A company uses Microsoft Dynamics 365 Finance. You are evaluating delinquent customers. You examine aging balances and determine that a customer's balance must be written off.
You need to use journal lines to perform the write-off process.
Which two journal line types will be created? Each correct answer presents part of the solution.
NOTE: Each correct selectin is worth one point.
A. General ledger entry
B. Not sufficient funds (NSF) payment entry
C. Customer entry
D. Item transaction entry
Correct Answer: AD
Explanation:
Set up the write off parameters
Go to Navigation pane > Modules > Credit and collections > Setup > Accounts receivable parameters.
Click the Collections tab.
Expand or collapse the Write-off section.
(A)
The Write-off journal is the general journal that will hold the write-off transactions that you create.
You can attach a reason code to every write-off. You can override this default at the time of the write-off.
Set the Separate sales tax to Yes if you want to separate the sales tax from the original transaction in the write-off.
Close the page.
(D)
Go to Credit and collections > Setup > Customer posting profiles. The write-off account will be used as the expense account or reserve adjustment in the general journal.
The JAX sales tax group include the following tax codes:
Correct Answer: C
Explanation:
The tax codes that are present in both the sales tax group and item sales tax group for a transaction are the tax code that apply to that transaction.
In this case this is:
Question 164:
A United States-based company uses Dynamics 365 Finance to collect and report sales tax. The company has a main account for each state where they collect and report sales tax.
The system must transfer the tax liability for each state to their respective main account automatically every month when they run the settle and post sales tax process.
You need to configure Dynamics 365 Finance.
What should you do?
A. Create a sales tax settlement period for each state.
B. Select a vendor account during the sales tax group setup.
C. Create a sales tax ledger posting group for each state. Associate a settlement account to a main account for vendor accounts in the vendor posting profile.
D. Create a sales tax authority for each state and associate the authority with the respective main account.
Correct Answer: C
Explanation:
Set up ledger posting groups for sales tax. Required.
Ledger posting groups define the main accounts for recording and paying sales taxes.
Sales tax is calculated and posted to main accounts that are specified in Ledger posting groups. Ledger posting groups are attached to each sales tax code. You can set up individual ledger posting groups for each sales tax code, use one
ledger posting group for all sales tax codes or assign multiple ledger posting groups to the sales tax codes.
Incorrect:
Not A: Sales tax settlement periods is setup for the main account.
Note: Set up sales tax settlement periods. Required.
Sales tax settlement periods contain information about when and how often sales tax must be reported and paid. They are related to a sales tax authority.
Not B: Sales tax authorities can be related to vendor accounts, but it is not required. You can pay sales taxes to the authority directly or through a vendor account that you create for the sales tax authority.
Not D: A single sales tax authority is used.
Note: Set up sales tax authorities. Required.
Sales tax authorities are the entities that tax must be reported and paid to.
Set up sales tax authorities
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.
You need to enable electronic fund transfers (EFT) for vendors.
Which three steps must you complete? Each correct answer presents pail of the solution.
NOTE: Each correct selection is worth one point.
A. Enable the EFT format as a method of payment within Accounts payable.
B. Import a new Electronic reporting (ER) configuration into Lifecycle Services (LCS).
C. Import the X++ file format.
D. Import the payment model into the Electronic reporting (ER) repository.
E. Export Electronic reporting (ER) configuration from Lifecycle Services (LCS).
Correct Answer: ADE
Explanation:
DE: File formats for methods of payment
There are two methods that you can use to get file formats for use with methods of payment, electronic reporting (ER) file formats or X++ file formats. When you set up a method of payment for a customer or vendor, you indicate which file
formats and standards should be used for payments and how payments will be processed. You can select from the following types of formats:
Export
Import
Return
Remittance
Method 1: Electronic reporting file formats
For file formats that are based on ER configurations, you must import the configurations from Lifecycle Services (LCS). After you import reporting configurations for those file formats, the imported formats will be available to select on the
Methods of payment page. The process for importing and selecting file formats for Europe is similar to the procedure for Japan.
Method 2: X++ file formats (incorrect; not C)
Incorrect:
Not B, not E: Regulatory Configuration Service (RCS)
Question 167:
You are the controller of a multi-entity organization that uses the same chart of accounts and fiscal periods across all entities. You use the financial report designer in Dynamics 365 Finance to create, maintain, deploy, and view financial statements.
You need to generate consolidated financial statements by using a building block group to aggregate data across companies and financial dimensions.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
A. Create a column definition and use the period and year to map the appropriate periods for each company.
B. Create a row definition that includes all appropriate accounts in all companies in the rows.
C. Create a column definition that includes a financial dimension column for each company.
D. Create a reporting tree that includes a reporting node for each company.
E. Use the Reporting Unit field to select the tree and reporting unit for each column.
Correct Answer: BCD
Single-level and multilevel consolidations across legal entities The simplest method for consolidating by using Financial reporting is to use reporting trees to aggregate data across companies that have the same chart of accounts and fiscal periods. Here are the high-level steps to consolidate by using a reporting tree.
1.
Create a row definition, and make sure that all appropriate accounts in all companies are included in the rows. (B)
2.
Create a column definition that includes all the columns that are required for the report that you're creating. (C)
3.
Create a reporting tree that includes a reporting node for each company that you're using on consolidated reports. (D) Reference: https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/generating-consolidated-financial-statements
Question 168:
A company uses Microsoft Dynamics 365 Finance. The company purchases, creates, and acquires fixed assets by using purchase orders.
The system must acquire the fixed asset when a vendor invoice is posted.
You need to process the transaction.
What should you do?
A. Select a procurement category in a purchase order line and leave the fixed asset group blank.
B. Manually create a fixed asset before the fixed asset number is added to the purchase order.
C. Leave the fixed asset number blank on the purchase order.
D. Run a fixed asset acquisition proposal before a fixed asset number can be added to a purchase order.
Correct Answer: B
The following methods are available for integrating Fixed assets and Accounts payable, and you must use the same method for all fixed assets:
*
You manually create a fixed asset before you add the fixed asset number to the line on the purchase order or vendor invoice. No acquisition transaction is posted for the asset when you post the vendor invoice.
Note: Also
*
You manually create a fixed asset before you add the fixed asset number to the line on the purchase order or vendor invoice. An acquisition transaction automatically is posted for the asset when you post the vendor invoice. This is the
default method.
*
A fixed asset automatically is created when you post a product receipt or vendor invoice that has the Create a new fixed asset check box selected. An acquisition transaction automatically is posted for the asset when you post the vendor
invoice.
*
A fixed asset automatically is created when you post a product receipt or vendor invoice that has the Create a new fixed asset check box selected. No acquisition transaction is posted for the asset when you post the vendor invoice.
You are implementing Dynamics 365 Finance. You configure an invoice validation policy to use three-way matching and use a three percent tolerance for invoice totals.
A user enters a vendor invoice journal. The invoice validation policy is not applied.
You need to troubleshoot the policy.
What is the issue with the policy?
A. Validation is only performed on vendor invoice entries.
B. The tolerance percentage is too high.
C. Validation is only performed on invoice register entries.
D. Validation is configured to check for price and quantity.
Correct Answer: A
Vendor invoice policies are run when you post a vendor invoice by using the Vendor invoice page and when you open the vendor invoice Policy violations page.
You can also configure the vendor invoice workflow to run vendor invoice policies every time that you submit an invoice to workflow.
Vendor invoice policies do not apply to invoices that were created in the invoice register or invoice journal.
Invoice matching validation does not use vendor invoice policies, but is instead set up in the Accounts payable parameters page.
Incorrect:
Not C: Vendor invoice policies do not apply to invoices that were created in the invoice register or invoice journal.
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