Microsoft Dynamics 365 Finance Functional Consultant v1.0
Question 1
You are a Dynamics 365 Finance consultant.
You are currently unable to collaborate or track progress toward month-end close across legal entities in the current system.
You need to resolve the issue.
What should you configure?
- A. Financial reporting
- B. Financial insights workspace
- C. Electronic reporting
- D. Financial period close workspace
Answer : D
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/financial-period-close-workspace
Question 2
You are a Dynamics 365 Finance consultant. You plan to configure the allocation base, cost behavior, and cost distribution.
Which three actions do these configurations accomplish? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- A. Spread costs from one cost object to one or more other cost objects by applying a relevant allocation base.
- B. Measure and quantify activities, such as machine hours that are used, kilowatt hours that are consumed, or square footage that is occupied.
- C. Spread the balance of the cost from one cost object to one or more other cost objects by applying a relevant allocation base.
- D. Control which journals can be used in the costing process.
- E. Classify costs according to their behavior in relation to changes in key business activities.
Answer : ABE
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/cost-accounting/terms-cost-accounting
Question 3
You are a finance consultant. Your client needs you to configure cash flow forecasting.
The client wants specific percentages of main accounts to contribute to different cash flow forecasts for other main accounts.
You need to configure Dynamics 365 for Finance to meet the needs of the client.
What should you do?
- A. On the Cash flow forecasting setup form, configure the primary main account to assign a percentage to the dependent account.
- B. Configure the parent/child relationship for the main account and subaccounts by using appropriate percentages.
- C. Configure the cash flow forecasting setup for Accounts Payable before you configure vendor posting profiles.
- D. On the Cash flow forecasting setup form, use the Dependent Accounts setup to specify which account and percentage is associated to the main account.
Answer : D
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/cash-bank-management/cash-flow-forecasting
Question 4
A company plans to use Dynamics 365 Finance to calculate sales tax on sales orders.
You need to automatically calculate sales tax when the sales order is created.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Assign values to the sales tax codes and assign the sales tax codes to the sales tax group associated to the customer.
- B. Assign all sales tax codes to the item sales tax group associated to the item being sold.
- C. Set up a default item sales tax group on the item being sold and set up a default sales tax group on the customer used on the sales order.
- D. Associate the sales tax jurisdictions to the item sales tax group associated to the item being sold.
- E. Set up a default sales tax code on the customer used on the sales order and set up a default item sales tax group on the item being sold.
Answer : ABE
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/indirect-taxes-overview
Question 5
A client wants Dynamics 365 Finance to calculate sales tax on a sales order line once an item is added. The sales tax group is already populated with a value.
You need to ensure that the sales tax will calculate.
Which field should you populate?
- A. sales tax code
- B. item group
- C. customer address
- D. item sales tax group
Answer : D
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/indirect-taxes-overview
Question 6
A customer uses the sales tax functionality in Dynamics 365 Finance.
The customer reports that when a sales order is created, sales tax does not calculate on the line.
You need to determine why sales tax is not calculated.
What are two possible reasons? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- A. The sales tax group is populated on the line, but the item sales tax group is missing.
- B. The sales tax settlement account is not configured correctly.
- C. The sales tax authority is not set up for the correct jurisdiction.
- D. The sales tax code and item sales tax code are selected, but the sales tax group is not associated to both codes.
- E. The sales tax group and item sales tax group are selected, but the sales tax code is not associated with both groups.
Answer : AE
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/indirect-taxes-overview https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/set-up-sales-tax-groups-item-sales-tax-groups
Question 7
SIMULATION -
You are a functional consultant for Contoso Entertainment System USA (USMF).
USMF recently opened a new bank account in the Brazilian currency.
You need to create a new bank account in the system for the new bank account.
To complete this task, sign in to the Dynamics 365 portal.
Answer : See explanation below.
1. Create a new bank account at Cash and bank management > Bank accounts > Bank accounts.
2. Complete all required fields. The following list includes some fields that might be required.
✑ Bank account (code)
✑ Bank account number
✑ Main account - This is the general ledger account that is used for posting.
✑ Currency
✑ SWIFT code
3. Enter Brazil-specific information:
✑ Select Bank in the Bank groups field. Confirm that the BIC and Corr. Bank account fields are correct. Also, confirm Address and Contact information on respective FastTabs and update accordingly.
✑ Define the number series for payment order generation in the P/O numeration field.
✑ For bank accounts in foreign currency, you can also define .docx templates for generation of payment orders in paper format in the following fields: Payment order in currency, Order template (currency sale), and Order template (currency purchase).
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/localizations/rus-local-settings-requisites-bank-module
Question 8
A client needs guidance on month-end closing procedures.
The client needs to be able to stop all teams except Accounts payable and General ledger from posting transactions for the month.
You need to configure Dynamics 365 Finance to allow only those two teams to transact during the period being closed.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Create an access group called month end access for Accounts payable and General ledger team members.
- B. Set all modules to none to prevent any transactions from being posted.
- C. Configure the financial period close workspace tasks to the Accounts payable and General ledger teams only
- D. Move the period status to on hold for your clientג€™s one legal entity.
- E. Assign the security group month end access on the ledger calendar form for the modules they need access to.
Answer : ACE
Question 9
An organization is upgrading to Dynamics 365 Finance.
One of the organization's legal entities needs to have different main accounts for a period of six months.
You need to configure the legal entity override dates.
Which two actions can you perform? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- A. Set the value of the override date field at the legal entity level to be more restrictive.
- B. Set the value of the override date field at the shared level to be more restrictive.
- C. Set the value of the override date field at the legal level to be less restrictive.
- D. Set the value of the override date field at the shared level to be less restrictive.
Answer : AD
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/plan-chart-of-accounts
Question 10
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 one legal entity, two departments, and two divisions. The client is implementing Dynamics 365 Finance. The departments and divisions are set up as financial dimensions.
The client has the following requirements:
✑ Only expense accounts require dimensions posted with the transactions.
✑ Users must not have the option to select dimensions for a balance sheet account.
You need to configure the ledger to show applicable financial dimensions based on the main account selected in journal entry.
Solution: Configure default financial dimensions on expense accounts only.
Does the solution meet the goal?
- A. Yes
- B. No
Answer : B
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
Question 11
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 one legal entity, two departments, and two divisions. The client is implementing Dynamics 365 Finance. The departments and divisions are set up as financial dimensions.
The client has the following requirements:
✑ Only expense accounts require dimensions posted with the transactions.
✑ Users must not have the option to select dimensions for a balance sheet account.
You need to configure the ledger to show applicable financial dimensions based on the main account selected in journal entry.
Solution: Configure two account structures: one for expense accounts and include applicable dimensions, and one for balance sheet and exclude financial dimensions.
Does the solution meet the goal?
- A. Yes
- B. No
Answer : A
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
Question 12
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 one legal entity, two departments, and two divisions. The client is implementing Dynamics 365 Finance. The departments and divisions are set up as financial dimensions.
The client has the following requirements:
✑ Only expense accounts require dimensions posted with the transactions.
✑ Users must not have the option to select dimensions for a balance sheet account.
You need to configure the ledger to show applicable financial dimensions based on the main account selected in journal entry.
Solution: Configure one account structure for expense accounts and apply advanced rules.
Does the solution meet the goal?
- A. Yes
- B. No
Answer : B
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
Question 13
DRAG DROP -
A customer implements Dynamics 365 Finance.
The customer observes that during foreign currency revaluation of the Accounts Receivable subledger, the results are not as expected.
You need to re-run the foreign currency revaluation of the Accounts Receivable subledger.
Which currency revaluation method should you use for each requirement? To answer, drag the appropriate methods to the correct requirements. Each method may be used once, more than once, or not at all. You may need to drag the split bar between panes or scroll to view content.
NOTE: Each correct selection is worth one point.
Select and Place:
Answer : 
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/cash-bank-management/foreign-currency-revaluation-accounts-payable-accounts-receivable
Question 14
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution. Determine whether the solution meets 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 customer uses Dynamics 365 Finance.
The controller notices incorrect postings to the ledger entered via journal.
The system must enforce the following:
✑ Expense accounts (6000-6998) require department, division, and project with all transactions. Customer dimension is optional.
✑ Revenue accounts (4000-4999) require department and division and allow project and customer dimensions.
✑ Liability accounts (2000-2999) should not have any dimensions posted.
✑ Expense account (6999) requires department, division, project and customer dimensions with all transactions.
You need to configure the account structure to meet the requirements.
Solution:
✑ Configure one account structure.
✑ Configure an advanced rule for Liability accounts (2000-2999) not to display any dimensions when selected.
✑ Configure an advanced rule for Expense account (6999) to require customer.
✑ Configure the structure with all dimension fields containing quotations.
Does the solution meet the goal?
- A. Yes
- B. No
Answer : B
Dimension fields containing quotations means that a blank value is accepted. This does not enforce a value being configured for the dimensions that are
ג€˜Requiredג€™.
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
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. Determine whether the solution meets 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 customer uses Dynamics 365 Finance.
The controller notices incorrect postings to the ledger entered via journal.
The system must enforce the following:
✑ Expense accounts (6000-6998) require department, division, and project with all transactions. Customer dimension is optional.
✑ Revenue accounts (4000-4999) require department and division and allow project and customer dimensions.
✑ Liability accounts (2000-2999) should not have any dimensions posted.
✑ Expense account (6999) requires department, division, project and customer dimensions with all transactions.
You need to configure the account structure to meet the requirements.
Solution:
✑ Configure two account structures: one for liability accounts listing the (2000-2999) range with no following dimensions and one for Expense and Revenue accounts.
✑ For Expense accounts (6000-6998) and Revenue accounts (4000-4999), configure asterisks in all dimension columns.
✑ For Expense account (6999), configure asterisks in all dimensions. Configure an asterisk and quotes in the customer dimension.
Does the solution meet the goal?
- A. Yes
- B. No
Answer : B
As asterisk in all dimension columns would mean that a value must be configured for all dimensions.
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures