These updates include the extension of multiple tax ID reporting to more EU countries, which helps ensure accurate tax numbers for transactions, streamline compliance, and raise operational efficiency for global companies. With this latest update, we are bringing new capabilities to help make it easier for companies working in certain parts of the European Union (EU), Latin America (LATAM), and Asia Pacific area (APAC). Accelerate global expansion and operationsĪs companies look to better manage the complexities of international operations, globalization studio enhances the globalization capabilities for numerous countries’ new laws around reporting. This feature allows an organization to post vendor and customer payments in separate vouchers but update the bank account in summary to match the bank statement, making reconciliation easier and ensuring smoother bank reconciliation. In addition to supporting new financial tags, we’re also improving how vendor and customer payments are recorded to the bank subledger. Financial tags can also be used to track the subledger data and are now available for matching within ledger settlement, reducing the number of transactions to be manually matched. Financial tags let organizations track user-defined fields on accounting entries posted to the general ledger. With this update, we are including new ways to define financial tags. While businesses need to quickly consolidate financial data to close their books, it is also essential that they have sufficient granularity in their reporting to provide finance leaders with the visibility they need to drive strategic decisions.Īfter transactions are posted, it’s common for organizations to require visibility into subledger data so that certain transactions can be analyzed. These latest updates provide options that allow you to determine the posting details of fixed asset disposal scrap/sale based on your business needs. Elimination of these transactions affects balance sheet accounts, such as acquisition adjustment, depreciation adjustment, revaluation, and write-up and write-down accounts, so recording these adjustments accurately is incredibly important. Similarly, determining how certain transactions, such as the disposal of a fixed asset as a scrap, should be recorded can be complicated. Accounts payable and accounts receivable subledgers are updated automatically to reflect the unrealized gain or loss, helping to ensure these adjustments are accurately recorded. Our updated currency revaluation posting profile enables finance teams to post currency revaluation adjustments per currency and module. Recording these fluctuations accurately at a granular level is incredibly important, yet it’s difficult in practice. With these latest updates, we’re providing new features that take the hassle out of recording certain types of transactions, improving speed and accuracy.Ĭhanges in exchange rates cause the book value of open transactions in foreign currencies to vary over time. With these latest updates to Microsoft Dynamics 365, we are further streamlining the close process while improving speed and accuracy, enabling organizations to adapt faster to changes. Adapt faster with simplified financial consolidations and closeįinancial reporting and close-whether year-end, quarterly, or monthly-can be challenging for finance teams as they must quickly aggregate data from across the organization and handle the close and consolidation process on time without compromising accuracy. With the 2023 release wave 1, we are delivering enhancements across Microsoft Dynamics 365 Finance, Dynamics 365 Project Operations, and Dynamics 365 Human Resources that focus on helping our customers adapt faster, work smarter, perform better, and operate more sustainably. Finance, human resources (HR), and project operations leaders need to reimagine processes to help their teams achieve more, faster. In fact, while 79 percent outlined that they were shifting to owning business model innovation and empowering transformation across the organization, 88 percent said they don’t have the IT resources or tools needed to drive operational efficiency and minimize busy work for their teams. We surveyed more than 500 CFOs and senior business leaders for our 2023 Future of Finance Trends Report and found that many organizations continue to struggle with lack of IT resources, overwhelmed employees, and disconnected systems.
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