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D365 Finance and Operations - REVENUE RECOGNITION FEATURE (based on IFRS 15)

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Microsoft, in Oct 2019, released Revenue Recognition feature for Finance module. I’ll give you a brief recap of what it is for and how we use the function in Dynamics 365 Finance and Operations (D365FO) Before jumping into the features, I’ll explain IFRS 15 in layman’s term (if you want to get more knowledge of IFRS 15 with accounting technical term you can google it). IFRS 15 is new reporting standard to set the new standard replacing the old accounting standard rules: IAS 18 (sale of services, sale of goods, and royalties) IAS 11 (Construction contracts) IFRS 15, became effective in Jan 2018, is expected to outline a standard rule on how the entity should recognize the revenue on the contracts. I’ll use the following examples to help me explain how the IFRS 15 works. Telstra sells a $100 plan/month for 12 months to a customer. The plan comes with a headset. Prior to IFRS 15, an entity may book (/recognize) the revenue for $100 per month over the period of 12 months. ...
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Dynamics 365 Finance and Operations - How The AX Sales Tax Total Calculation Method Works

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If you’ve been wondering on how sometimes the GST (sales tax) amount in total doesn’t exactly turn out to be 10 percent (in this case GST in Australia). Or in the other words, the GST total amount has discrepancy than the given percentage. In summary, AX GST Total calculation works as following Ax will look at the total net amount of your tax invoice then multiply by 10%. The GST Total will then be distributed to each line based on the weighted average of net amount AX natively records the currency amount in 4 decimal places. And in your case the currency amount will be rounded in 2 decimal places. Your GST Total is supposed to be 9.91 (if you calculate it per line), however after doing the step 2 (distributing to each line based on the weighted average of net amount) and did the round of the GST Amount per each line. It will end up by having 9.89 My colleagues has created very good excel simulation in his blog, you can ...
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Posting Bank Statement's Transaction(s) Mark as New Transaction - AX 2012/Dynamics 365 Finance and Operations

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Microsoft documentation for AX 2012 doesn’t provide clear steps on how to create new bank transaction based on the Marked new transaction in bank statement lines. These following steps can be followed to create the new bank transaction based on the bank statement line(s): During reconciliation process (under bank reconciliation worksheet), mark the statement line(s) that is indicated as a new transaction in the bank document. Or this step can be automated by using matching rules. Once marked as new transaction, open the related bank statement. Go to the line marked as new transaction and click ‘ Distribute amount ’ button. Put the ledger dimension string on Ledger account field. If you need to post into several accounts/dimensions you can utilise Split button. Close the Accounting distribution form and click post on the bank statement. This should help to create the new bank transaction automatically. Dynamics 365 Finance and Operations have the similar...
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Update Account Structure from Excel format using Add Ins- Dynamics 365 Finance and Operations

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One of the improvement (or new feature) Microsoft made is the ability to export (and update) account structure. This can be done using office add-ins. This feature will be a big help for the users to be able to dump the data, perform analysis, and make changes directly in Excel format. Below are the steps to download and update account structure. Go to /General ledger/Chart of accounts/Structures/Configure account structures/ Click on “Open in Microsoft Office” icon at the top right-hand corner of the screen and choose “Account structure allowed values” template. Other template is to extract the list of the account structure available in the system not the value combination. Add-ins Template for Account Structure The account structure value combinations will be exported into excel format as follow (after successfully login to add-ins): If the account structure is in the draft mode, the records in Excel will be displayed in two different categorie...
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Purchase Order Invoice Reversal in AX 2012

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There are couple ways of reversing the PO Invoice in AX 2009 and prior versions. However, there is a procedure that can’t be done in AX 2012. Reversing PO Invoice in AX 2009 can be done by directly entering minus quantity in “Receive now” field at the PO line that wanted to be reversed. Then proceed by posting a delivery note and invoice subsequently. This will reverse the delivery note/invoice on that positive PO line. This procedure, though has a tidy result, is no longer allowed in AX2012. User has to create separate negative PO line to do the reversal of the PO Invoice. User will get following message because both receive now and ordered quantity must have the same sign (either positive or negative). The procedure is well explained by Microsoft in following link https://technet.microsoft.com/en-us/library/hh454990.aspx
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How to Display Company's Accounting Currency in Management Reporter

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Reporting Tree Unit in Management Reporter is one of good features to have the breakdown of summary report. One of the case I came across using the reporting tree is to report Balance Sheet per legal entity. Below is the sample that use legal entity in the reporting tree unit Above scenarios list down to different entities that have different accounting/functional currency. And in some cases customer wanted to see the balance sheet in each accounting/functional currency. To achieve this we have to enable the “Currency Display” function in the Column Definition. Above configuration will force the Management Reporter to display the balance sheet in each entity’s functional/accounting currency. Without this configuration, the report will be displayed in one currency. The “Include all reporting currencies” does not give you the same output as above configuration does. That will give you the ability to switch between USD to CNY or to any mentioned currency (GBP, INCR, etc) and...
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Good Received Not Invoiced Report

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AX has standard Good received not invoiced report that is available only for United States and Canada. This report can be made available for other countries with little tweaks in the AOS. Go to /Menu Items/Output/VendAccruedPurchases_NA under AOT. Remove the value on the “CountryRegionCodes” properties. Save and compile the object. Go to /Procurement and sourcing/Reports/Status/Accrued purchases/ to open the report.
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