in the Accounts receivables parameters.
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Challenge Yourself!
Locate and note the relevant setups in the Customer posting profile form.
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2. In the Terms of payment field, use the arrow to select the appropriate code. If the Terms of payment are specified on the sales order / purchase order or the customer / vendor, they have larger priority than the customer / vendor group terms of payment. 3. In the Settle period, use the arrow to select the code that represents the predicted delay between the due date and the date of cash receipt / payment. When an entry is made in this field, it overrides any entry made in the Accounts receivable / Accounts payable parameters for activity associated with the customer / vendor group.
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Challenge Yourself!
Determine the customer group assigned to customer 4003 and then review the setup for the customer group.
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5. In the Percent field, enter 100.00. 6. Leave the Terms of payment field blank. 7. Leave the Posting type field blank. 8. In the Ledger account field, enter the number of the account selected. 9. Close the Set up cash flow forecasts form. 10. Close the Chart of accounts form.
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Challenge Yourself!
Enter the necessary set up in the Chart of Accounts.
2. Click the appropriate account. 3. Click Setup. 4. Click Cash flow forecast. 5. If it is necessary, press CTRL+N to add a line. 6. In the Percent field, enter the percentage to include in the cash flow forecast. 7. In the Terms of payment field, use the arrow to select the terms of payment that will be used in the cash flow forecast.
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Challenge Yourself!
Enter the necessary set up in the Chart of Accounts.
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4. In the Cash flow forecasts field, select the field. 5. Close the Budget model form.
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Challenge Yourself!
Create a budget entry using the information provided.
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Use the following information to create the sales order. Field Customer account Requested receipt date Requested ship date Item number System date Quantity Deliver now (quantity) Value 4003 06/22/2006 06/22/2006 B-R14 06/01/2006 1000 1000
Challenge Yourself!
Create a sales order in Accounts Receivable. PostPacking slip the shipment. View the cash flow forecast from the sales order. Use your notes on setup to determine how the dates in cash flow were determined.
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2. In the Calculate cash flow forecasts? field, use the arrow to select Total or New. 3. Click OK. Microsoft Dynamics AX 4.0 displays an Infolog form when the calculation is completed.
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Challenge Yourself!
View the cash flow forecast for account 110180. Look for the budget entry on 06/20/2006.
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Action Click the line there is interest in, and then click INQUIRIESCASH FLOW FORECASTS. Click the line there is interest in, and then click INQUIRIESCASH FLOW FORECASTS. Click the line there is interest in, and then click INQUIRYCASH FLOW FORECASTS. Click the line there is interest in, and then click CASH FLOW FORECASTS. Click the line there is interest in, and then click FORECASTINGPURCHASE / SALES /
INVENTORY.
Cash flow reports can be printed when viewing the data online. To do this, click FILEPRINT / PRINT PREVIEW from the menu bar.
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Conclusion
This section described the setups and online review of cash flow forecasts using Microsoft Dynamics AX 4.0. Users who decide to use the functionality discussed in this section may help their company in planning ahead to meet cash requirements.
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Chapter 3: Multicurrency
CHAPTER 3: MULTICURRENCY
Objectives
The objectives are: Run Exchange Rate Adjustments in General Ledger Run Exchange Rate Adjustments in Accounts Receivable and Accounts Payable Set Up Currency Rounding
Introduction
Microsoft Dynamics AX 4.0 works with multiple currencies and provides several methods to meet the accounting requirements in different countries. The basics of setting up currencies and exchange rates are covered in the Financials I course. This chapter describes advanced currency topics such as exchange rate adjustments. Exchange rates constantly fluctuate; therefore, exchange rate adjustments are necessary for correct periodic accounting. If they are not periodically adjusted to reflect the current rates, foreign amounts converted and posted to the General Ledger, and displayed in reports can be misleading.
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The adjustments are performed on: Ledger accounts in General Ledger Customers in Accounts Receivable Vendors in Accounts Payable
CAUTION: Only adjust exchange rates from one of the modules. If, for example, exchange rates are adjusted for customers using the Accounts Receivable module, do not at the same time adjust exchange rates in the General Ledger module. NOTE: Notice the process for Accounts Receivable and Accounts Payable is the same except for the menu the process is accessed from and the module that it affects.
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Chapter 3: Multicurrency
Procedure: Set Up Profit and Loss Accounts
Follow these steps to set up profit and loss accounts to register the exchange rate fluctuations.
GENERAL LEDGERSETUPEXCHANGE RATESPOSTING TAB
1. On the Posting tab, specify the following ledger accounts to track currency profit and losses: Realized loss The account number in the ledger for posting realized loss in the current currency. This is calculated when settlement occurs. Realized profit The account number in the ledger for posting realized profit in the current currency. This is calculated when settlement occurs.
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When the exchange rate accounts are set up, Microsoft Dynamics AX 4.0 is ready to run the exchange rate adjustments.
2. On the General tab, select the Exchange adjustment field. If the Exchange adjustment field is selected, the transactions posted to that ledger account are included in exchange rate adjustments. The currency transactions posted since the last exchange rate adjustment, are adjusted by the difference between the currency exchange rate at the time of posting, and the exchange rate at the time of the adjustment. Any difference is posted on the current account, and an offset transaction is posted on the account for an exchange rate loss/profit set up on the Posting tab in the Exchange rates form.
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Chapter 3: Multicurrency
If the account is a Balance, Asset or Liability account: Specify how the account is to be handled at the time of the adjustment by selecting or deselecting the Monetary option on the General tab in the Chart of Accounts form. When Monetary is checked, the account is revalued at the time of the exchange rate adjustment. For example, do this in a liquidity account, because it is useful to know how much liquidity the company has at the time of the exchange adjustment. If Monetary is not checked, the account is updated by transaction date. This is useful for expense accounts that have no monetary value.
NOTE: By setting up a currency to be included in the Currency converter in the Exchange rates form, view the current balance of an account that uses foreign currency transactions on a specified date by clicking Currency in the status bar. Alternatively, view balances in foreign currencies in General Ledger accounts by clicking Balance in the Chart of Accounts form, and clicking Balance by currency.
2. Use the Exchange adjustment form in GENERAL LEDGER PERIODIC EXCHANGE ADJUSTMENT to run the process for adjusting exchange rates on the ledger accounts eligible for adjustments.
GENERAL LEDGERPERIODICEXCHANGE ADJUSTMENT
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4. When the required fields are completed, click OK to run the process or set it up to run in batch on the Batch tab.
NOTE: If a secondary currency is set up in BASICSETUPCOMPANY INFORMATIONOTHER TAB, then exchange adjustments are made separately for default and secondary currency by selecting the currency in the Currency Code From/Currency Code To fields.
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Chapter 3: Multicurrency
Before running the exchange adjustment, it is recommended to make a simulation to know what the effect of the exchange adjustments are.
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In the Method list, enter the exchange adjustment method: Standard Make adjustments based on the exchange rate used on the date specified in the Date of rate field. Invoice date The program offsets any exchange adjustment that is not already offset. This causes the transaction being valued at its original value. Minimum An adjustment is made if there is a loss, but not if there is a profit.
3. Select the Considered date on which Microsoft Dynamics AX 4.0 finds all transactions that are open on that date and makes an exchange adjustment if it is necessary. Transactions that are open on this date, but settled before the exchange adjustment date are adjusted in the periodic job. 4. In the Date of rate field, enter the date of rate. The date of rate determines the exchange rate used in the exchange adjustment. 5. Click Select to limit and sort the data to be included in the report. 6. Click Options to determine how to print or save the report. 7. Click OK, and view the report. The simulation report lists the current open customer balances in the customer currency and the company currency. The exchange rates used in the simulation are listed.
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Chapter 3: Multicurrency
The finance officer or the accounting manager are now able to run the exchange adjustment knowing in general terms the effect of the adjustment on the company finances.
NOTE: Exchange adjustments are similar in Accounts Receivable and Accounts Payable.
Scenario Run an Exchange Rate Adjustment In the Global Trade and Manufacturing Company, the Accounts Payable administrator is behind with the invoicing: The period's closing date is January 31. The Accounts Payable administrator settles an invoice February 3. When all entries for the concerned period are performed, the finance officer starts the unrealized exchange adjustment. The finance officer runs an exchange adjustment on February 5, but with a considered date of January 31. The invoice settled February 3 is also to be exchange adjusted by January 31.
The exchange adjustment includes all transactions holding open amounts on a considered date. This includes transactions that are currently settled, and opened on the considered date.
1. In ACCOUNTS RECEIVABLEPERIODICEXCHANGE ADJUSTMENT, open the Exchange adjustment form to run the process for adjusting exchange rates on specified customer transactions.
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2. In the Method list, enter the exchange adjustment method: Standard Make adjustments based on the exchange rate used on the date specified in the Date of rate field. Invoice date Make adjustments based on the exchange rate used on the invoice date. Minimum An adjustment is made if there is a loss, but not if there is a profit.
3. Select the Considered date on which Microsoft Dynamics AX 4.0 finds all transactions that are open on that date and makes an exchange adjustment if it is necessary. 4. In the Date of rate field, enter the date of rate. Depending on the exchange adjustment method selected, the transactions are adjusted relative to the exchange rate for the date entered. 5. In the Use posting profile from list, specify which posting profile is used for the exchange rate adjustment. To use the default profile set up in ACCOUNTS RECEIVABLESETUPPARAMETERSLEDGER AND SALES TAX TAB, select Posting. To post the entries resulting from the adjustment differently than specified in the default, select Select.
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Chapter 3: Multicurrency
6. In the Use posting profile from list, specify which posting profile is used for the exchange rate adjustment. To use the default profile set up in ACCOUNTS RECEIVABLESETUPPARAMETERSLEDGER AND SALES TAX TAB, select Posting. To post the entries resulting from the adjustment differently than specified in the default, select Select: None Dimensions are not used. Table The dimensions are retrieved from the customer table. Posting The dimensions are taken from the customer transaction.
7. Click Print to print a report of the exchange rate adjustment. 8. Click OK to run the Exchange Adjustment.
NOTE: The fields on the right side of the window are optional. Click the Select button to open a query window to limit criteria to specific customers, currency codes, and so on. If there are no selections in these fields, the adjustment runs over all customers and currency codes and may take additional time.
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Chapter 3: Multicurrency
2. The Global Trade and Manufacturing runs an exchange rate adjustment one month later with the following setup:
ACCOUNTS PAYABLEPERIODICEXCHANGE ADJUSTMENT
The considered date and the date of rate is one month after the purchase order is posted. 3. After running the exchange adjustment, to view the history for the purchase order on the Metalarbejde A/S vendor account: Click ACCOUNTS PAYABLEVENDORS. Select Metalarbejde A/S. Click TRANSACTIONS or Click ACCOUNTS PAYABLEPERIODICEXCHANGE ADJUSTMENTTRANSACTIONS.
4. To view the unrealized gain, click the Exchange rates form on the Posting tab and view the account set up for unrealized gains. 5. Return to the Chart of Accounts form in GENERAL LEDGER CHART OF ACCOUNTS and view the exchange adjustment transaction on the specific ledger account for unrealized gains. The procedure for running exchange rate adjustments is similar in both Accounts Payable and Accounts Receivable. If exchange rates are being adjusted regularly, it is also recommended to regularly create new currency exchange rate lines in the Exchange rates form. This means that reports and journals are using up-todate exchange rates.
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Challenge Yourself!
Review the currency code, balances, and transaction details for customer 4012 and 4015. Determine whether the exchange rates have been entered for the currencies assigned to 4012 and 4015. Run the exchange rate adjustment.
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Chapter 3: Multicurrency
FIGURE 3-9: EXCHANGE RATES FORMROUND-OFF TAB CAUTION: Be aware that the value entered in the General round-off field affects all values in all modules. Therefore, enter the value 0.01, as this is the smallest unit for all amounts within the whole system that includes, for example, the posted tax amounts.
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Chapter 3: Multicurrency
Challenge Yourself!
Locate the transaction for customer 4015. Locate the exchange rates in effect for GBP at 12/31/05 and 10/1/06.
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Conclusion
Transactions in Microsoft Dynamics AX 4.0 can be recorded in various currencies, even on the same debtor/creditor or ledger account. This is necessary for correct periodic accounting; several calculation methods are available to meet the accounting requirements in different countries. Posted unrealized exchange rate adjustments are automatically reversed when a new exchange rate adjustment job is run or when a realized exchange rate difference is posted for example at settlement.
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Chapter 3: Multicurrency
2. Select which of the following Posting accounts that can be set up in Microsoft Dynamics AX 4.0 for exchange rate adjustments (select all that apply). a. Realized Profit b. Unrealized Profit c. Realized Loss d. Unrealized Loss e. Exchange Rate Adjustment 3. When the balance of a General ledger account is composed of multiple currencies, how is the balance by currency for the account viewed?
5. Is it possible to run a simulation of the results of an exchange rate adjustment in Accounts Payable before executing the process?
6. What three options are available to determine where dimensions will be retrieved from for posting?
7. Is it possible with Microsoft Dynamics AX 4.0 to have different rounding precisions for Sales Orders and Purchase Orders?
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Introduction
This chapter describes the processing and setup of advanced customer and vendor payments in Microsoft Dynamics AX. These advanced payments include the following: Bridging accounts Electronic payments Bills of exchange Prepayments
Also included are several of the options available when setting up a method of payment, and how to use the ledger accrual functionality to defer costs or income throughout the year.
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Bridging Accounts
A vendor payment can be posted either: Directly to the final bank account. Using a bridging account for a two-step posting.
The second step of the two-step posting occurs when a company receives notification from the bank that indicates the payment is completed: 2 Reverse the posting on the temporary account and post the payment to the bank account.
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2. On the Overview tab, press CTRL+N to create a new line, and enter an appropriate identifier, for example, Bridging, in the Method of payment field. 3. In the Period list, select the period the invoices in automatic payment proposals are combined: Invoice One payment transfer is created for each invoice. Date All invoices for a vendor (or customer) with the same due date are combined. Week All invoices for a vendor (or customer) with a due date in the same week are combined. Total All invoices for a vendor (or customer) are combined into one payment.
4. In the Description field, enter a name or short description for the method of payment. 5. In the Days of grace field, enter, if applicable, the number of days the customer is enabled a cash discount after the specified period.
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10. In ACCOUNTS PAYABLEVENDORS on the Payment tab, select the Bridging method of payment in the Method of payment list. 11. In ACCOUNTS PAYABLEJOURNALSPAYMENTSPAYMENT JOURNAL, enter a payment to the vendor. Select a vendor with a bridging method of payment or select the bridging method of payment in the Journals lines form. When selecting a bridging method of payment the offset account is automatically the designated bridging account, and the journal then posts as any other journal. 12. Post the payment journal. 13. When posting from the bridging account to the bank account, create a new or use an existing General journal in GENERAL
LEDGERJOURNALSGENERAL JOURNAL.
14. In the Lines form, click FUNCTIONS SELECT BRIDGED TRANSACTIONS. Highlight the appropriate transaction, click Accept and transfer the bridged transactions to the journal lines. 15. Post the journal. The offset account in this transaction is the bridging account instead of a bank account. The posting reverses the transaction on the bridging account and charges the bank account.
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Challenge Yourself!
Review the posting setup for vendor 3003 and for the Bridging Method of payment. Make any necessary adjustments.
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When working with electronic vendor payments the following issues are most important: How to set up Microsoft Dynamics AX 4.0 for electronic vendor payments. How to process electronic vendor payments.
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2. Start the option for account number validation. This is available on the Setup tab when creating the bank accounts. The drop-down list shows the different, country specific validation methods currently available. The validation from the banks is to prevent people from entering invalid numbers. For example, Danish banks use "modulus 11 controle" which prevents bank account numbers that are too similar, such as 45686 and 45868.
1. Set up the vendor's bank accounts accepting the electronic payments. 2. To validate the correct entry of the bank and bank account, select a validation method similar to selecting validation for the entry of the bank accounts in the previous step. 3. In ACCOUNTS PAYABLEVENDORS on the Payment tab in the Bank account list, select a default bank account for each vendor.
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When setting up methods of payment in the Accounts Payable module, the fields directly related to electronic processing on the Methods of payment form are the Payment status list on the Overview tab, and the File fields on the File formats tab. 1. On the Overview tab in the Payment status list, select the stage the payment journal can be posted. For electronic payments the status is usually set to Approved.
NOTE: The file fields update automatically. They record all the export files that are created for this method of payment.
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3. Make sure the electronic payment method is set up in the Method of payment list.
NOTE: The method of payment is Electronic, and it is set up on the Payment tab on the vendor record as the default method of payment in ACCOUNTS PAYABLE VENDORS.
The Payment status is currently None. This means it is not yet sent to the bank. 4. Now that invoices are selected for payment, send the payment order to the bank to generate the electronic payment.
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From the drop-down list: 6. Select the electronic payment method of payment. 7. Select an export format in the Export format list. 8. Click Dialog and select a file name in the File name list. 9. Click OK to generate the payment, and to print a report for the records. Now the payment is generated for all the payment lines using electronic payment, and the payment status on the line in the journal automatically changes to Sent.
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The confirmation from the bank can be either an electronic return file or a printed list. An electronic return file can only be received from those banks supporting return files and this option has to be set up on the payment method in question. 10. Locate and update generated payments from either the original payment journal or from a special payment transfer journal in
ACCOUNTS PAYABLEJOURNALSPAYMENTSPAYMENT TRANSFER
11. If the return file from the bank is electronic, click Return file Vendor to import it from the Payment Transfer journal.
ACCOUNTS PAYABLEJOURNALSPAYMENTSPAYMENT TRANSFERRETURN FILE VENDOR
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Posting Payments
Electronic payments can be posted either from the original payment journal or from the Payment transfer journal using the Journals and then the Post button. When posting payments: Only the payment lines that have the payment status specified on the method of payment set up can be posted. This controls at what stage of the payment process to allow for posting of the payment.
For electronic payments, the status is usually set to Approved. Update the status any time from either the Payment transfer journal or the Payment journal, using the Payment status button.
From the Payment transfer journal: Create a new journal for just the approved payments to post into. Post bank charges regarding the payment directly from this journal using the Payment fee tab. Set up a default ledger account directly on the method of payment to handle any fees.
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Challenge Yourself!
Review the bank account setups required for electronic payment. Review the necessary setups on the vendor for method of payment and bank account. Review the setup for methods of payment in accounts payable.
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Follow these steps to set up only the differences. 1 Set up the different formats required to process electronic payments on the File formats tab of the electronic method of payment in Accounts Receivable.
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NOTE: Extend the drop-down list for the import format using the Setup button. The Setup button "hides" a list of all file format options available for the company, and by moving it from the section Available to the section Selected, any of those options can be enabled. For the import functionality, select the selected file format on the Import tab page.
Set up the bank accounts on customers the same way bank accounts are set up for vendors.
FIGURE 4-10: LOAD DISK WITH PAYMENTS FORMMETHOD OF PAYMENT FIELD ARROW BUTTON
A dialog box appears to select the method of payment to import the payments. The subsequent window contains a select box to identify the file to import.
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4. Validate and post the payment lines as any other customer payment.
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Challenge Yourself!
Review the bank account setups required for electronic payment. Review the necessary setups on the customer for bank account and method of payment. Review the setup for methods of payment in Accounts Receivable.
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Prepayments
Accounting practice in many countries/regions requires that prepayments or payments in advance from a customer or to a vendor are not posted to the usual summary accounts for the customer or vendor. Instead, these prepayments are posted to special ledger accounts for prepayments. When a sales order or purchase order is made, an invoice is issued to the customer or vendor. During payment of the invoice, the prepayment and sales tax prepayment on the prepayment ledger accounts are reversed. Record prepayments from customers as follows: 1. Set up and post the prepayment to a different ledger account than the summary account for the customer. This is an accounting requirement in most countries. 2. Later, when an invoice is issued against this prepayment, allocate the invoice against the payment directly from the sales order, reversing the original posting of the prepayment on the prepayment account in the ledger.
2. Click ACCOUNTS RECEIVABLESETUPPARAMETERS, and then click the Ledger and sales tax tab.
NOTE: For vendors, click ACCOUNTS PAYABLESETUPPARAMETERS, and then click the Ledger and sales tax tab. To set up prepayment to vendors, follow the same steps as are outlined in this topic, but in the AccountsPayable menu.
3. Select the Sales tax on prepayment check box if sales tax is calculated and posted when posting a prepayment. 4. Enter a posting profile in the Posting profile with prepayment list to indicate the accounts to which the prepayment and prepayment sales taxes are posted. The posting profile selected in this field must include the following: A summary account for prepayments. If the Sales tax on prepayment check box is selected, a ledger account for sales tax prepayments.
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JOURNAL,
3.
In the Payment journal, click Lines, and create the payment line.
4. On the Payment tab, select the Prepayment field. The posting profile changes automatically to the prepayment posting profile.
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Challenge Yourself!
Record the prepayment received from customer 4001.
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Several payment steps can be defined and then attached to a method of payment. The payment steps form the payment process.
1. Enter the step number in the Step number field. This is where the order of the steps is defined, starting with the lowest number. 2. Select a payment step in the Payment step identification list. Values are automatically defaulted in the Description field and in the Step type field. 4. Enter a Posting date in the Posting date field. Use the Payment step posting button to specify the postings to reverse the payment/settlement. Use the Payment fee button to attach a fee calculation to one or several steps, if it is necessary.
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1. Make sure the appropriate posting profiles are set up and designated on the Accounts Receivable parameters.
ACCOUNTS RECEIVABLESETUPPOSTING PROFILES
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Debit Customer summary account Customer summary account Bill of Exchange account
2. Create a journal. 3. Click the Lines button. 4. Select the relevant customer account. 5. Click the Functions button, and then Settlement. 6. Select the open transactions, and post the journal line. A new customer Bill of Exchange transaction is created and immediately settled with the open customer transaction. If several lines are selected in the Open transaction editing form, in the field Period group select invoices by: Invoice Date Week
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Check that status Drawn bills is written up in the inquiry Bill of Exchange statistics.
ACCOUNTS RECEIVABLEINQUIRIESBILL OF EXCHANGEBILL OF EXCHANGE STATISTICS
A draw process generates the following entries in General Ledger: Debit Bill of Exchange summary account Credit Customer summary account
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Notice that Remittance type and Bank account on the Bill of exchange tab page must be selected relative to the status of the Bill of Exchange being protested. For example, if a Bill of Exchange with status Drawn is protested, do not select Remittance type and Bank account. 2. Select the customer account for the invoice; click the Functions button, and then Settlement. 3. Select the open transaction from the invoice; return to journal lines. 4. On the Bill of exchange tab page, in the Protest cause field, select: None Not accepted Not paid
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Notice that transactions must not be partially settled in remittance journals. When posting remittances for discount, the following entries are generated in General Ledger:
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Debit Remit for discount account Ledger account for bank used
Notice that when remittance for collection is posted, the following entries are generated in General Ledger: Credit Bill of Exchange account
When a Bill of Exchange remitted for collection is settled, the following entries are generated in General Ledger:
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Notice that closing an honored Bill of Exchange through the Close button in the Bill of Exchange journal does not change the status in Bill of Exchange statistics from Honored bills to Honored closed bills.
6. Post the journal. 7. Check that a new line with line status Protested and Sequence number 2 is created for the Bill of Exchange in the inquiry Bill of Exchange journal. Check that the bills with a Protested status are written up and the corresponding bills with an Honored status are written down in the inquiry Bill of Exchange statistics.
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The protested Bill of Exchange now completes a new cycle (redrawn, remitted, honored).
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Challenge Yourself!
Create the entries in the t-accounts that are shown here that you would use in your company.
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Ledger Accrual
Most common accounting rules require companies to report income when earned expenses are incurred. Standard practice is to record and recognize revenues and expenses in the period they are incurred, because of their significance to the future income and cash flow of the company. In Microsoft Dynamics AX 4.0, the Accrual schemes feature is implemented to defer the cost or income throughout the year.
1. On the Overview tab, press CTRL+N to create a new accrual scheme and enter an Accrual identification and a Description. 2. On the General tab, enter an account number in the Debit and the Credit lists.
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4. If Single or Multiple is selected in the Voucher list, select a Number sequence code for the voucher numbers. 5. Enter a Transaction text that can be used on all the accrued transactions, for example%1 means Main voucher number. Refer to the Help for additional clarification. If no text is written in this field the transaction text from the main voucher is used. 6. In the Posting date list, select when the accrued transactions should be posted, for example, at the start, Middle or End of month. 7. Select the duration of the accrual in the Calendar type list. The Calendar type has 3 overall possibilities: Calendar, Fiscal and Allocation key. The duration affects how long the accrual schemes are open.
NOTE: The ledger periods have to match the whole duration being defined.
8. Select a Period frequency of Monthly, Quarterly, Yearly or HalfYearly. The period frequency is only available if Calendar or Fiscal is selected in the Calendar type list. 9. Enter the Length to determine how many occasions of the chosen period type, for example 2 years.
NOTE: If Calendar type is the Allocation Key, Length cannot be edited. Select a Period key instead.
10. In the Posting frequency list, select how frequently the postings should occur. 11. In the Value posting list, select Even if all months or quarters should be debited by the same amount, or select Scale if each month should be debited based on the number of days measured relative to the total numbers of days.
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2. Enter a ledger account where the accrual will be recorded. For example, use ledger account 401400, Accrued Sales (shipped not invoiced).
GENERAL LEDGERJOURNALSGENERAL JOURNALLINESFUNCTIONSLEDGER ACCRUALS
3. Select the accrual identification to be processed. 4. View or change the information in the Base amount field. This is the amount from the journal lines less the sales tax amount, because sales taxes are not accrued. 5. Select the starting date for the first accrued transaction. The End date field is automatically filled in based on the configuration in the Accrual schemes form. 6. Select whether the account or the offset account on the journal line is the account to be accrued. The accounts defined in the Accrual schemes form are used as offset accounts for the accrual transactions. 7. Click Transactions to view the generated allocation transactions. The form shows the new transactions with the new data and the new voucher if voucher number is set up. 8. Click OK to accept and return to the journal line.
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NOTE: The accrual feature posts the whole amount at the same time. NOTE: Click Default to return to the original values in the form.
In summary, with the new ledger accrual feature, it is possible to redistribute the costs or revenues of a journal line into the appropriate periods.
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Challenge Yourself!
Set up an Accrual scheme. Use the Accrual scheme in a journal.
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Conclusion
The Advanced Payments chapter describes how to: Create and process a bridging account method of payment. Set up electronic vendor payments. Process electronic vendor payments. Setup electronic customer payments. Receive electronic customer payments. Create a file for debt collection by the bank. Set up prepayments for customers and vendors. Create the prepayment. Post the prepayment. Setup bill of exchange. Process the bill of exchange. Create bill of exchange. Create and apply accrual schemes.
Microsoft Dynamics AX 4.0 offers a variety of functionality to handle customer and vendor payments with basic or more advanced functionality.
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3. There are four steps required to process electronic vendor payments. What are the steps?
4. When setting up customers for electronic payment, are the methods of payment shared between Accounts Payable and Accounts Receivable?
5. Five journal names have to be set up to process activity in the Bill of Exchange journal. What are they?
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2.
3.
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Introduction
Intercompany accounting may be used when accounting processes are centralized for subsidiaries or branch offices. With Intercompany accounting, a single entry can be made which posts to multiple companies. Microsoft Dynamics AX 4.0 provides features to help system set up, process transactions, and trace intercompany transactions.
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FIGURE 5-1: POSTING RESULTS FOR EXAMPLE 1 NOTE: Microsoft Dynamics AX 4.0 makes the entries to the Intercompany accounts in both companies automatically.
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Notice that with Intercompany, both companies have activity posted to the Office Rental Fees account.
NOTE: The accounts created in the Chart of Accounts for scheduled to / due from must be Balance account types for the posting to work correctly.
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NOTE: For Intercompany transactions to post correctly across all related companies, the Journal names have to be the same in all companies.
For more information about how to set up journals and number sequences, refer to the Financial Series and Introduction materials content. As soon as the accounts in the Chart of Accounts and the journals are set up, set up the posting relationships between the companies. Some key considerations are: Posting relationships have to be set up in all the companies. When posting directly between company accounts using journals, posting relationships are not required in the company that is being worked on.
Scenario
You are the controller of The Global Trade & Manufacturing Company. GTM recently decided to start using the Intercompany functionality in Microsoft Dynamics AX 4.0. You must set up GTM and IC3 for Intercompany accounting.
6. Locate account 130800, Due From-Intercompany. 7. In the Account type field, verify the value is Balance. 8. Locate account 211305, Due To-Intercompany. 9. In the Account type field, verify the value is Balance. 10. Close the form. Now, complete the setup for the journal names in GTM. 11. On the Navigation Pane, click GENERAL LEDGERSETUP
JOURNALS JOURNAL NAMES.
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20. Press CTRL+N to add a line if it is required. 21. In the Company accounts field, click the arrow to select the company with which the active (open) company will have Intercompany transactions GTM. 22. In the Name field, the value populates based on the Journal names setup. 23. In the Debit account field, click the arrow to select the account that will be debited for Intercompany transactions for the company selected on the line - 130800. 24. In the Credit account field, click the arrow to select the account that will be debited for Intercompany transactions for the company selected on the line - 211305.
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Challenge Yourself!
Create the necessary setups in IC1 and IC2.
NOTE: The virtual image includes three companies for use with Intercompany IC1, IC2, and IC3; for the labs IC1 and IC2 are used. TIP: Set up a new voucher series with a new number sequence to track intercompany journals more easily.
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Scenario
You are the accountant for The Global Trade & Manufacturing Company. The operations managers of GTM and The IC3 Company traveled together to a divisional meeting in December 2006. The operations manager of GTM charged both of their airline tickets ($700 each) to his credit card. Make an entry in the General Journal that records the $700 expense in IC3.
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6. In the Date field, enter 12/31/2006. 7. In the Account field, enter 601500; this is the account to which the expense was originally posted. 8. In the Transaction text field, enter December airfare. 9. In the Credit field, enter 700. 10. Click the General tab.
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11. In the Offset company accounts field in the Offset account field group, click the arrow to select the correct company IC3.
CAUTION: When selecting a company in the Company accounts and/or Offset company accounts fields, all companies are available. However, posting will only work between companies that have intercompany posting accounts set up.
13. Click the Post button. 14. An Infolog form will appear with information about the post process. 15. Click the Close button. 16. Close the form.
NOTE: When the entry posts, the Infolog form that displays shows that two vouchers posted, one for each company. This helps to verify that the automatic entry posted in the other company.
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Challenge Yourself!
Enter the data and post the entry.
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Now that the entries that should have been made are known, it is time to trace the activity in Microsoft Dynamics AX 4.0.
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On this form, see the credit entry posted on 12/31/2006 for the $700 intercompany transfer. 5. Close the form. Now examine the intercompany account in The Global Trade & Manufacturing Company. 6. Locate account 130800. 7. Click the transactions button. 8. Locate the Intercompany entry.
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See the $700 Debit to the Due From - Intercompany account. 9. Close the form. Now repeat the process for the IC3 Company. 10. Select the appropriate company IC3. 11. Locate account 601500. 12. Click the transactions button. 13. Locate the Intercompany entry.
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On this window, see the $700 debit to the expense account. Now examine the Due To - Intercompany account.
GENERAL LEDGERCHART OF ACCOUNTSACCOUNT 211305TRANSACTIONS BUTTON
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Challenge Yourself!
Trace the entry in IC1 and IC2.
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Conclusion
Intercompany accounting can help by providing a single entry point for transactions that must be recorded to multiple companies. Making transactions from a single company saves data entry time and provides a guarantee that transactions affecting multiple companies are recorded in each company. In addition, with Microsoft Dynamics AX 4.0, it is easy to trace the entries through the system. Microsoft Dynamics AX 4.0 has the functionality required by most companies that process Intercompany transactions. This includes the ability to easily record intercompany sales orders, purchase orders, and cash disbursements.
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3.
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Chapter 6: Consolidations
CHAPTER 6: CONSOLIDATIONS
Objectives
The objectives are: Set Up a Consolidation Company Set Up a Subsidiary Company Perform a Consolidation Consolidating According to the FASB 52 Regulation Consolidations Inquiry View and Delete Consolidation Transactions
Introduction
This chapter demonstrates the functionality and flexibility of Microsoft Dynamics AX 4.0 in consolidating subsidiary companies into a single consolidated (parent) company. Some key features include the ability to: Consolidate companies whether they reside in the same database or in different databases. Map the Chart of Accounts and dimensions in a subsidiary to the consolidated company. Specify how the exchange rate should be calculated for the consolidation, and Designate the percentage of ownership that should roll into the consolidated company from the subsidiary.
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Chapter 6: Consolidations
CAUTION: If selecting the Consolidated company accounts entries cannot be made in the company. If trying to post an entry, an Infolog error is received.
2. In the lines, press CTRL+N to add a line. 3. In the Posting type field use the arrow to select one of the following: Balance account for consolidation differences if consolidating an integrated foreign subsidiary, or Profit & loss account for consolidation differences if consolidating a self-sustaining subsidiary or a company that contains the results of several self-sustaining subsidiaries and using translation methods to consolidate the data.
4. In the Ledger account field use the arrow to select the appropriate account.
GENERAL LEDGERSETUPPOSTINGSYSTEM ACCOUNTS
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3. For each currency, use one of the following methods. Add the exchange rates for each currency, as discussed in the General Ledger Set Up content, or In the Closing rate and Average rate fields on the Consolidate tab, enter a fixed exchange rate.
NOTE: Generally, the value in the Closing rate field is used for balance sheet accounts and the value in the Average rate field is used for profit and loss accounts.
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Chapter 6: Consolidations
4. Close the form. 5. From the Navigation Pane, click BASICSETUPCOMPANY INFORMATIONOTHER TAB. 6. In the Currency field use the arrow to select the currency for the parent company.
2. In the Consolidation conversion field, click the arrow to select between Average, Closing, and Historical. Select Historical to use the exchange rates set up for the currency in the consolidated company to value the transactions. Select Closing or Average to use the rates entered in the Closing rate and Average rate fields on the Consolidate tab to value the transactions.
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Challenge Yourself!
Create a new company named The Consolidated GTM Company in the database. Set the general ledger parameter for the consolidation.
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Chapter 6: Consolidations
Currency USD
Challenge Yourself!
Set up the system account in the consolidated company. Set the up the currency in the consolidated company.
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Chapter 6: Consolidations
Challenge Yourself!
Designate that account 618160 will use the closing rate for consolidation purposes.
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The next situation is one where the consolidated company does not have a Chart of Accounts and the subsidiary Chart of Accounts is being used in the consolidated company. There are two options when using this method: Enter a manual mapping on the Chart of Accounts in the subsidiary. This causes the mapped accounts to be created automatically.
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Chapter 6: Consolidations
Do not enter any mapping. This causes the Chart of Accounts to be created in the consolidated company as data is transferred from the subsidiary.
When performing this kind of consolidation, the Consolidation account field must not be selected.
NOTE: This method is not appropriate for consolidation of a foreign currency subsidiary because conversion principles cannot be applied.
The last situation is when there is a different Chart of Accounts structure in the consolidated company and the subsidiary. In this case, each account in the subsidiary must be mapped to the consolidated company.
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Dimensions
If planning to prepare reports and financial statements using dimensions in the consolidated company, map the dimensions used in the subsidiary to the consolidated company dimensions. During consolidation, balances and transactions are transferred from the subsidiary company to the consolidated company, according to assigned dimensions. For this transfer to occur, the value Group dimension must be selected in the Item configurations field on the Dimensions tab in the Consolidation, Export, and Consolidation, Online forms in which subsidiary accounts are added to the consolidated company. To simplify the dimension structure of the consolidated company, the same consolidated company dimension must be assigned to several subsidiary dimensions.
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Chapter 6: Consolidations
NOTE: For the transfers to occur as planned during consolidation, Consolidation account should be selected.
TIP: Set up a new department dimension in the consolidated company to be the consolidated company such as GTM in the examples. This helps identify where the consolidated entries originated.
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Challenge Yourself!
Give your opinion about the request from the chief financial officer.
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Chapter 6: Consolidations
Perform a Consolidation
Microsoft Dynamics AX 4.0 supports the following options to perform consolidations: From the same database using the Online option. From and, or to another database using the Import/Export option.
NOTE: Before performing a consolidation at the close of a period make sure that the period closing preparatory activities are performed but do not close the subsidiary accounts until the consolidation is completed.
2. On the Criteria tab, specify a range of accounts, a period of time, and budget model(s) to use for the consolidation. 3. On the Criteria tab, select Consolidation account to use the account mapped in the subsidiary company or if the Chart of Accounts are the same in the subsidiary and the consolidated company. 4. On the Criteria tab, select Current or Budget to include transactions or budget. 5. On the Criteria tab, select Exchange adjustment for the ledger transactions in the subsidiary to be adjusted during consolidation using the data specified on the Exchange rates form. 6. On the Dimension tab, specify the dimensions for which data should be consolidated from the subsidiary. 7. On the Companies tab, enter a line for each subsidiary company that indicates the percentage of ownership and whether exchange differences are posted to a balance sheet or profit and loss account. 8. On the Description tab, enter a meaningful description for the consolidation. 9. Click OK to process the consolidation immediately or use Batch to run the consolidation as a batch job.
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2. On the Criteria tab, specify a range of accounts, a period of time, and budget model(s) to use for the export. In addition, the Consolidation account field can be selected if the Chart of Accounts is not set up in the consolidated company. 3. On the Criteria tab, select Consolidation account to use the account mapped in the subsidiary company or if the Chart of Accounts are the same in the subsidiary and the consolidated company. 4. On the Criteria tab, select Current or Budget to include transactions or budget. 5. On the Criteria tab, select Exchange adjustment for the ledger transactions in the subsidiary to be adjusted during consolidation using the data specified on the Exchange rates form. 6. On the Dimension tab, specify the dimensions for which data should be exported from the subsidiary. 7. On the Companies tab, enter a line for each subsidiary company that indicates the percentage of ownership and whether exchange differences are posted to a balance sheet or profit and loss account. 8. Click OK to process the export immediately or use Batch to run the export as a batch job. 9. When the export is finished, a message is received that lists the number of records saved in each file. The files are ready for importing into the consolidated company.
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Chapter 6: Consolidations
3. On the Criteria tab, select Consolidation account to use the account mapped in the subsidiary company or if the Chart of Accounts are the same in the subsidiary and the consolidated company. 4. On the Criteria tab, select Current or Budget to include transactions or budget. 5. On the Criteria tab, select Exchange adjustment for the ledger transactions in the subsidiary to be adjusted during consolidation using the data specified on the Exchange rates form. 6. On the Dimension tab, specify the dimensions for which data should be imported from the subsidiary. 7. On the Companies tab, enter a line for each subsidiary company that indicates the percentage of ownership and whether exchange differences are posted to a balance sheet or profit and loss account. 8. Click OK to process the import immediately or use Batch to run the import as a batch job.
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Challenge Yourself!
Perform a consolidation of The Global Trade & Manufacturing Company.
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Chapter 6: Consolidations
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The conversion methods are as follows: Average The subsidiary amounts are converted by the exchange rate that is entered for each foreign currency in the Average rate field on the Consolidate tab of the Exchange rates form. Closing The subsidiary amounts are converted by the exchange rate that is entered for each foreign currency in the Closing rate field on the Consolidate tab of the Exchange rates form. The closing rate is the rate that applies to the last date in the period. Historical The subsidiary amounts are converted by the historical exchange rate for the foreign currency as defined for periods of the year by the From Date field on the Exchange rate tab of the Exchange rates form.
The consolidation then reviews the account to locate the translation method one account at a time. A translation method is an accounting convention that determines how the accounts of a foreign subsidiary are transferred to a consolidated company and the exchange rate that applies to data coming into various kinds of consolidated company ledger accounts. The translation method that is appropriate depends on how the foreign subsidiary is related to the core business of the consolidated company and on the accounting practices of the country/region in which the consolidated company is located.
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Chapter 6: Consolidations
A foreign subsidiary can be an integrated part of the consolidated company's business or an independent self-sustaining business that has no relationship to the core business. The lists in the following list are examples of translation methods for various ledger accounts of two types of subsidiaries in a fictitious country/region. Ledger account Temporal method Integrated foreign business subsidiary Closing Closing Closing Historical Historical Historical Current rate method Independent foreign subsidiary Closing Closing Closing Closing Closing Closing
Cash and Receivables Marketable Securities Inventory, Market Value Inventory, Cost Prepaid Expenses Property, Plant & Equipment
Exchange rate form on the Consolidate tab, Monetary accounts and Nonmonetary accounts are removed, and two new fields are added: Closing rate Average rate
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The new and renamed features include the following: A new Profit & Loss system account is added for consolidation differences, and The current Consolidation difference field is renamed to Balance account for consolidation differences.
The Conversion difference accounts list has 2 elements: Balance Profit & Loss
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Chapter 6: Consolidations
Select one Consolidation difference account for every company account. All company accounts that have the Consolidation difference accounts set to Balance have differences posted on the Consolidation difference for balance system account. All company accounts that have the Consolidation difference account Profit & loss have differences posted on the Consolidation difference for profit & loss system account.
4. Set up the consolidation difference accounts for the company accounts and then click OK to consolidate. The new consolidation FASB 52 feature includes: New conversion methods. A new system account for consolidation.
With the new features implemented, Microsoft Dynamics AX 4.0 complies with the IAS and FASB consolidation requirements.
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7. In period 1, post a COD sales transaction for SUB 100 in the subsidiary. 8. Debit the bank account and offset the amount in the Profit and loss account. 9. Prepare the online consolidation in the consolidated company in the Consolidate [Online] form. Among other things, enter the subsidiary in the Company field and select Profit and loss in the Conversion difference accounts posting field. (In the System accounts form as explained in Step 3 - a posting account is defined for Profit and loss conversion differences.) 10. Run the online consolidation for period 1.
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Chapter 6: Consolidations
11. Close period 1 in the subsidiary and the consolidated company. This includes making an accumulation in Equity with the Profit and loss accounts result. 12. Open period 2 in both the subsidiary and the consolidation company. 13. In period 2, post two transactions in the subsidiary: 14. COD Sale of SUB 100 in debit on the bank account that has an offset transaction in Profit and loss 15. A transaction of SUB 50 in debit on the bank account (capital infusion) and an offset transaction in the equity account. 16. In the Currency form of the consolidated company, change the values in the Average and Closing exchange rate fields for the SUB currency as indicated in the following table. 17. Run the consolidation for period 2, and close period 2 in the subsidiary and the consolidation company. 18. Check that the ending balances in the Bank and the Equity accounts are the same. 19. View the two different transactions in the consolidated company: CNS 25 that is related to the incoming capital transaction. CNS 100 that is related to the COD Sale transaction.
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Chapter 6: Consolidations
Consolidations Inquiry
After performing a consolidation, it may be necessary to review the entries that are created. Microsoft Dynamics AX 4.0 has functionality to facilitate the review of the consolidation entries. From the Navigation Pane, click GENERAL LEDGERINQUIRIESCONSOLIDATIONS.
GENERAL LEDGERINQUIRIESCONSOLIDATIONS
The Overview tab provides a list of all the entries created through the consolidation process. In addition to the information about the Overview tab, the General tab displays the time the entry was created and the user id of the person who created the entry. The Transactions button has options of Current or Budget. This enables the display of the consolidation entries that are created.
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Challenge Yourself!
View the transactions from the consolidation.
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Chapter 6: Consolidations
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Challenge Yourself!
Remove the transactions resulting from the initial consolidation.
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Chapter 6: Consolidations
Conclusion
This section described the setting up and processing of a consolidation using Microsoft Dynamics AX 4.0. The improvements implemented in Microsoft Dynamics AX 4.0 include the ability to fully comply with FASB 52. Users who decide to apply the information provided can set up their system for consolidations.
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2. Should transactions other than the consolidation transactions be processed in a consolidated company?
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Chapter 6: Consolidations
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Introduction
Although most customers pay their invoices on time, it is necessary to be able to process invoices that are not paid by their due date. This chapter describes how to set up and process collection letters and interest notes for these situations. Whether the preference is for only one collection letter procedure for all customers or several different collection procedures, Microsoft Dynamics AX can handle both. Decide which steps to include for each of the collection procedures. For example, whether a fee is charged to the customer, how many days of grace allowed, and what the minimum due is for each collection letter. As for interest calculation, specify the rules for interest calculation and posting.
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Collection Letters
When a customer does not pay an invoice, a company, depending on its company policy, and the customer, usually sends a collection letter. Additionally, the company has the ability to connect a fee to be charged on each collection letter, with the fee added to the customer's collection letter balance. A choice exists in the type of collection letter sent usually depending on how late the customer is in their payments. A collection letter has a standard layout that can only be modified in the Application Object Tree (AOT). However, there is an option to set up specific notes to print on a collection letter within a specific sequence.
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Next the collection letter sequence needs to be defined. In the Collection letter form, the number of collection letters, the timeframe, fees, and so on are set up. A company can choose to set up more than one sequence depending on the need. For example, a different sequence can be setup for different types of customers. The collection letter sequence is defined by the posting profile being used for a customer. Step 3 in the following checklist discusses how to attach sequences to posting profiles.
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2. Press CTRL+N to create a new record in the upper part of the form, this is where the new collection letter sequence is created. Use the lines at the bottom of the form to define the sequence.
ACCOUNTS RECEIVABLESETUPINTEREST AND COLLECTION LETTERCOLLECTION LETTER
3. Enter a code for the sequence in the Collection letter sequence field and enter a Description. 4. In the Terms of payment list, select a method of payment if the company wants to attach a payment method to the collection letter. 4. Move to the lower part of the form. Use the Lines tab and create a new record. 5. Select a Collection letter code. Collection letters work sequentially. This means, a collection letter 2 cannot print for a customer unless a collection letter 1 has already printed. Additionally, the selection made in the parameters determines which letter is sent to the customer. This does not mean all the predefined collection letters need to be used. For example, Collection letter sequence could have one of the following structures:
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Sequence 2 Collection letter 1 Collection letter 2 Collection letter 3 Collection letter 4 Collection
6. Enter a Description of the code. This is for reference only. 7. Enter the amount and the fee being charged in Currency. This defaults to the company currency. Select the Ledger account and Amount of the fee and an Item sales tax group for calculating tax on the fee. 8. Enter a Minimum amount if the invoice is under a certain dollar amount and if a collection letter is not being sent.
NOTE: The date for Collection letter 1 is in relation to the due date on the invoice. Collection letter 2 and up is in relation to the set up of the Accounts Receivable parameters. NOTE: Only customers who have this currency code are marked up with the fee specified in the Fee in currency field. It is possible to have several lines with the same collection letter code and different currency codes. The fee is calculated in the specified currency and the transactions are listed in the original currency in the collection letter.
9. Enter the number of Days past the invoice due date the payment has to be late before sending the collection letter. 10. Check Block to block any additional sales transactions to the customer as soon as this stage of collection is reached. The collection letter sequence can continue, but the block has to be removed manually from the customer record. 11. To add or edit the note for a collection letter, use the Note tab. The note entered is only used for this sequence. Any writing or messages entered on the Note tab appears at the bottom of the collection letter and overrides the note normally associated with the letter if it is set up in the Accounts Receivable forms section. Repeat these steps for each collection letter in the sequence.
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Therefore, there can be a different set up for different customers, or groups of customers on the same posting profile.
ACCOUNTS RECEIVABLESETUPPOSTING PROFILES
The last step is to set up the Accounts Receivable parameter specific to collection letters.
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2. In the Update collection letter code list, select when the collection letter sequence is updated to the next step. The update collection letter code determines which letter is sent to a customer when multiple invoices with multiple aging enter the collection process. Select: Printout for a separate letter for each aging group Posting for one letter to be created for all past-due items.
Example
Parameter set to Printout. A customer has two invoices due on the execution date: Voucher 1000 1001 Amount 1000 USD 2000 USD
A Collection letter job is executed with the parameter "All." This results in one collection letter with two postings for collection letter 1. Then the collection letter is printed (and not posted). Now, assume the customer has a new invoice due: Voucher 1002 Amount 4000 USD
Again, a Collection letter job is executed with the parameter "All." The result is one collection letter 1 with one posting with the new voucher 1002, and one collection letter 2 with 2 postings with voucher 1000 and 1001.
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2. Check the Invoice, Credit note, Payment, and Interest options if the collection letters are to be calculated on those options. 3. Select the Collection letter for the process to run. Collection letters MUST be processed in the sequence defined in the collection letter sequence. Collection letter 2 cannot be processed unless collection letter 1 is previously processed.
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The collection letter jobs can be printed, posted, or canceled in the Collection letter notes form. If a specific collection letter does not need to post, cancel the letter by highlighting the line and pressing cancel. A group of letters can be canceled by pressing the cancel button and entering selection criteria. Additionally, fees can be added, wording changed, and so on, before posting. As soon as the letter is posted, no changes are allowed. It is not unusual to wait to post the collection letter fees until the customer has actually paid the fee. In most cases, the customer does not pay the fee at all, and therefore the collection letter remains in this form and is eventually canceled after the invoice is paid. The collection letter (with a fee attached) should only be posted in the event the customer actually pays the fee.
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NOTE: If the Printed option is checked, the current collection letter is printed.
3. On the General tab, select other options for detailed information about the collection letter. On the Transaction tab display the transactions the collection letter is created for. Enter any necessary address information, notes, or dimensions on the appropriate tabs. 4. Highlight the collection letter(s) to print, and then click the Print button. To post, click the Post button.
NOTE: Any changes or deletions of base data or collection letter records must be made before printing and posting.
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After setting up the Collection letter and sequence: Run a Collection Letter job for the first collection letter. Use today's date. Print the letter. Run a Collection letter job for the final collection letter. Use a date 15 days past today's date. Print the letter. Post the Collection letters. Check Customer account 4015 to confirm the letters are posted to their account and they are blocked.
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Prerequisite: Create an outstanding, past due invoice for a customer. Enter and post an invoice using the Free Text Invoice for Customer 4015 for $5000. Change the date to a date that occurred a few months before today's actual date. Also check the due date and make sure that this also falls on a date that is at least a few weeks ago.
Challenge Yourself!
Remember to change the Parameter so that collection letters are generated at the time of printout. Assign a Table relation to the Customer posting profile.
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Set up the Collection letters and the Collection letter sequence. Click ACCOUNTS RECEIVABLESETUPPOSTING PROFILES to assign a table relation to Customer account 4015.
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Interest Codes
If collection letters are sent out and the customer still does not pay, a company may want to charge interest on the late payments. For each interest calculation, a fee can be charged which is added to the interest for each customer.
3. On the Overview tab enter an Interest code and a Description of the interest code. 4. Click the Setup tab.
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5. In the Debit % field, enter the interest percentage to be charged per month for invoices and interest. Then, select which types of transactions to include in the calculation when it is run. 6. In the Debit calculation per field, specify the unit of time Microsoft Dynamics AX should calculate interest on overdue balances for. The Debit calculation per field works together with the Day/Mth. field based on the period chosen. The interest calculation supports interest added on a daily basis (1 day), or interest added the first of each month (1 month). If the daily basis is selected, each additional day is calculated at 1/30 interest. If the month basis is selected, one day past the new month period adds 30/30 interests.
7. In the Day/Mth. list, select Days or Month to determine the period the interest is calculated for. This field works to determine the period of time Microsoft Dynamics AX should calculate interest on the outstanding balance due on an invoice. 8. In the Ledger posting debit field, enter the ledger account for posting interest payments.
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11. In the Day/Mth. list, select Days or Month to determine the period the interest is calculated for. This field works to determine the period of time Microsoft Dynamics AX should calculate interest on the overpaid balance from an invoice. 12. In the Ledger posting credit list, enter the ledger account for posting interest earnings. 13. In the Days field, enter the number of days allocated for a "grace" period from the due date to the date when the charges are to be initiated. For example, a company could allow five days from the actual due date to the date received before beginning to charge late fees and interests. In this case, enter "5" in the Days field. When the currently defined Interest code is selected in Payment Terms the customer has five days before Microsoft Dynamics AX 4.0 starts adding interest and late fees to the outstanding balance.
14 Enter the following information in the Terms of interest tab in the lower part of the form: Currency Select the currency that activates the fee. Use this as a criterion when the relevant fees are selected. Only transactions with this currency can activate the fee. Description Displays a description of the interest in the current language. Fee account Enter the account where the fee should be posted. Fee in currency Enter the fee in currency for interest notes with this currency code.
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NOTE: The value in the field is the absolute value, for example -7=7, 10=10, and 10=10. NOTE: All fields on the General tab in the lower section are the same as the Overview tab.
Customers are linked to Interest Codes indirectly through the Posting profiles. Do not specify Interest Codes directly on the customer; assign codes to a posting profile.
2. Select the posting profile to edit, and then click on the Table restrictions tab. 3. Specify if Interest is calculated on outstanding balances for customers who have this profile by selecting the Interest option. 4. On the Setup tab, specify which Interest code is used. This can be specified for: One A group All customers
Different customers or groups of customers can be set up differently on the same posting profile.
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The Interest calculation list is the only option in the Accounts Receivable parameters directly related to interests. Choose how interest should be calculated: Open and closed transactions Invoices open for payment and invoices closed but paid later than their due date. Open transactions Only invoices open for payment. Closed transactions Only invoices closed but paid later than their due date.
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2. Check the Invoice, Credit note, Payment, and Interest options to calculate on these options. 3. In the From date field, indicate the date to start the calculation. The calculation includes only transactions due in the period between from and to date. Leave the field empty for calculation of all past transactions. Indicate the date to end the calculation in the To date field. 4. Indicate the Round-off amount on individual interest transactions. 5. Select whether to use the posting profile from the customer account in the Use posting profile from field or, select one in the Posting profile field. 6. Click the Select button to open the Microsoft Dynamics AX query form to only run the job for specific customers. 7. Click OK to run the process.
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The Status field displays the status of the current Interest Note. The following status codes are available: Status Created Posted Canceled Description When the collection letter job is executed. When the collection letter note is posted. If the collection letter note is canceled by using the Cancel button.
In most cases, the customer does not pay the fee at all, and the interest note remains in this form until it is canceled, and it is only posted in the event the customer actually pays the fee.
NOTE: To print a list of interest notes for customers click ACCOUNTS RECEIVABLEREPORTSEXTERNALINTEREST NOTE.
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Challenge Yourself!
Remember to set the Parameters and change the Customer Posting profile.
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Conclusion
Several versions can be defined for both collections letter procedures and interest calculation. These versions include the following: Applying the same setup for all customers. Having different options for different groups of customers. Allocating an individual setup to each customer Combining all three levels.
Because Microsoft Dynamics AX 4.0 is a multi-language application, all external documents can be stored in the language that is defined for a particular customer, such as: Account statements Interest notes Collection letters
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2. After an Interest note or Collection letter is created, what are the next available options?
4. What is the only Parameter in Accounts Receivable that is directly related to Interests? List the options within this Parameter.
5. Name five things that can be set up in the Collection letter form?
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Introduction
Financial figures must be analyzed through different financial dimensions as a supplement to voucher and account numbers. However, it can be difficult to control the assignation of financial dimension values. Sometimes dimension values are assigned to the wrong financial transactions making reports and statistics incorrect. The implementation of dimension sets with hierarchies makes it possible to control the values entered in the system and therefore ensures more reliable data.
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For example, when the dimension hierarchy is activated and the Department Admin is set to authorize finance and human resource as cost centers, the order processor can only select finance and human resource as cost centers when entering a sales order for the Admin Department. Use the dimension sets, hierarchies and rules features to: Control and validate dimensions assigned to financial transactions. Enable data integrity and relevancy by: Preventing irrelevant dimension values in context. Preventing unauthorized value combinations. Assisting user's entry.
Restrict dimension values on: Entry on tables and journals. Posting on ledger accounts.
In the future, the controller wants to ensure that correct dimension values are assigned to financial transactions to make reports and statistics reliable. Therefore the controller decides to implement the new dimension sets, hierarchies and rules features.
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The Dimension sets, hierarchy and rules figure shows the procedure for how to create dimension set rules and control the dimension value entry:
To guide and control the user upon entry on financial dimensions on transactions, it is necessary to: Create dimension sets. Set up dimension hierarchies. Apply the rules for what dimension values to use on ledger accounts, tables or objects.
Dimension sets, hierarchy and rules help avoid incorrect financial dimensions assigned to transactions.
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Dimension Sets
Use dimension sets to: Combine one or more dimension types. Tie dimensions together in terms of value. For example, a dimension set can associate department and cost center dimensions. When the order processor creates vendor invoices, it is only possible to select department and cost center dimensions and not the purpose dimension.
1. In the Dimension set area on the Overview tab, press CTRL+N to create a new record. 2. Enter the name of the set in the Set field. 3. Enter a description of the set in the Description field.
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4. On the Dimension tab define the composition of the Set. The Available Dimension pane lists all the dimensions available for the set. 5. Select a dimension, and drag the dimension to the Selected dimensions area. Repeat this process until all the desired dimensions are selected. In the Selected dimensions area, the dimensions are listed according to priority. For example, if dimension type Department is listed as the first dimension and Cost center as the second, Cost center is dependant on Department. The Dimension relationship figure shows the dependency between the 3 dimension types: Department, Cost Center and Purpose.
The Dimension relationship figure shows the Cost Center dimension is dependant on the Department dimension, and the Purpose dimension is dependant on the Cost Center dimension. If a dimension is already used in a set, this dimension is not listed in the Available Dimension area. A dimension can only be used one time unless it is a subset of a set.
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Dimension Subsets
A dimension type can only be assigned to one set, unless the set is a subset. A subset is: A set which contains a dimension type that is already a component of another dimension set. Dependant of the parent set.
The Dimension set and subset figure shows how the dimension Cost Center is shared between Set 1 and Subset 1.
A dimension set that is used in a hierarchy or is the parent set of one or more subsets cannot be deleted. Either change the parent of the subsets or delete the subsets, before deleting the parent set. Subsets make it possible to share dimensions between several sets. It is, for example, useful to inquire on revenues based on cost centers and purposes and to report on balances by department and cost center. Dimension sets reflect business requirements. For example, certain dimensions may be used to trace cost centers.
NOTE: There are no restrictions to the number of dimensions in a set. However, the more dimension types the more performance is required.
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If a set consists of department and cost center dimensions, the dimensions hierarchy lists all the dimension values that belong to those departments and cost centers. The Dimension hierarchy figure shows the relationship between department and cost center dimension types, and the value combination.
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Department Admin authorizes cost center 1 and cost center 4. The order processor is guided to select cost center 1 or cost center 4 when, for example, making a journal entry with an Admin Department dimension.
3. In GENERAL LEDGERSETUPPARAMETERSNUMBER SEQUENCES TAB set up number sequences for the dimension hierarchy using the Dimension priority ID.
NOTE: All dimensions activated in a company are a component of at least one set because dimension value entry is performed on sets and not on dimensions.
1. Press CTRL+N to create a new record in the Dimension set hierarchy area. 2. Enter the name of the hierarchy in the Hierarchy box. 3. Enter a description of the hierarchy in the Description box.
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Use the Designer form to select those dimension values that are enabled for the set. The result is a table that contains all the authorized dimension values of a set. The dimension value combinations can be displayed either in a grid form or as a tree structure. 5. Click the Tree control check box to enable the tree structure. 6. Select the authorized dimension values in the right side of the Designer form. Select multiple dimension values by marking multiple values, rightclick and then click Mark Record. 7. Drag the dimensions from the Dimensions tab and drop the dimensions in the tree structure area. 8. If the dimension set is composed of several dimension types, change the dimension by selecting a new dimension in the Dimension list. 9. Repeat dragging dimension values to the tree structure until the correct tree structure is designed. It is also possible to create a structure type element, which makes it possible to reuse parts of other dimension hierarchies.
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13. Enter a name in the Row name field. The name appears in the tree structure. 14. Enter a name in the Print name field. The print name appears on dimension hierarchy print outs. 15. On the Setup, click a hierarchy in the Row definition list. 16. In the Branch list, click a certain branch of the dimension hierarchy.
HINT: Use the Simulate check box to create all dimension value combinations that belong to a set. Click Simulation to view all the value combinations for a set. HINT: Build expressions to mass generate authorized value combination. Select a dimension type in the tree presentation and then click Create to create a new element. In the Value list on the Setup tab, write an expression such as *p. *p means all departments starting with a 'p' are listed in the tree structure. View the field help to get more information about what expressions to use. Other examples of jokers are !,*,..,;.
17. Select the Check box and then select the Simulate check box to avoid duplicates and errors. 18. If there are no errors Update is activated. Click Update to create the list of value combinations. The list is used upon entry to control that the correct values are entered. 19. Close the Designer form when the dimension hierarchy is updated.
NOTE: In the Dimension set form, notice that the Updated check box is selected, and select the Approved check box in the Dimension set hierarchy area, to enable the dimension set hierarchy for use in the dimension set rules. NOTE: Several dimension hierarchies can be attached to a set.
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Dimension set rules can, for example, be applied to: Journals Customers/vendors Ledger accounts
The rules are the connection between dimension set hierarchies and application objects such as: Tables Journals Ledger accounts
NOTE: The original dimension management solution enables setup of mandatory dimensions on the Chart of Accounts in General Ledger. This feature is kept to prevent loss of functionality. But it is also integrated with the new solution. This means the fields that have dimensions and their fixed values in the Chart of Accounts can be controlled by the setup of dimension set rules. Until a rule is set up for a ledger account, the already existing validation rules in the Chart of Accounts remains in effect.
If no rules are expressed on a set, the system applies no control other than guiding the overall authorized combination values on the set.
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1. Press CTRL+N to create a new dimension set rule in the Dimension set rules collection area. 2. Enter the code for the rule in the Code box. 3. Enter a description of the rule in the Description box. 4. If necessary, select a Prefix to point to a specific branch of a hierarchy. The purpose is to narrow dimension set rules to apply to a specific part of a dimension set hierarchy instead of having rules on too large a hierarchy.
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When all the setup is complete, be sure to open GENERAL LEDGER SETUP PARAMETERSGENERAL TABDIMENSIONS AREA, and set up the standard settings for the dimensions hierarchy to activate and control the dimension feature.
NOTE: Dimension sets, hierarchy, and set rules require an Advanced Ledger license.
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Field Hierarchy Description (Dimension set rules collection) Code Description Vendor Name
Challenge Yourself!
Remember to set the Parameter. Use the Structure Designer to create the new hierarchy.
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Conclusion
The Financial Dimension Hierarchy includes the following: An advanced control feature to enable the driving of contextual value restrictions on financial dimensions. The ability for financial controllers to specifically restrict authorized values or value combinations at the entry point on chosen table collections or journal names, or upon posting to chosen ledger accounts. Dimension sets that combine dimension types, can be built to drive and control the dimension value dependencies. Data reliability is increased regarding financial dimensions across the company, and according to specific corporate needs or policies.
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Introduction
XBRL is a global financial reporting initiative started by numerous ERP software companies and international accounting organizations. The goal of XBRL is to: Provide a standard for uniform reporting of financial information for banks, investors and government authorities.
Business reporting may include the following: Financial statements Financial information Non-financial information Regulatory filings such as annual and quarterly financial statements.
XBRL consists of a: Core language of XML elements and attributes used in document instances. Language used to define new elements and taxonomies of elements referred to in document instances.
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XBRL Taxonomy
XBRL stands for eXtensible Business Reporting Language. It is one of a family of XML languages that is becoming a standard means of communicating information between businesses and on the Internet. The following definitions are from the XBRL Web site (www.xbrl.org): An XBRL Instance document is a business report, such as a financial statement; prepared to the XBRL specification. The meaning of the values in the instance document is explained by the taxonomy. An instance document may be useless unless the taxonomy for which it is prepared is known. The XBRL Schema is the core low-level components of XBRL. The schema is the physical XML Schema Definition (XSD) and Document Type Definitions (DTD) files which express how instance documents and taxonomies are to be built. The XBRL Specification explains what XBRL is, how to build XBRL instance documents and XBRL taxonomies. The XBRL Specification explains XBRL in technical terms and is intended for a technical audience. An XBRL Taxonomy is a "vocabulary" or "dictionary" created by a group or organization that is compliant with the XBRL Specification, to exchange business information.
XBRL, instead of treating financial information as a block of text as in a standard Internet page provides an identifying tag for each individual item of data. For example, company net profit has its own unique tag. The taxonomies define the specific tags for individual items of data such as "net profit." The Microsoft Dynamics AX 4.0 demo database contains one taxonomy example: USGAAP USGAAP for commercial and industrial companies
The XBRL feature in Microsoft Dynamics AX 4.0 is used to: Import taxonomies Convert taxonomies into Row definitions Map the Chart of Account Generate the XBRL Financial statement
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The XBRL feature includes the following: The XBRL taxonomy manager: A tool which enables importing XBRL taxonomies located on the Internet, at http://www.xbrl.org or on the hard disk. XBRL mapping facilities: Facilities which enable mapping between taxonomy elements and combinations between ledger accounts dimensions. XBRL report: A reporting facility which uses the financial statement engine to generate instance documents (files that have a *.XML extension and the appropriate format) according to XBRL Specifications.
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1. Press CTRL+N and enter a name in the Taxonomy ID field, and a description in the Description field. 2. Click Import to import any needed taxonomy from http://www.xbrl.org or from another source. 3. Click Details to open the Taxonomy Details form.
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4. Look for the necessary taxonomy elements. 5. Click Transfer to transfer taxonomy elements to the row structures. Refer to Financials I to learn more about row structures.
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Challenge Yourself!
Remember the goal is to create a report structure based on the taxonomy.
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Conclusion
XBRL enables companies to use a common taxonomy to define their financial statement terminology. XBRL taxonomies are essentially dictionaries that define specific financial terms (such as "net profit" or "cash") in a common way. In Canada, an XBRL taxonomy exists that conforms to Canadian Generally Accepted Accounting Principles (GAAP), although several other national jurisdictions have their own financial reporting taxonomy. The Microsoft Dynamics AX 4.0 XBRL feature enable companies to: Easily import and export XBTL taxonomies. Use XBRL tags to pull together information for a variety of different reporting purposes without using the manual data entry processes. Users of financial information, including investors, analysts, regulators, and financial institutions, can receive, find, compare and analyze XBRL data much more rapidly and efficiently. Simplify the analysis of corporate financial data, improve its accuracy, and eliminate financial statement ambiguity; XBRL better positions information for consumers to make informed decisions about a particular company's financial health.
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4. Outline the steps involved in creating an income statement structure based on an existing XBRL taxonomy.
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Introduction
The following chapter describes the year-end functionality in Microsoft Dynamics AX 4.0 and provides assistance in the processes for creating and closing fiscal years. At year-end, it is always necessary to: Make adjustment entries that reflect transactions from the previous year. Print reports, including Financial Statements. Backup data. Create a new fiscal year, and transfer opening balances.
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CAUTION: A closed period cannot be reopened. Therefore, permission to close periods and years should be highly restricted.
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2. Choose None to deny everyone access to each of the modules, or choose User Group to give access to a specific user group.
Closing Procedures
The company may print a trial balance sheet to check for inconsistencies and make any adjustments necessary before closing the period. To make adjustments in Microsoft Dynamics AX 4.0 either: Make normal journal entries (depending on adjustment), or Use the electronic Closing Sheet
When using the Closing Sheet: It shows an advanced view of the balances on accounts, and year-end postings can be performed directly from it. The postings to it typically take place in the closing period of the fiscal year. Create several specific closing sheets (for revenue, expenses, balance accounts, and so forth.) and then load the balances from the General Ledger into the closing sheet using the Accounts button. After loading the transactions, make transfers from one account to another. It is similar to a journal in that as many new closing sheets as needed can be created and several lines of entries can be posted.
2. Create a new record. 3. Give the closing sheet a unique identifier in the Closing sheet field, and a Name.
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NOTE: The determination of which columns to populate is made on the basis of the Close option chosen when setting up each account in the Chart of Accounts.
12. Use the Transfers button on this form to make adjustments or transfers between ledger accounts after the balances are transferred into the worksheet.
4. Once the necessary Transfers are done, post the closing sheet. The closing sheet only posts to the closing period. Check the transactions directly from the Chart of Accounts. Choose the ledger account to check, and click the Transactions button. At this point also run reports and verify results before closing the period and transferring ending balances into the new year as opening balances.
NOTE: To post the closing sheet open the closing period in GENERAL LEDGER SETUP PERIODSPERIODS. After posting, be sure to change the period back to Stopped.
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The difference is that if this option is used, Microsoft Dynamics AX 4.0 creates closing transactions for all of the ledger accounts, including the profit and loss accounts. This does not mean it transfers profit and loss balances but only that it creates closing transactions. 4. Select the Skip specification by dimension check box to avoid creating closing and opening transactions specified by dimension with transfer. 5. Select the Voucher number must be filled in check box to enter a voucher number when Opening transactions are created for a new fiscal year. 6. In the Limited number of open fiscal year field, enter how many open fiscal years are allowed in Microsoft Dynamics AX. Once the parameter settings are checked transfer opening balances.
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FIGURE 10-1: THE FISCAL YEAR CLOSE OPENING TRANSACTIONS FORM NOTE: The General Ledger parameters section is unavailable. These settings can only be changed using the Parameter set up window.
2. Enter the End date of the fiscal year. 3. Profit and loss accounts are always reset by the system. However, the transfer method for the balance sheet accounts must be specified. In the Balance accounts field, designate how opening balances for balance sheet accounts are transferred by selecting one of the following two options: Select Reset to reset the balance accounts, and enter the opening balances for the balance sheet accounts manually. Select ClosingOpening to continue with the balance sheet accounts, and have the opening transactions created automatically by the system.
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When the adjustments are done, create the opening balances for the next fiscal year. Close fiscal year 2005. Prerequisite: Make sure Fiscal Year 2005 is Open before attempting to generate closing transactions.
Challenge Yourself!
These are General Ledger periodic and setup tasks.
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Conclusion
The fiscal year in Microsoft Dynamics AX 4.0 can be: Set to any length. Divided into any number of accounting periods.
Both fiscal year and accounting periods can be set up according to: Years Months Days
Each accounting period can be: Closed completely for further transactions, and Selected users can be allowed to continue an update of one or several modules.
This feature is very useful in the process of preparation and reconciliation of periodic and yearly accounts. After the reconciliation of accounts and valuation of inventory, it may be necessary to enter year-end transactions. This can be done in a simple closing sheet. Use a closing sheet to post and report year-end transactions separately from everyday business transactions. If the new fiscal year has the same length and the same sub-periods as the previous year, click a button to activate the setup since Microsoft Dynamics AX 4.0 retains the setup for the latest fiscal year. Use the opening transactions option to: Reset the profit/loss accounts. Transfer balances on the balance sheet accounts into the new fiscal year.
To reset the balance sheet as well, do so with a simple marking in the job dialogue. If using dimensions, decide to either create opening transactions per dimension or as totals only. In some countries, the transactions resetting profit/loss accounts at the year-end must be visible, so this option is available as well.
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3. Which Posting layer should be used on the closing sheet for posting year-end transactions?
4. Is it possible to restrict user access to the application during the closing process, and if so, how?
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2.
3.
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3. How is a budget generated? To generate a budget report go to General LedgerReportsBudgetLedger Budget. Click OK to accept the default Ledger budget report. 4. How are credit amounts entered in a budget? They are entered with a minus sign preceding the amount. 5. What steps are performed prior to generating a budget? Set up a budget model Set up a budget submodel (optional) Create period allocation keys Enter budget data
6. Name two alternative methods of creating a budget. By Quantity and Price By Allocating Forecast Transactions By Transferring Balances
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8. Name three forms that can be viewed from the Ledger budget. Cash flow forecasts Statistics Budget Balances Balances by Period Posted transactions by selected account
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Chapter 3 Multicurrency
1. In what modules does Microsoft Dynamics AX 4.0 provide functionality to run exchange rate adjustments? General Ledger, Accounts Receivable, Accounts Payable 2. Select which of the following Posting accounts that can be set up in Microsoft Dynamics AX 4.0 for exchange rate adjustments (select all that apply). a. Realized Profit b. Unrealized Profit c. Realized Loss d. Unrealized Loss e. Exchange Rate Adjustment Realized Profit, Unrealized Profit, Realized Loss, and Unrealized Loss are all valid Posting account selections. 3. When the balance of a General ledger account is composed of multiple currencies, how is the balance by currency for the account viewed?
GENERAL LEDGERCHART OF ACCOUNTSBALANCEBALANCE BY CURRENCY
4. Where is a secondary currency set up? The secondary currency is set up in BASICSETUPCOMPANY
INFORMATIONOTHER
5. Is it possible to run a simulation of the results of an exchange rate adjustment in Accounts Payable before executing the process? Yes, a simulation may be run by clicking ACCOUNT RECEIVABLE /
ACCOUNTS PAYABLEPERIODICEXCHANGE ADJUSTMENTSIMULATION.
6. What three options are available to determine where dimensions will be retrieved from for posting? The three available options are None, Table (from the Customer or Vendor table), and Posting (from the Transaction).
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Chapter 5 Intercompany
1. Before being able to post transactions between two companies, what setups must exist? The necessary accounts in the Chart of Accounts Matching Journal names across companies The posting relationships between companies
2. Do the Journal names in related companies have to be the same for Intercompany transactions to post properly? Yes, to properly post transactions, related companies must have the same Journal names.
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Chapter 6 Consolidations
1. What three types of consolidation processes are available in Microsoft Dynamics AX 4.0? The three types of consolidation procedures available in Microsoft Dynamics AX 4.0 are Export, Import, and Online. 2. Should transactions other than the consolidation transactions be processed in a consolidated company? No, the only transactions in the consolidated company should be those created by the consolidation process.
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3. How are interest codes attached to customers? By Table, Group, or All relation on the (Customer) Posting profile. 4. What is the only Parameter in Accounts Receivable that is directly related to Interests? List the options within this Parameter. Interest Calculation
Options are: Open and closed transactions; Open transactions; Closed transactions. 5. Name five things that can be set up in the collection letter form? Fee Number of collection letters to be sent Sequence of collection letters to be sent Terms of Payment Collection letter code (which letter to be sent when) Ledger accounts
Days (that a receivable is past due before the letter goes out; and days since the previous letter was sent out) Minimum amount
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Chapter 9 XBRL
1. What does XBRL mean? eXtensible Business Reporting Language
2. What does XBRL do in Microsoft Dynamics AX 4.0? Import taxonomies Convert taxonomies into Row definitions Map the Chart of Account Generate the XBRL Financial statement
3. Give three examples of outputs that can be generated using XBRL. HTML document Government filing Credit reports Loan documents
4. Outline the steps involved in creating an income statement structure based on an existing XBRL taxonomy. Create a new row definition Find the taxonomy and view the details Transfer the details to the new row definition Print the row definition to view
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LEDGERSETUPPERIODSPERIODS.
2. What is the Closing sheet used for? To make adjustments to the balance sheet prior to closing. 3. Which Posting layer should be used on the closing sheet for posting year-end transactions? Current 4. Is it possible to restrict user access to the application during the closing process, and if so, how? Yes, open LEDGERSETUPPERIODSPERIODS MODULE STATUS. Choose None to deny everyone access to each of the modules, or choose User Group to give access to a specific user group. 5. What is the difference between a Stopped period and a Closed period? With a Stopped period, no further postings can occur and the period can be reopened. With a Closed period, no further postings can occur and, the period cannot be reopened.
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Enter the End date of the fiscal year. Select CLOSINGOPENING Enter the Account for transfer of year-end result. Enter the Voucher Number. Click OK.
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2. Click CTRL+N to create a new record. 3. In the Budget Model field, type NewMod. 4. In the Name field, type New Budget Model. 5. Verify that the Stopped and the Cash flow forecasts check boxes are cleared. 6. Click CTRL+N to create a new record. 7. In the Budget Model field, type NewSub. 8. In the Name field, type New Sub Model. 9. Verify that the Stopped and the Cash flow forecasts check boxes are cleared. 10. Click the NewMod line. 11. Click the Submodel tab. 12. In the Submodel field, click the arrow, and then click NewSub to attach this as a submodel. 13. Close the form.
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2. Click Wizard. 3. On the Welcome screen, click Next. 4. In the Per field, enter 10. 5. In the Unit field, click the arrow, and then days. 6. Verify that the Period field is set to 365. 7. Select the Fixed check box. 8. Click Next. 9. In the Department field, click the arrow, and then click 90. 10. In the Cost center field, click the arrow, and then click 1020. 11. In the Purpose field, click the arrow, and then click S010. 12. Click Next. 13. In the Period Key field, type Decimal. 14. In the Name field, type 10 days. 15. Click Next. 16. Click Next. 17. Click Finished. 18. Close the form.
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2. Confirm that the Show Report Transaction check box is cleared. 3. Click CTRL+N to create a new record. 4. In the Model field, click the arrow, and then click NewMod. 5. In the Ledger account field, click the arrow, and then click 604100. 6. In the Date field, type 01012006. 7. Tab over the Comments and Currency fields. 8. In the Amount field, type 10,000.00. 9. Click the General tab. 10. Click the Method field arrow, and then select Key. 11. In the Period Allocation Key field, click the arrow, and then click Decimal. 12. Press CTRL+S or (arrow down) to save the new record. 12. Click GENERAL LEDGERREPORTSBUDGETLEDGER BUDGET. 13. Click OK to accept the default Ledger budget report. 14. Close all the forms.
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33. Click TOOLSSYSTEM DATE and change system date to todays date.
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9. In the Calculate cash flow forecasts? field, use the arrow to select New. 10. Click OK. 11. When the process is complete, an Infolog form displays. 12. Click Close in the Infolog form. 13. Repeat steps 1 through 7 to review account 110180.
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15. In the Considered date field, click the calendar icon to select 10/1/2006. 16. In the Date of rate field, enter 10/1/2006. 17. Click Select. 18. Click in the Criteria field in the line with the field Customer Account, enter 4012,4015.
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11. Click in the line for GBP. 12. In the Exchange rate pane, click in a line. 13. In the Date field, locate 12/01/05. 14. In the Exchange rate field, note the value is 174.602. 15. In the Date field, locate 10/01/06. 16. In the Exchange rate field, note the value is 178.03. 17. Click the Round-off tab. 18. In the General round off field, the precision is set to .01. 19. Close the form.
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field.
12. Close the form. 13. With vendor 3003 selected, click the Payment tab. 14. Note the availability of the Bank account field for selecting the
Finally, set up the Methods of payment. 17. On the Navigation Pane, click ACCOUNTS
PAYABLESETUPPAYMENTMETHODS OF PAYMENT.
18. Click the line for USD_EP. 19. Note the Payment status field is set to Approved.
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field.
12. Close the form. 13. With customer 4032 selected, click the Payment tab. 14. Note the availability of the Bank account field for selecting the
Finally, set up the Methods of payment. 17. On the Navigation Pane, click ACCOUNTS
RECEIVABLESETUPPAYMENTMETHODS OF PAYMENT.
18. Click the line for EPMT. 19. Note the Payment status field is set to None.
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2. Press CTRL+N to add a line. 3. In the Name field, select Cust_P. 4. Click the Lines button. 5. In the Date field, enter 12/31/2006. 6. In the Account field, use the arrow to select customer 4001. 7. In the Transaction text field, enter Prepayment. 8. In the Debit field, enter 50,000. 9. Click the Payment tab. 10. In the Prepayment field, select the field. 11. In the Posting profile with prepayment field, notice that the Pre profile is selected.
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12. Press CTRL+N to add a line. 13. In the Name field, enter Interco. 14. In the Description field, enter Intercompany. 15. In the Journal type field, leave the default of Daily. 16. In the Voucher series field, click the arrow to select Ledg_2. 17. Close the form. Switch companies. 18. Double-click the company field on the status bar. 19. Select IC2. 20. Click OK. 21. Repeat steps 5 through 17 in IC2.
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23. In the Company accounts field, click the arrow to select IC1.
24. In the Debit account field, enter 130800. 25. In the Credit account field, enter 211305. 26. In the Journal field, click the arrow to select Interco. 27. Close the form. 28. Double-click the company field on the status bar.
29. Select IC1. 30. Click OK. 31. On the Navigation Pane, click GENERAL LEDGER SETUP POSTINGINTERCOMPANY ACCOUTING. 32. In the Company accounts field, click the arrow to select IC2.
33. In the Debit account field, enter 130800. 25. In the Credit account field, enter 211305. 26. In the Journal field, click the arrow to select Interco. 27. Close the form.
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13. In the Currency field, enter USD. 14. In the Name field, enter US Dollars. 15. In the ISO currency code field, enter USD. 16. In the Symbol field, enter $. 17. Click the Round-off tab, in the General round-off field, enter .01. 18. Click the Overview tab, in the line press CTRL+N. 19. Repeat steps 13 through 17 for the Canadian currency code of CAD, using the information provided. 20. Click the Consolidate tab. 21. In the Closing rate field, enter 86.8. 22. In the Average rate field, enter 86.353.
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14. Locate account 110110, Cash in bank-US. 15. Click Balance, Balance. 16. Note the balance for the account is equal in both companies. 17. Repeat steps 13 through 16 in The Global Trade & Manufacturing Company.
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2. Click the Update collection letter code arrow, and then click Printout. 3. Close the form. 4. Click ACCOUNTS RECEIVABLESETUPINTEREST AND COLLECTION LETTERSCOLLECTION LETTER. 5. Click CTLR+N to create a new collection letter sequence. 6. In the Collection letter sequence field, type Coll_2X. 7. In the Description field, type Collection_Two Attempts. 8. Click in the lines. 9. Click the Collection letter code arrow, and then click Collection letter 1. 10. In the Description field, type First letter. 11. In the Ledger account field, type 403150. 12. In the Fee in currency field, type 25. 13. Click the Notes tab, and enter this message in the Notes field: "This is to remind you of your outstanding balance for the delivered goods specified. We assume you have just overlooked this matter, and we look forward to your immediate action." 14. Click CTRL+N to enter an additional collection letter sequence. 15. Click the Collection letter code arrow, and then click Collection. 16. In the Description field, type Last Chance. 17. In the Ledger account field, type 403150. 18. In the Fee in currency field, type 75. 19. In the Days field, type 10. 20. Select the Block check box.
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33. Select the Invoice check box. 34. Click the Collection letter arrow, and then click Collection letter 1. 35. In the Date field, enter today's date. 36. Click the Use posting profile from arrow, and then click Select. 37. Click the Posting profile arrow, and then click Gen. 38. Click OK to process the job. 39. Click ACCOUNTS RECEIVABLEPERIODICINTEREST AND COLLECTION LETTERCOLLECTION LETTER NOTE. 40. Click the collection letter just created, and then click PRINTCOLLECTION LETTER NOTE. 41. Click OK. 42. Repeat steps 32 and 33. 43. Click the Collection letter arrow, and then click Collection.
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2. Click CTRL+N to create a new record. 3. In the Interest code field, type 45. 4. In the Description field, type 7.5% after 45 days. 5. Click the Setup tab on the Interest form. 6. In the Debt % field, type 7.5. 7. In the Debt calculation per field, type 45. 8. Click the Day/Mth arrow, and then click Day. 9. In the Ledger posting debt field, type 700200. 10. In the Ledger posting credit field, type 700200. 11. Click in the lines, and in the Description field, type 45 days late! 12. Click the Fee account arrow, and then click 403100. 13. Close the form. 14. Click ACCOUNTS RECEIVABLE SETUP POSTING PROFILES. 15. Click the Gen. line, and then click the Table restrictions tab. 16. Select the Interest check box. 17. Click the Setup tab. 18. Click the line for Account/Group number 4015. 19. Tab to the Interest field. 20. Click the Interest arrow, and then click 45. 21. Close the form. 22. Click ACCOUNTS RECEIVABLE SETUP PARAMETERS INTEREST
AND COLLECTION LETTER TAB.
23. Click the Interest calculation arrow, and then click Open and closed. 24. Select the Multiple interest rates check box. 25. Close the form. 26. Click ACCOUNTS RECEIVABLEPERIODICINTEREST AND COLLECTION
LETTERINTEREST CALCULATION.
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18. Click Structure designer and use the design tools to modify the report structure. 19. Close the form. 20. Click Print. 21. Click the Print arrow, and then click Definition. 22. Click OK. 23. Click Close to close the Infolog.
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