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D365 F&O v8.1 Core Financials Management Module

The release of D365 F&O v8.1 Core Financials Management Module introduced several new and very useful features in the core financials management area of the application, along with several other new functionality and enhancements across various other modules, analytics, overall platform, extensibility and more.

D365 F&O v8.1 Core Financials Management Module Features

1. Central View of Settlement Transactions

In the past, when you had to see the settlements on a customer or a vendor transaction, always a few clicks had to be made and then jump to more than one screen to find the relevant information, which was time consuming.

With the current “View Settlement” form or option on the Customer and Vendor transactions form, you can now see the full settlement details, related transactions, accounting, history and more, all at one place. Here is an example of D365 F&O v8.1 Core Financials Management Module.

A customer invoice is posted: The View settlements form shows just the required details of the invoice.

Customer Invoice

Customer Invoice

Let us now settle this invoice against a customer payment along with some cash discount. Here is what you see in the view settlement form.

View Settlement Form

View Settlement Form

On this new “View Settlements” form, you can,

  • View any related transaction lines for the invoice, payment, cash discount lines etc.
  • You can dig into the Settlement history, if there a transaction was settles, unsettled multiple times.
  • You can view the accounting entries directly from this screen, for each individual line.
  • You can also initiate the Undo Settlement process from this new form.

2. Customer and Vendor Data Field Change Approvals

On the Customer and Vendor master records, if you want approval process to be in place, when certain data fields are changed on the customer or vendor records, you can now enable that functionality optionally.

This is a pretty neat feature, which let’s you chose which data fields you want to control from being changed accidentally, and then configure a detailed one or multi step approval process, so that the changes can be reviewed and approved, even before the new field value comes into effect for the customer or vendor. In the article, we will see this on the Customer side, but it is the same functionality on the vendor side as well.

So the first step is to Enable the approval process. As mentioned, this is completely optional and if you do not need, you just leave the feature turned OFF. To enable this, go to Accounts Receivable > Setup > AR Parameters form and mark the “Enable customer approval” check box under the General tab.

Enable Customer Fields Approval

Enable Customer Fields Approval

The next step is to actually configure the approval workflow, which will be used for routing the proposed customer account changes for review and approval. This D365 F&O v8.1 Core Financials Management Module workflow is similar to other workflows in the system. In this case, the setup is a basic workflow with just one step approval process.

Once you have the workflow configured, let us now see this functionality in action. Navigate to the customer master and you will notice that the data fields you selected in the parameter screen , will now show as “requires approval” indicator. This is super helpful and easily tells the user that this field if changes will require approval. Let’s try to alter the customer credit limit and customer group field.

Let’s try to alter the customer credit limit and customer group field. When you save the changes, system will create and show the change proposal, which shows both current values and the proposed changed. At this point, the user if wishes, can discard the changes they made.

Proposed Change

Proposed Change

Notice now that the status of the Customer account says “Changes not submitted”.

Once you are finished with the changes, select Workflow > Submit to submit the changes to the workflow for review and approval. When the changes gets assigned to the approver, they can view the Proposed changes on the customer record directly.

The changes to the data fields will come into effect after the change proposal has been approved. It executes the same way for the vendor records as well.

3. Financial Dimension Values on Derived Dimensions

In many of the implementations done, a common requirement is to have some of the master records such as the Item, Project, Customer etc, to be built as one of the financial dimensions, so that customers can do adequate financial reporting on those.

We utilize the Derived dimension values for this and often end up having to select the financial dimension value manually on the master data record or we end up doing additional customization to automatically populate this value when new records are created in the master data table.

With this new functionality, you do not need to do any customization or even setup the dimension value manually when the new records are created. If enabled, the system will then automatically set these up now. Let us see this in action.

Customer Derived Dimension

Customer Derived Dimension

New Customer Creation

New Customer Creation

Additionally, there is another new functionality available on the financial dimensions area, where you can now setup certain dimension values to be defaulted when you click another dimension value.

To set this up, go under the Financial dimensions > Select the dimension record and select the Derived dimensions button. Here you can setup the value combinations of the defaulting of dimensions.

Derived Dimensions

Derived Dimensions

In this case, the setup is to default Cost center and Department values to be defaulted is a certain business unit.”. Let us see this in action.

With the above setup, when the Business Unit dimension is selected on a master record setup such as Project/Customer or anything else, the Cost center and Department dimensions will be auto populated. This is a helpful feature and will certainly save a lot of time for the users in some cases.

The same defaulting functionality works on journal entry as well. For more information on Microsoft D365 F&O v8.1 Core Financials Management Module, please contact us.

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