Microsoft Microsoft Certifications MB-310 Questions & Answers
Question 151:
You are configuring revenue recognition reallocation processing in Microsoft Dynamics 365 Finance.
You must recalculate revenue prices when the contract terms for a sale change.
What are three characteristics of the revenue recognition reallocation process? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point
A. The revenue recognition reallocation process cannot be run on project sales orders.
B. The revenue recognition reallocation process can be reversed after it is run.
C. You can run the revenue recognition reallocation process multiple times.
D. It multiple sales orders are involved, all sales orders must be for the same customer account.
E. The revenue recognition reallocation process can be run for sales orders with different transaction currencies.
F. The revenue recognition reallocation process can only be run one time. All changes must be finalized.
Correct Answer: BCD
Explanation:
B: The process can't be reversed or undone after it's run. This limitation is removed in release 10.0.17 and later.
C (not F): The process can be run only one time. Therefore, it's important that you run it only after all changes are finalized. This limitation is removed in release 10.0.17 and later.
D: If multiple sales orders are involved, they must be for the same customer account.
Incorrect:
Not A: The process can't be run on project sales orders.
This limitation is removed in release 10.0.17 and later.
Not E: All sales orders that are reallocated must be in the same transaction currency.
The company requires better visibility into their cash flow and wants to reconcile bank accounts daily with a timely view of check deposits.
You need to configure the bank accounts for more accurate timing of cash flow.
What should you configure?
A. Pending balance
B. Account posting type
C. Bridging accounts
D. Advanced bank reconciliation
Correct Answer: D
Explanation:
The Advanced bank reconciliation feature lets you import electronic bank statements and automatically reconcile them with bank transactions in Dynamics 365 Finance.
Note: Here are the steps in the advanced bank reconciliation flow.
1.
Set up a bank statement import.
Import bank statements through the data entity framework.
Three typical bank statement formats are built in: ISO20022, BAI2, and MT940.
The functionality can be extended to any format.
2.
Set up a number sequence to use for advanced bank reconciliation, and define the bank reconciliation matching rules.
A reconciliation matching rule is a set of criteria that are used to filter bank statement lines and Microsoft Dynamics 365 Finance bank transaction lines during the reconciliation process. Depending on your business practice, you can set up more than one matching rule to automate and optimize your reconciliation process.
3.
Reconcile bank statements with Finance bank transactions.
Perform automatic matching and creation of reconciliation journals.
View bank statements and Finance bank transactions side by side.
Automatically post Finance bank transactions if they appear on a bank statement but don't appear in the Finance app.
The company has three different banks where they hold funds. Each bank holds three separate accounts, totaling nine accounts for the company. The system must use default the bank information when a new account is created. All bank
balances for a single bank account must be updated simultaneously.
You need to configure the system.
Which two entities should you use? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
A. bank account
B. bank reasons
C. bank reconciliation
D. bank group
Correct Answer: AD
Explanation:
To create bank account, you must create main account and bank group (mandatory data).
Cash and bank management setup and maintenance forms
The following table lists the forms that support setting up and maintaining Cash and bank management.
*
Setting up cash and bank management information Form: Bank groups Usage: Set up general information about the bank groups in which you have bank accounts.
*
Setting up bank account information Form: Bank accounts Usage: Set up information for bank accounts.
Sales tax should be calculated when the sales orders are entered. During testing, you find the sales tax is not calculating as expected.
You need to validate sales tax has been set up correctly.
Which two actions should you do? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one pint.
A. Validate the default item sales tax group setup for the item being sold.
B. Associate the sales tax jurisdiction to the item sales tax group associated to the item being sold.
C. Validate a default sales tax code has been set up on the customer from the sales order.
D. Validate the sales tax group setting on the customer from the sales order.
E. Validate a default item sales tax code has been set up on the item being sold.
Correct Answer: AE
Explanation:
Verify that tax codes are correctly selected by the transaction
If the transaction doesn't select the correct tax codes, or if it doesn't select any tax codes, taxes won't be calculated on it.
1.
On the transaction line, on the Line details FastTab, on the Setup tab, in the Sales tax section, verify that the correct tax groups are selected in the Item sales tax group and Sales tax group fields. If the correct tax groups aren't selected, select them.
2.
Go to Tax > Indirect taxes > Sales tax > Sales tax groups.
3.
Select the appropriate sales tax group, and then, on the Setup FastTab, make a note of the tax code in the Sales tax code field.
4.
Go to Tax > Indirect taxes > Sales tax > Item sales tax groups.
5.
Select the appropriate item sales tax group, and then, on the Setup FastTab, verify that the tax code in the Sales tax code field matches the tax code of the sales tax group.
6.
If the tax codes don't match, update the sales tax code for one of the groups.
The controller at a company has multiple employees who enter standard General ledger journals. The controller wants to review these journal entries before they are posted. Currently, journals entries are posted without review.
You need to configure Dynamics 365 Finance to help set up a system led review process to meet the controller s needs.
Which functionality should you configure?
A. an Advanced ledger entry workflow that uses the organizational hierarchy for journal posting, associated with the Advanced ledger journal name
B. an alert that is sent to the controller when a journal name is created
C. a manual journal approval with the journal assigned to the controller's user group
D. the controller's security role so that he has approval privileges for General ledger journals
Correct Answer: C
Explanation:
Set up manual journal approval
The user who is responsible for journal routines sets up the approval system for each journal where approvals will be used. Manual journal approval is available for all journals in Microsoft Dynamics AX.
Click General ledger > Setup > Journals > Journal names.
In the left pane, select the journal to use the approval system for; for example, a journal that has a journal type of Daily.
In the Approval field group, select the Active check box, and then select a user group in the Approve field. The users who belong to this user group will be able to manually approve these journals.
Incorrect:
Not A: Set up workflow journal approval
The user who is responsible for journal routines sets up the approval system for each journal where approvals will be used. Workflow journal approval is available only for selected financial journals.
Not B, not D: Some organizations require that journals be approved by a user other than the user who entered the journal. Two types of approvals are available for financial journals: manual and workflow.
You commonly complete the sale of goods across international borders.
You need to configure the system.
What should you use?
A. bank statements
B. purchase agreement
C. letters of credit
D. promissory note
Correct Answer: C
Explanation:
Letters of credit are bank documents that are commonly used for the purchase and sale of goods across international borders.
Letters of credit are used for international transactions to ensure that payments will be made. A letter of credit is an agreement that is issued by a bank, in which the bank agrees to ensure payment on behalf of the buyer, if the terms of the
agreement between the buyer and seller are met. Note that a letter of credit is also referred to as a documentary credit (DC).
You are configuring taxes in Dynamics 365 Finance for a client.
Vendor invoices require a five percent sales tax calculation. Per government rules, the client can recover only 60 percent of this five percent sales tax amount against certain commodities. The remaining 40 percent is non-recoverable.
You need to configure the sales taxes to post to the expense account.
Where should you configure the sales tax percentage?
A. Sales tax group
B. Ledger posting groups
C. Tax code
D. Item sales tax group
Correct Answer: D
Explanation:
Sales tax groups are groups of sales tax codes that are attached to customers and vendors. They are also attached to ledger accounts for transactions that are not posted to a particular vendor or customer. Item sales tax groups are groups of
sales tax codes that are attached to resources like products. The sales taxes that apply to a particular transaction are determined by the sales tax codes that are included both in the sales tax group and in the item sales tax group of the
transaction. Sales tax can be calculated only if a sales tax group and an item sales tax group are selected for each transaction for which sales tax must be calculated or recorded.
Example:
Verify tax information and post an expense report.
Before April, the Accounts payable coordinator for Contoso, can post an expense report, she must enter any tax information that is missing from it. She opens the Expense report details page and sees Nancy's approved expense report. April
then opens the expense report to view the details of the transactions. She sees that Nancy didn't enter an item sales tax group for one of the transactions. Because this information isn't provided, April can't post the expense report. Therefore,
she looks on the Tax configurations page in Expense management, and finds the appropriate item sales tax group for the country/region and the transaction type. April can now post the expense report to the general ledger.
When April posts the expense report, a VAT recoverable work item is created. This work item is assigned to a member of the back-office processing team. April receives a message that confirms that posting was successful. This message
also lists the number of VAT transactions that were identified for recovery.
Note: To receive refunds on eligible value-added tax (VAT) transactions, a company or organization must identify, collect, verify, and submit accurate information. This process includes multiple tasks and, depending on the size of your
company, can include several employees or roles.
To recover VAT in the Expense management module, the following prerequisites must be completed:
Tax codes must be created for countries/regions that are allocated to expense categories.
A sales tax group must be created for each tax code.
An item sales tax code must be created for each sales tax group.
The company pays taxes quarterly to the states of Florida, Nebraska, and Washington. These states have been set up as tax authorities within Dynamics 365 Finance.
You need to configure the system to remit tax payments.
What should you do?
A. Associate the vendor record to the tax authority.
B. Set up a customer record for the tax authority.
C. Associate the vendor record to the settlement period.
D. Set up the jurisdiction and associate the jurisdiction to the tax authority.
Correct Answer: A
Explanation:
Sales tax authorities are entities to which collected sales tax needs to be reported and paid. You can pay sales taxes to the authority directly or through a vendor account that you create for the sales tax authority. If you do this, the company
can use its usual payment routines to pay the sales tax authority on time. If you do not set up the tax authority as a vendor, someone must prepare a manual payment to the tax authority on the appropriate due date.
This task uses the USMF demo company.
Go to Tax > Indirect taxes > Sales tax > Sales tax authorities.
Click New.
In the Authority field, type a value.
In the Name field, type a value.
In the Vendor account field, click the drop-down button to open the lookup.
In the list, find and select the desired record.
In the list, click the link in the selected row.
Select the report layout for your country/region, if one is available. If the report layouts do not correspond to the requirements of the sales tax authority, use default layout.
Enter values in the Rounding form and the Round-off fields to specify how the tax total amount to be paid should be rounded. Any rounding differences will be posted to Accounts for automatic transactions set up in General ledger.
Nowadays, the certification exams become more and more important and required by more and more enterprises when applying for a job. But how to prepare for the exam effectively? How to prepare for the exam in a short time with less efforts? How to get a ideal result and how to find the most reliable resources? Here on Vcedump.com, you will find all the answers. Vcedump.com provide not only Microsoft exam questions, answers and explanations but also complete assistance on your exam preparation and certification application. If you are confused on your MB-310 exam preparations and Microsoft certification application, do not hesitate to visit our Vcedump.com to find your solutions here.