Standard Configurations of New Company Setup in Dynamics 365 for Financials

Standard Assisted Setup Review of Configurations

In my last blog, Assisted Company Setup in Dynamics 365, I reviewed the prompts involved in creating a new Dynamics 365 for Financials Company using the standard assisted setup tools. This blog will outline some of the many configurations that are set up automatically.

Chart of Accounts

Dynamics 365 for Financials creates a standardized Chart of Accounts when using the standard assisted setups. This can save tons of time in getting Dynamics 365 for Financials up and running. Keep in mind that you can add and remove G/L Accounts as needed.

standard chart of accounts in Dynamics 365 for Financials

 

Setup Pages

Standard Companies in Dynamics 365 for Financials are created with numerous preconfigured setups. Again, this gets you up and running faster, but there may be default configurations that you want to change. Below are the primary setup screens and the default values used in the standard configuration.

1.     General Ledger Setup:

Dynamics 365 General Ledger Setup

2.    Sales & Receivables Setup:

Dynamics 365 Sales and Receivables Setup

3.    Purchases & Payables Setup:

Dynamics 365 Purchase and Payables

Accounting Periods

accounting periods in Dynamics 365

 

Number Series

Number Series are used to number most everything in Dynamics 365 for Financials, including master records like Vendors and Customers, and to assign Document Numbers using Journals. If you don’t like the default numbers, they can be changed here.

number series in Dynamics 365

Payment Terms

Payment Terms are used to calculate when Customer and Vendor invoices are due. The Payment Terms that are automatically configured will not typically be sufficient to handle the various payment terms you may have negotiated with your Vendors and Customers, so you’ll likely need to add to this list. The data provided, as you see here, does give you a good idea of how to configure new Payment Terms.

Dynamics 365 for Financials payments

 

Account Schedules

Account Schedules and Column Layouts are how you’ll generate Financial Statement reports in Dynamics 365. Several are set up automatically as part of the standard setup, but you’ll likely want to create your own so your reports are presented just as you need.

   1. Account Schedules:

D365 account schedule

2. Column Layouts:

D365 column layout assisted setup

 

G/L Account Categories

default G/L Account Categories in Dynamics 365 for Financials

Tomorrow I will show you standard configurations in Dynamics 365 for Financials for Posting Groups, Bank Accounts, Data Templates and Journals.