A major factor that makes Dynamics 365 suitable for agile businesses is the change from a layered object architecture to object extensions. This allows Microsoft to provide rolling updates with a common code base that is less error prone and easier to support.
This change also means frequent updates of new features and enhancements and bug fixes. Customers no longer have to go through major upgrades and code merges to stay abreast.
The latest June 2024 release, version 10.0.40, introduces many new features and enhancements to streamline operations and improve productivity. Here’s an overview of the key release enhancements for Finance and in the next post I will highlight some fo the enhancements for SCM :
Dynamics 365 Finance New Features
Bank Account Lifecycle Management
- Approval workflows for bank account activation, modification, and deactivation.
- Bank account change history for auditing purposes.
- A protected field list to control fields that trigger the modification approval workflow.
Customer and Vendor Netting
- ‘Netting off’ capability between open customer balances and open vendor balances – create netting journals instead of separate customer and vendor payment journals to settle transactions.
- Improved Performance and Efficiency of Sales Invoice Entities
- Eliminates inefficient views, and computed columns in sales invoice entities.
- Fetches all columns directly from data sources, to speed up data retrieval.
- Post Document with Distribution Process Splitting- Optimizes memory usage by splitting the distribution process into individual batch tasks, preventing memory overflow with long invoices.
Extended Length of Vendor Invoice Numbers – Increases the invoice number length from 20 to 50 characters in vendor invoices and invoice journals.
Credit and Collections Workspace
- Centralizes essential collection information in the Collections coordinator workspace.
- Streamlines customer communication and decision-making by offering an overview of customer accounts, activities, and balances.
Customer Balance Statistics Deletion Job
- Includes a periodic task to delete outdated balance statistics records, to improve performance and to reduce storage costs by managing long-term data.
Consolidation Templates
- Setup of consolidation information once for repeated use.
- Shows all consolidation runs, reruns, and reversals on the Consolidate online page.
Related Journals Reversal
- Enables reversal of all related journals in a single step, even those created from a large journal that was split into multiple journals.
Workflow History Summary
- Displays an AI-generated summary on the Workflow history page. Summarizes
- submitter,
- current status,
- due date,
- comments,
- recent approvals,
- rejections,
- change requests,.
Dynamics 365 Finance Feature Enhancements
Import Bank Statements – Supports the import of bank statements through data entities, with available Bank statement header and Bank statement lines data entities.
Modern Bank Reconciliation – Redesigned report saves snapshots by bank reconciliation cut-off date. Includes fields like Matching ID and Matching type for detailed reconciliation information.
Single Administrative Documents (SAD) Integration with Tax Calculation Integrates SAD documents with Tax calculation, enabling configuration and recording of tax amounts with tax directions.
Error Handling for Tax Solution Providers Introduces a new API type for ISVs to define their own error codes and messages, synchronized with the Tax calculation parameters page.Customer Payment Journals Enhances efficiency for payment journals with multiple payment lines that have an undisputed collections status
