Book Image

Microsoft Dynamics 365 Enterprise Edition - Financial Management - Third Edition

By : Mohamed Aamer Ala El Din
Book Image

Microsoft Dynamics 365 Enterprise Edition - Financial Management - Third Edition

By: Mohamed Aamer Ala El Din

Overview of this book

Microsoft Dynamics 365 for finance and operations is a rapidly growing application and is widely used in enterprise organizations. Because of its ability to maximize business productivity, it is a fast-growing business application package in the ERP market. We will start by looking into ERP concepts, implementation needs, and interface design, giving you basic knowledge of financial management aspects and explaining key concepts along the way. To begin with, you'll be taken through the general ledger and financial dimension functions. You'll later learn about the sales tax mechanism and multi-currency in Microsoft Dynamics 365. We tackle each topic with focused examples and explanations on topics such as payable/receivable accounts, forecasting, cash and bank management, budgeting planning/control, and fixed assets. Finally, we walk you through intercompany, consolidation, costing basics, and financial reporting. By the end of this book, your finance team will have a much richer understanding of Microsoft Dynamics 365 for finance and operations and its powerful capabilities.
Table of Contents (24 chapters)
Title Page
Copyright and Credits
Dedication
Packt Upsell
Contributors
Preface
Index

Budget control


As defined in the Oxford Dictionary of Accountingbudget control is "

the process by which financial control is exercised within an organization using budgets for income and expenditure for each function of the organization in advance of an accounting period. These budgets are compared with actual performance to establish any variances. Individual function managers are made responsible for the controllable activities within their budgets, and are expected to take remedial action if the adverse variances are regarded as excessive.

The budget control function in Microsoft Dynamics 365 for Finance and Operations provides the required configurations of budget control elements. The budget control should be turned on and activated, should identify the account structure and budget control dimensions, should also assign an exception user group, which dictates who can exceed the budget, and should identify which document will be subject to budget control, and calculate the budget...