Introduction
To get the most out of Dynamics 365 Finance, you first need to become familiar with its core capabilities and features. This module introduces Dynamics 365 Finance, a comprehensive tool designed to manage the international, multi-currency business of an organization.
Imagine you're a financial manager in a multinational corporation dealing with multiple currencies and legal entities. You're responsible for managing the finance side of the business. Here's a list of some of your responsibilities:
financial processes
accounts payable and receivable
cash and bank management
expense management
fixed asset management
budgeting.
The challenge is to handle these tasks efficiently while ensuring compliance with regional tax reporting requirements. This scenario requires a robust system that can handle these complexities, provide insights into cost efficiency, and support decision-making processes.
We explore how to create legal entities in Finance and prepare them for financial management. A legal entity is used to define an organization that is required to report financial statements to stakeholders, tax authorities, and regulatory agencies.
We dive into how Finance can help organizations with meeting their tax reporting requirements. Businesses must collect and pay taxes to various tax authorities. Different countries/regions have different rules and rates. Finance offers a comprehensive set of capabilities to help handle regional tax reporting requirements.
Finally, we discuss cost accounting. Cost accounting in Dynamics 365 Finance involves recording the actual costs of operations, processes, departments, or products. This information allows managers to make informed decisions and reduce costs.
Learning objectives
By the end of this module, you're able to:
Describe Finance capabilities, features, and use cases.
Describe organization and legal entities.
Describe Finance tax capabilities.
Describe cost accounting concepts.