Dynamics 365 for Financials includes a standard configuration of most financial processes, but you can change the configuration to suit your business. Also, if you chose not to apply the standard configuration, you must add your own configuration.
The default configuration includes a chart of accounts and standard posting groups that make the process of assigning default general ledger posting accounts to customers, vendors, and items more efficient.
The following table describes a sequence of tasks, with links to the topics that describe them.
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To |
See |
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Apply incoming payments, reconcile bank accounts during payment application, and collect outstanding balances. |
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Make payments, apply outgoing payments, and handle work with checks. |
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Reconcile bank accounts and transfer funds between bank accounts. |
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Understand the general ledger and the chart of accounts. |
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Add dimensions for richer business intelligence. |
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Use account schedules to get detailed insights into your financial data. |
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Recognize revenues and expenses in other periods than when the transactions were posted. |
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Open a fiscal year. |
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Prepare to close a fiscal year or period. |
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Canada: Set up and use GIFI codes for financial reporting. |