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Question 1:

You are configuring the year-end setup in Dynamics 365 Finance.

You need to configure the year-end set up to meet the following requirements:

The accounting adjustments that are received in the first quarter must be able to be posted in the previous year\’s Period 13.

The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions.

All dimensions from profit and loss must carry over into the retained earnings.

All future and previous periods must have an On Hold status.

Solution:

Configure General ledger parameters.

–

Set the Delete close of year transactions option to No.

–

Set the Create closing transactions during transfer option to No.

–

Set the Fiscal year status to permanently closed option to No. Define the Year-end close template.

-Designate a retained earnings main account for each legal entity.

–

Set the Financial dimensions will be used on the Opening transactions option to No.

–

Set the Transfer profit and loss dimensions to Close All. Set all prior and future Ledger periods to a status of On Hold.

Does the solution meet the goal?

A. Yes

B. No

Correct Answer: B

The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions.

Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close

Question 2:

A company is preparing to complete a year-end close process.

You need to configure the Dynamics 365 Finance General ledger module.

Which three configurations must you use each correct answer presents part of the solution.

NOTE: Each correct selection is worth one point.

A. Configure the Fiscal year close parameters

B. Configure the ledger calendar for the new fiscal year

C. Set up the year-end close template

D. Validate the main account type

E. Create the next fiscal year

Correct Answer: ACE

The question is not asked properly

D – This is one step of the process before running YEC, but you can run it without it.

But for processing YEC, you must set up parameters, the next FY, and the template.

References:

https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close

Question 3:

A client has unique accounting needs that sometimes require posting definitions.

You need to implement posting definitions.

In which situation should you implement posting definitions?

A. when financial dimensions need to default from the vendor record onto an invoice

B. when only certain dimensions are allowed to post with certain main account combinations

C. when creating multiple balanced ledger entries based on transaction types or accounts

D. when the system needs to automatically post a transaction to the accounts receivable account on invoice posting

Correct Answer: C

You might want to use posting definitions in the following circumstances:

–

You have to generate multiple, balanced ledger entries based on attributes such as transaction types and accounts. Use posting profiles if you need only one offset ledger entry.

–

You have to support encumbrance accounting for purchase orders and pre-encumbrance accounting for purchase requisitions. Posting profiles cannot be used for encumbrance and pre-encumbrance accounting. So the correct is C

Question 4:

An organization is setting up a cost accounting.

You need to set up fiscal calendars for Dynamics 365 Finance.

What are three uses for fiscal calendars each correct answer presents a complete solution?

NOTE: Each correct selection is worth one point.

A. standard work hours

B. financial transactions

C. fixed asset depreciation

D. budget cycles

E. shift work hours

Correct Answer: BCD

Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods

Question 5:

You are configuring automatic bank reconciliation functionality for a company that has multiple bank accounts. The company wants to import its bank statements.

You need to import electronic bank statements to reconcile the bank accounts.

Which three actions can you perform each correct answer presents a complete solution.

NOTE: Each correct selection is worth one point.

A. Select all the bank accounts for the bank statement files, and then upload all files

B. Select Account reconciliation on the bank account form

C. Import bank statements from the Data management workspace

D. Navigate to Import statement on the Bank Statements page of Cash and Bank Management

E. Select Import statement for multiple bank accounts in all legal entities, and then upload a zip file

Correct Answer: CDE

There is no way to import a statement from “B”. You can however do it from “C”(data Management Framework” if you don’t want to upload it automatically from a bank statement

Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/reconcile-bank-statements-advanced-bank-reconciliation

Question 6:

A company plans to create a new allocation rule for electric utility expenses.

The allocation rule must meet the following requirements:

1.

Distribute overhead utility expenses to each department.

2.

Define how and in what proportion the source amounts must be distributed on various destination lines.

You need to configure the allocation rule.

Which allocation method should you use?

A. Distribute the source document amount equally

B. Fixed weight

C. Equally

D. Basis

Correct Answer: D

This variable method is used when the allocation depends on the actual ledger balance, based on filter criteria. For example, advertising expenses can be allocated based on each department\’s sales in proportion to the total departmental sales.

Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/ledger-allocation-rules

Question 7:

A company provides employee life insurance to all full-time employees. Employee life insurance policies are paid twice a year to the insurance company.

Transactions for current employees must be recognized in the general ledger twice a month with an employee\’s pay. Transactions for new employees must be recognized in the general ledger based on the employee\’s first pay date.

You need to configure accrual schemes for the new fiscal year.

Which two configurations should you use each correct answer presents part of the solution.

NOTE: Each correct selection is worth one point.

A. For new employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.

B. For current employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the employee\’s first pay date.

C. For new employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the employee\’s first pay date.

D. For current employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.

Correct Answer: CD

For both current and new employees, it has to be a Debit accrual scheme. The financial impact has to be the same and only the date has to be different.

Question 8:

An organization uses Dynamics 365 Finance.

Several posted journal entries contain invalid main account and dimension combinations. This leads to incorrect financial reporting.

You need to prevent these invalid combinations.

What should you do?

A. Configure the account structure to specify which financial dimensions are valid for which main accounts.

B. Train users to select the Validate button in the current journal configuration so that the correct account and dimension combination is used.

C. Configure financial dimension sets to limit which financial dimensions are valid for which main accounts.

D. Associate the correct main accounts to that financial dimension on the financial dimension setup form.

Correct Answer: A

References: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/configure-account-structures

Question 9:

A legal entity has locations and customers in multiple states within the United States.

You need to ensure that taxable customers are charged sales tax for taxable items in their delivery location.

Which three settings must you configure for each correct answer presents part of the solution?

NOTE: Each correct selection is worth one point.

A. the Sales tax group on the Customer record

B. the Terms of delivery setup

C. the Item Sales tax group on the Item record

D. the Sales reporting codes

E. the Sales tax codes

Correct Answer: ACE

The delivery setup is not what controls the location and thus tax code.

Question 10:

You are configuring Dynamics 365 Finance.

You need to implement posting definitions for all available transaction types.

For which type of transactions can you implement posting definitions?

A. Accounts payable, Accounts receivable, Bank, Budget, Payroll, and Purchasing

B. Accounts payable, Bank, Budget, Fixed assets, and Payroll

C. Accounts payable, Accounts receivable, Fixed assets, Payroll, and Purchasing

D. Accounts payable, Accounts receivable, Budget, and Fixed assets

Correct Answer: A

A is correct. Navigate to the Posting Definitions page, click new, and select the Module field to open the available list. You will note that there is no option to select “Fixed Assets”. This rules out B, C, and D.

Question 11:

A public sector company is configuring encumbrance for managing capital budgets.

The finance department needs to configure posting definitions for bank transactions.

You need to configure Dynamics 365 Finance for cash settlements.

What should you do?

A. Configure combined deposit amounts

B. Configure budget appropriations

C. Configure general ledger year-end close

D. Configure advanced ledger entries

Correct Answer: A

Examples: Pooled cash settlements Pooled cash accounting consists of amounts that are deposited by individual funds into a combined ledger account. This improves the control and custody over liquid assets and promotes the efficient management of excess funds. These amounts can be managed by using a Treasurer\’s fund. Therefore, the appropriate proportional amount of the pooled cash and investment balances must be reported for each fund that participates in the pool. To guarantee this, appropriate due-to and due-from entries must be added to the settlements that transfer amounts from one fund to another to accomplish the settlement.

Question 12:

An organization plans to set up intercompany accounting between legal entities within the organization. Automatic transactions between legal entities must meet the following requirements:

1.

Provides systemwide integration and streamlining to save time

2.

Minimizes errors and creates an audit trail with full visibility into business activities and transaction histories within the legal entities

You need to set up intercompany accounting and create pairs of legal entities that can transact with each other, clearly defining the originating company and the destination company.

Which three actions should you performEach correct answer presents part of the solution.

NOTE: Each correct selection is worth one point.

A. Select intercompany journal names.

B. Configure intercompany accounting in both the originating entity and destination entity.

C. Create intercompany main accounts to use for the due to and due from accounting entries.

D. Define intercompany accounting setup by creating legal entity pairs defining originating and destination companies.

E. Configure intercompany accounting in the destination entity only.

Correct Answer: ACD

Reference: https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/intercompany-accounting-setup

Question 13:

A client has one legal entity and the following four dimensions configured: Business Unit, Cost Center, Department, and Division.

You need to configure the client\’s system to run the trial balance inquiry in the General ledger module so that it displays the trial balance two ways:

1.

Include the main account and all four dimensions.

2.

Include the main account and only the business unit and cost center dimensions. What should you configure?

A. two account structures

B. two derived financial dimension hierarchies

C. all financial dimensions by using the group dimension functionality

D. two financial dimension sets

Correct Answer: D

Question 14:

You are configuring intercompany accounting for a multi-company enterprise.

You need to set up the Due to and Due from accounts.

Which main account type should you use?

A. Profit and loss

B. Expense

C. Balance sheet

D. Liability

E. Asset

Correct Answer: C

References: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/intercompany-accounting-setup

Question 15:

Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while

others might not have a correct solution.

After you answer a question in this section, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.

A client has multiple legal entities set up in Dynamics 365 Finance. All companies and data reside in Dynamics 365 Finance.

The client currently uses a separate reporting tool to perform their financial consolidation and eliminations. They want to use Dynamics 365 Finance instead.

You need to configure the system and correctly perform eliminations.

Solution: Select Consolidate online in Dynamics 365 Finance. Include eliminations during the process or as a proposal. Set up the transactions to post in the legal entity configured for consolidations.

Does the solution meet the goal?

A. Yes

B. No

Correct Answer: B

Instead of \’Set up the transactions to post\’ in the legal entity configured for consolidations the statement should be \’ The transactions will be posted in the consolidation company\’

References: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/consolidation-elimination-overview

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