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strategy for configuration of basic Finance within F&O

  • 1.  strategy for configuration of basic Finance within F&O

    Posted Feb 06, 2020 11:43 AM
    Hello.
    We have implemented Dynamics365 CRM, and are now moving on to #FinanceandOperations.
    I am challenged to setup a conference room pilot by end of March!
    This is basically setting up the environment and migrating our current system, QuickBooks, into F&O for the objective of showing the finance team the basic functionality "out of the box".
    I looking for a doc or resource that could guide me on the best way to tackle this configuration.
    I have our QB CoA, Trial balance and General Ledger transaction formats.
    I guess my first question is how do I determine how many different F&O Account Structures will be needed?
    The answer seems to revolve around "what are the reporting requirements". I would answer that question with, "lets start with the typical basic financial reporting requirements".

    Any guide or doc reference would be appreciated.
    Thanks,
    Bill



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    Bill Hull
    Direct Energy
    Ballston Lake, NY
    ------------------------------
    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 2.  RE: strategy for configuration of basic Finance within F&O

    TOP CONTRIBUTOR
    Posted Feb 07, 2020 10:52 AM
    Hello Bill,

    If you are not using a Microsoft partner to assist you in the implementation, having a successful CRP by March would be miraculous.

    I would suggest you use the Contoso environment to educate your Finance team on the capabilities.  From that education and demonstrations they can see how financial dimensions are used.  You will see that Contoso has a very simple account structure, one for balance sheet and one for P&L.

    ------------------------------
    Stacy Black
    Senior Application Consultant
    MCA Connect
    Mukilteo WA
    ------------------------------

    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 3.  RE: strategy for configuration of basic Finance within F&O

    GOLD CONTRIBUTOR
    Posted Feb 07, 2020 11:07 PM
    I agree that using a test environment such as Contoso  would be my approach to introduce 365FO.  We are public sector so we used the City of Maple environment. After the initial look, we selected to keep our current three dimension set up.  Fund, department and main account for all account types.  We carefully reviewed our numbering structure for each of these dimensions to assist in assigning the main account category codes.  The consistency of the numbering scheme became very important to us as began to design our financial reports and ssrs reports.





    ------------------------------
    Patricia Allen
    County Auditor
    Walker County Texas
    Huntsville TX
    ------------------------------

    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 4.  RE: strategy for configuration of basic Finance within F&O

    Posted Feb 10, 2020 11:28 AM
    Edited by Bill Hull Feb 10, 2020 11:29 AM

    Thanks to everyone for replying!!!

    I might as well ask another one!

    In QuickBooks, the CoA has an "Main Account" - "SubAccount" - "sub-sub-account " - "etc" - "Item" hierarchy.

    In D365 - I believe the entities are Main Accounts, Financial Dimensions, Account Structures and Products.
    I grasp each of these entities but do not see how to create a hierarchy.

    For example … 

    5000 · Direct Construction Costs
    5000 · Direct Construction Costs:5010 · Material
    5000 · Direct Construction Costs:5019 · Vendor Discounts
    5000 · Direct Construction Costs:5020 · Direct Trade Labor
    5000 · Direct Construction Costs:5020 · Direct Trade Labor:5021 · Electrical Labor
    5000 · Direct Construction Costs:5020 · Direct Trade Labor:5022 · Controls Labor
    5000 · Direct Construction Costs:5020 · Direct Trade Labor:5023 · Direct Trade Reimbursables
    5000 · Direct Construction Costs:5030 · Subcontractors
    5000 · Direct Construction Costs:5035 · Internal Subcontractor
    5000 · Direct Construction Costs:5040 · Consulting & Temp Labor
    5000 · Direct Construction Costs:5060 · Equipment

    Appreciate any words of wisdom!
    Thank you!
    Bill

    ------------------------------
    Bill Hull
    Direct Energy
    Toronto ON
    ------------------------------

    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 5.  RE: strategy for configuration of basic Finance within F&O

    TOP CONTRIBUTOR
    Posted Feb 10, 2020 12:00 PM
    Bill,

    You do not create the hierarchy of the main account and dimensions in the Chart of accounts.  The main account is created and using the Financial dimensions you can define the transaction more granularly.  That is what I believe you have as your Sub-account and sub sub-account.

    Main account 6000 - Travel
    Financial dimension:
    Business Unit
    Department
    Item Group

    Once you have activated your financial dimensions, you would then use the Account structure to determine which dimensions can be used with each of your main accounts and in which order.  After you setup your Account structure you would then add them to the Ledger.

    Advanced rules may not be needed depending upon if you have a specific dimension that when used in a transaction you need to add a dimension that is not used in the normal account structure.  For example if you have main account 6000 - Travel and you want to make sure this transaction has a marketing dimension, but it is not needed on all main accounts you can set up an advance rule to require it only when main account 6000 is entered in the transaction.

    ------------------------------
    Stacy Black
    Senior Application Consultant
    MCA Connect
    Mukilteo WA
    ------------------------------

    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 6.  RE: strategy for configuration of basic Finance within F&O

    Posted Feb 11, 2020 07:18 AM
    Hello,

    To expand a bit further on the example that Stacy has provided, there is also the element of a main account "category".

    Main accounts:
    6001 Airfare
    6002 Lodging
    6003 Meals

    All three may be classified by applying a main account category "Travel expense".



    ------------------------------
    Tammy Plowman
    Principal Consultant
    Stoneridge Software
    Marshalltown IA
    ------------------------------

    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 7.  RE: strategy for configuration of basic Finance within F&O

    TOP CONTRIBUTOR
    Posted Feb 08, 2020 01:33 PM
    Hi all,

    I concur with Stacy. Perhaps these guides may help with a quick setup if any alterations are needed with Contoso data: https://dotorial.net/collections/bbcg-d365-bare-bones-configuration-guide-series-dynamics-365

    ------------------------------
    Ian Gorman, PMP, MCSE
    Senior Consultant
    ------------------------------

    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


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