In this chapter, we discussed the practices in the financial implementations of Microsoft Dynamics AX 2012. We focused on the general ledger, covering the types of main accounts, classifications, and control points. We also explained shared financial data, which is a new function introduced in Microsoft Dynamics AX 2012 R3. We also learned about opening balance best practices, daily transactions, and the monthly closing procedure.

In the next chapter, we will cover bank management basic configurations, controls, and integrations with other modules (general ledger, accounts payable, and accounts receivable), and we will also perform a bank reconciliation.