10 Microsoft Updates for Dynamics 365 Finance and Operations that you need to know

The Microsoft updates will present new capabilities for Dynamics 365 Finance and Operations in different areas such as compliance, performance, supportability, and automation to introduce self-customized features, improve user experience, and enhance the return of investment. All these and more in its 2019 Dynamics 365 release wave 2 plan.

Today, I want to briefly display 10 Microsoft updates in financial management that are coming to Dynamics 365 Finance and Operations that could ease your daily financial activities.

1. Control the currency used for transactions in the consolidation company

If enabled, this new feature allows you to choose the currency, either the reporting or the accounting currency, for transactions in the consolidation company, and copy amounts from the source company to the consolidation company if they use the same currency.

2. Cancel bank reconciliation

The Microsoft update will enable to cancel a bank reconciliation in chronological order to avoid manual changes to journals when an error occurs during the process. If enabled, see when and who canceled the bank reconciliation.

3. Checks with a Blank status

Avoid waste in the check stock and improve effectiveness by eliminating the option to create checks with a blank status in the Check page during payments.

4. Reset workflow status for vendor invoices.

Reset the workflow status from unrecoverable to draft in the Vendor invoice page by selecting “Recall,” and edit the workflow on the Vendor page.

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5. Revenue recognition

This Microsoft update will include details to support product bundles and kits with software, services, and maintenance. It will also handle a series of features to manage revenue pricing, revenue schedules, bundle setup, sales reallocations and workspace navigation, and reporting. You will be able to manage your revenue based on company and industry-specific procedures.

6. Credit management

Microsoft Dynamics 365 Finance and Operations will actively evaluate credit risk, and suggest control of credit activities. If enabled, you could configure rules to limit management, track historical credit limits, configure blocking guidelines, and release credit hold.

7. Reverse journal posting

Reverse multiple general journal lines or whole journals from the Voucher transaction page. The number of lines and journals reversed will be limited. Microsoft updates will simplify common processes and create a complete and more efficient environment for journal posting.

8. Retained earnings calculation enhancements

When enabled, the retained earnings calculated for financial reporting in currency translations will improve its accuracy through calculations made across several years. The retained earnings account will calculate the translated balance of the account, utilizing rates from historical data.

9. Billing schedules

By creating a billing schedule for each sales line and order, you will create invoices that open an accounting entry to move the balance from unbilled accounts receivable to accounts receivable and keep the invoice on hold until the scheduled posting date.

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10. Intelligent insights on financials

The Microsoft update provides better insights that determine if the customer will pay or not based on the previous customer’s interaction with the product. Companies will be able to use payment predictions to proactively collect and accurately forecast cash flow while avoiding risk.

These are some of the planned Microsoft updates for the second release wave, which will be launched from October 2019 to March 2020 for Dynamics 365 Finance and Operations.

I hope this blog was useful for you to know what to expect from the updates Microsoft is bringing. If you wish to learn more about the new updates, Dynamics 365 Finance and Operations, and Pangea Group, please contact us.