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 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:
2. Sales & Receivables Setup:
3. Purchases & Payables Setup:
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.
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.
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:
2. Column Layouts:
G/L Account Categories
Tomorrow I will show you standard configurations in Dynamics 365 for Financials for Posting Groups, Bank Accounts, Data Templates and Journals.