Archive for the ‘Dynamics 365’ category

Dynamics 365 Finance and Operations Wave 1 December 2021

December 18th, 2021

This version has a build number of 10.0.1037 and is available as follows:

  • Preview of release: October 2021
  • General availability of release (self-update): December 2021
  • General availability of release (auto-update): January 2022

This month’s release contains the following exciting new features in Dynamics 365 for Finance & Supply Chain Management for these apps: Finance, Supply Chain Management, Guides, and Project Operations. 

Add payment breakdown on lease payments

Break down lease payments by contract payment types on payment schedule lines to provide greater insight.

Lease impairment enhancements
Display the new asset balance and financial entry from the lease impairment process in the right-of-use asset impairment dialog before posting the right-of-use asset impairment

Adjust posting date automatically during invoice posting

A parameter that lets the system change the posting date automatically according to your business needs

This will  reduce the number of manual steps that accounts payable clerks must complete when it’s necessary to adjust the posting date on multiple vendor invoices and that will reduces manual errors.

Open vendor transaction report

Provides quick access to detailed information about the open transactions for each vendor as of a specific date.

Reverse posted bank statements

Enables the Reverse Statement option in the header of the bank statement

Revert to simple bank reconciliation from advanced bank reconciliation

This feature lets you disable the advanced bank reconciliation functionality for specific bank accounts, which may reduce the complexity of bank reconciliation for some bank accounts.

Unmatch all bank statements and transactions
This feature lets you unmatch all the statements and transactions in one step which enhances efficiency and saves time for users

Define a default state/province for each country/region in the address setup for the global address book

When a default state/province is set, it will be the default value entered in state/province fields when you create a new county or city record for that country/region

Configurable business documents – specific destinations via printer management settings in the reports
Enables the setup and edit of business document-specific destinations by using the print management user interface in the Electronic Reporting (ER) framework use named Electronic Reporting destinations. More types of business documents can now be generated in Finance when using the Electronic Reporting framework

SCM

Enhanced manufacturing execution workloads on scale units

You can now begin work on production and batch orders and report these as finished using the warehouse app, without requiring a round trip to the hub

Setup rules that automatically consume the planned amount of material for each production order

Effective April 2021, Dynamics 365 for Finance and Operations – Warehousing (the warehouse app) is deprecated and won’t be supported after April 2022.

It is now replaced by the Warehouse Management mobile app, which was released with version 10.0.17 of Supply Chain Management. The new app is a complete replacement but uses same underlying framework, which makes migration easy. If needed, the two apps can be used side-by-side to help users gradually adjust as they learn to use the new app.

Pause tasks in the Warehouse Management mobile app

Users can now temporarily pause their current task and then can safely return to where they left off. This increases the efficiency of warehouse workers by allowing them to stop their current task to perform another more important one, and then return to the original task without losing any information

Enhanced production floor execution interface for process manufacturing

  • This feature provides a state-of-the-art and intuitive user experience for process manufacturers and manufacturers that need to report on batch orders
  • Use the production floor execution interface to report progress on batch orders, including reporting on co-products and by-products

Manufacturing execution systems integration
Data exchange is fully automated and near real time, which keeps data current in both systems and eliminates the need for manual data entry. This offers manufacturers a fast path to realizing their Industry 4.0 ambitions by making it faster and easier to integrate Dynamics 365 Supply Chain Management with common manufacturing execution systems.

Planning Optimization support for priority-based planning

Priority driven MRP support for Planning Optimization

Enhancements

The following table lists the feature enhancements that are new for this release. Each of these enhancements provides an incremental improvement to an existing feature. Because they are only enhancements, they aren’t listed in the release plan. However, to ensure that these enhancements won’t conflict with your existing customizations or preferences, each of them is turned off by default (unless otherwise noted).

If you want to turn any of these features on or off, you must do so in feature management, where they are listed using the names shown in the Feature name in feature management column of the following table.

FEATURE ENHANCEMENTS INCLUDED IN THIS RELEASE
ModuleFeature name in feature managementMore information
Asset managementOffset accounts for expenses in work order journalsThis feature lets you specify an offset account for each expense listed in a work order journal. You might typically associate a vendor account with each expense, but other account types are also supported. It adds two new columns (Offset account type and Offset account) to the Expense FastTab on the Work order journal page.
Cost managementCreate related vouchers for standard cost rounding revaluationsWhen an inventory financial posting (such as a sales order invoice or inventory transaction) is made, this feature causes the system to create a separate voucher for any related standard cost rounding revaluations and attach it to the financial posting voucher as a related voucher. Without this feature, the system records standard cost rounding revaluations on the same voucher posting. That behavior can sometimes cause conflicting date information, because the revaluations use the session or system date, whereas financial postings use the posting date.
Master planningAzure Machine Learning Service for demand forecastingThis feature enables the Azure Machine Learning Service to generate demand forecasts based on historical data. For more information, see Demand forecasting setup.
Procurement and sourcingClean up purchase-order update historyThis feature lets you clean up temporary historical records related to purchase-order updates. It adds a new button called Clean up purchase update history to the Action Pane on the All purchase orders page. This feature is enabled by default.
Production control(Preview) Auto-picking of warehouse enabled materials for auto-posted picking listsThis feature lets you auto-pick and resolve inventory dimensions for auto-posted, derived, and backflushed picking list journals.
Production controlValidate expiration of raw materials against planned consumption dateThis feature changes how batch expiration dates are validated when reserving a batch of raw material to be used during production. When this feature is enabled, the batch expiration date is validated against the planned consumption date (the raw material date), as established on the production BOM line or batch order formula line. When this feature is disabled, the batch expiration date is validated against the planned delivery date of the production or batch order (as previously).
Sales and marketingClean up sales update history based on ageThis feature lets you set the maximum age of records to keep when running the Sales update history cleanup periodic task. Older records will be deleted. This is useful for when you set the task to run periodically because the age is always calculated relative to the date the task is run. Without this feature, you can only set a specific date for the oldest records to keep.
Sales and marketingImprove “Top 100” customers report performanceThis feature improves the performance of the Top 100 customers report by always running the report across all customers (which is its intended use) rather than by allowing custom queries. When this feature is enabled, all Records to include settings are disabled in the Top 100 report dialog.
Warehouse managementScale unit support for release to warehouse of outbound ordersWhen this feature is enabled, outbound orders can be released from the hub directly to the scale unit where the orders will be fulfilled.

In Feb2022 we can expect v 10.24

New Feature areaFeatureMore informationEnabled by
Distributed hybrid topologyEnhanced warehouse execution workloads on scale unitsWarehouse management workloads for cloud and edge scale unitsEnabled by default.
PlanningPlanning Optimization support for reorder margin and issue marginSafety marginsEnabled by default.

Enhancements

ModuleFeature name in feature managementMore information
Production controlOn-demand material availability check for production ordersThis feature makes it faster to open the Production orders to release page, which is available from the Production floor management workspace. Without this feature, the system automatically checks whether materials are available for all listed production orders as soon as you open the page, which can take significant time if you have a large number of orders. When this feature is enabled, the system instead provides a toolbar button, which you can use to initiate the materials check only for selected orders and when needed.
Production control(Preview) Register material consumption on the production floor execution interface (non-WMS)This feature enables workers to use the production floor execution interface to register material consumption, batch numbers, and serial numbers. This feature only supports items that are not enabled to use advanced warehouse processes (WMS). Support for WMS-enabled items is scheduled for a future release. Some manufacturers, especially those within the process industries, need to explicitly register the amount of material consumed for each batch or production order. For example, workers might use a scale to weigh the amount of material consumed as they work. To ensure full material traceability, these organizations also need to register which batch numbers were consumed when producing each product.
Production controlReport as finished on warehouse management workload for the cloud and edge scale unitThis feature lets workers use the Warehouse Management mobile app to report a production or batch order as finished when the app is running against a warehouse management workload on a cloud or edge scale unit. For more information, see Report as finished and putaway on a scale unit.
Production controlStart production order on warehouse management workload for the cloud and edge scale unitThis feature enables workers to use the Warehouse Management mobile app to start a production or batch order when the app is running against a warehouse management workload on a cloud or edge scale unit.
Warehouse managementNew load planning workbench pagesEnables two new load planning workbench pages: Inbound load planning workbench and Outbound load planning workbench.

Power Bi Updates November 2021

November 19th, 2021

New format pane preview feature, page and bookmark navigators, new text box formatting options, pie, and donut chart rotation and more……..

Reporting New Format Pane — 00:20 Learn more: https://powerbi.microsoft.com/blog/in…

Page and Bookmark Navigators — 05:02

Sort legend — 09:55

Bold/italic/underline for text formatting — 10:36

Text box super/subscript and bulleted lists — 10:59

Pie and donut chart rotation — 11:19

Scorecard visual — 17:44

Update on tenant-level Bing Maps feature switch — 19:33

Data connectivity and preparation Azure Synapse Analytics (New Connector) — 20:23

Google Sheets (New Connector) — 21:11

Azure Cosmos DB V2 (New Connector) — 22:09

Delta Sharing (New Connector) — 22:43

Updated connectors — 23:17

Google BigQuery (Connector Update) Cognite Data Fusion (Connector Update) Dremio Cloud (Connector Update) Service Admin & Governance Datasets hub improvements — 23:34

Azure Lockbox Support for Power BI — 24:21

Power BI Goals — 25:16

Goal level permissions Power Automate Integration Moving goals around the scorecard Showing/hiding and moving columns Mobile Use QR codes with URL parameters (Android and iOS) — 27:28

Updated report filters (Android and iOS) — 28:20

Embedded Analytics Power BI Embedded Gen2 — 29:03

Control embed token expiry — 30:02

Support embedding a Power BI report that contains a paginated report visual — 30:46

Explore your report in the developer playground — 31:20

Visualizations New visuals in AppSource — 32:24

Dual Axis Scatter Plot by Yavda Analytics Download: https://appsource.microsoft.com/en-US…

Growth Rate Chart by DJEENI BV Download: https://appsource.microsoft.com/en-US…

Process Mining with Power BI by AppSphere AG Publisher Download: https://appsource.microsoft.com/en-US… Updated visuals in AppSource — 32:44

Inforiver standard edition by Lumel Learn more: https://inforiver.com/editions/ Download: https://appsource.microsoft.com/en-us…

Drill Down Map PRO by ZoomCharts Learn more: https://zoomcharts.com/en/microsoft-p… Download: https://appsource.microsoft.com/en-us…

Lipstick Bar Chart by Nova Silva Learn more: https://visuals.novasilva.com/ Download: https://appsource.microsoft.com/en-us…

Charticulator (version 1.1.2) Learn more: https://charticulator.com/index.html Download: https://appsource.microsoft.com/en-us…33:02

Find report sample files easily in AppSource — 33:11

Assets with Dynamics 365 Finance & Supply Chain – ask Synergy Software Systems

October 19th, 2021

Assets include for example buildings and machinery, IT equipment. company mobile phones and credit cards, cars, shipping vehicles and containers and son on.. TA malfunction or failure of your assets for example a production machine or a delivery vehicle can negatively impact your supply chain. Aa global enterprise will have thousands of assets.

Dynamics 365’s, Asset Management module allows companies to manage their maintenance operations with real-time access to their maintenance costs without having to separately collect data, to analyze it. Use Asset Management to both plan and execute maintenance and and servicing of equipment in your company, . It integrates seamlessly with several Dynamics 365 modules and other apps.

Functional Locations and Assets

Use Functional locations to manage assets on locations and to track asset costs at functional locations. Functional locations are structured hierarchically, and locations can have sub-locations.. Assets can be installed on functional locations and, be reinstalled on other functional locations.

Asset costs always follow the location of the asset. When you install an asset on a new functional location, the asset automatically uses the financial dimensions that are related to the new functional location. Therefore, asset costs are always related to the functional location that the asset is currently installed. This automatic handling of financial dimensions helps guarantee accurate cost tracking when your company does project controlling and reporting on functional locations.

Also build a hierarchy of functional locations for your company internal equipment maintenance, or for servicing customer equipment.

Assets and Work Orders

. An asset is a machine assembly  or machine part that requires on-going maintenance and service.

Assets can be created in a hierarchical structure, and they can be related to functional locations.

Maintenance jobs can be planned at all levels in the asset structure.

For each asset set up related data, such as asset specification, and required maintenance plans and the affiliation of assets to job types.

Every work order has a work order type, such as preventive or corrective maintenance, or inspection.

The work order contains one or more work order jobs. Every work order job defines a job that must be performed on an asset and a related job type.

Examples of related job types include 10,000 km, 50,000 km, 1-year overhaul, and safety inspection.

One work order can be related to multiple assets.

A work order can be related to another work order, and job types can contain succeeding jobs that create a work order. In general, there are no dependencies between work orders. Therefore, they can change their work order lifecycle state and can be scheduled independently of each other.

Integration with ERP

The integration of Asset Management with Dynamics 365  applications supports drill down into your maintenance data to understand exactly what is driving your costs, and to determine how optimise your assets.

  • Project management and accounting – allows a holistic view into the costs associated with work on specific objects, by area, by a worker, etc.
  • Human resources – provides the capability to assign workers to specific work requests and allows for a clearer vision of the true cost of maintaining your assets.
  • Fixed assets – allows greater visibility into the cost of maintaining an asset.
  • Inventory management – maintains spare parts inventory.
  • Master planning – provides planned purchase orders based on criteria set up in the system, ensuring that the maintenance department never runs out of parts.
  • Procurement and sourcing – allows maintenance departments to have clear visibility into their orders and expenditures.
  • Accounts payable – allows vendors to be paid on time and allows the accounting department greater visibility into maintenance expenses.
  • General ledger – grants visibility into the maintenance process from an accounting perspective.

Utility billing, Dynamics 365, why Mecoms? ask Synergy Software Systems

October 11th, 2021

We have long experience of utility billing, which has many unique requirements compared to a manufacturing or retail organisation. OS we are pleased to announce these recent successes by our ISV partner Mecoms.

FERRANTI COMPUTER SYSTEMS Achieves the Microsoft Business Applications 2021/2022 Inner Circle award

Ferranti is honored by Microsoft for achieving outstanding sales achievement and innovation with their MECOMS 365 application platform. 

Ferranti Computer Systems, the driving force behind the MECOMS 365 software platform for energy & utility providers, has achieved the prestigious Microsoft Business Applications 2021/2022 Inner Circle award. Membership in this elite group is based on sales achievements that rank Ferranti Computer Systems in the top echelon of the Microsoft’s Business Applications global network of partners. Inner Circle members have performed to a high standard of excellence by delivering valuable solutions that help organizations achieve increased success. For the second year in a row.

2021/2022 Inner Circle members are invited to the Inner Circle Summit Summit in March 2022 as well as virtual meetings between July 2021 and June 2022, where they will have a unique opportunity to share strategy and network with Microsoft senior leaders and fellow partners.

This recognition of Inner Circle for Microsoft Business Applications coincided with Microsoft Inspire, the annual premier partner event, which took place July 14-15, 2021. Microsoft Inspire provides the Microsoft partner community with the opportunity to learn about the company’s road map for the upcoming year, establish connections, share best practices, experience the latest product innovations and learn new skills.

“In a year of deep business transformation for every company and every industry on the planet, it is extremely rewarding to be able to recognize Microsoft Business Applications partners from every corner of the world that accelerated our joint customers’ digital transformation and drove unsurpassed customer success,” said Cecilia Flombaum, Microsoft Business Applications Ecosystem Lead. “Our Inner Circle members are chosen based on their business performance as well as capabilities as an organization, whether that’s creating IP, developing solutions, or having an industry leading focus on digital transformation. Microsoft is honored to recognize Ferranti/MECOMS for their achievements this past year, their dedication to our customers, and their innovation around the Microsoft Cloud.”  

Tom Van Haute, COO at Ferranti/MECOMS: “By using Microsoft technology as the underlying platform for MECOMS 365, working together with the Microsoft experts and opting for a hybrid cloud solution, we can keep MECOMS future-proof. Receiving the Microsoft Innercircle Award is a confirmation of our expertise and efforts of which we are of course very proud. Our product development team and myself are looking forward to continue the collaboration as an Innercircle member to drive innovation for our MECOMS platform for our customers to enjoy.”

Ferranti is dedicated to supplying valuable solutions that help customers achieve a competitive advantage by working with them to identify the best solutions and services that accommodate their business needs while excelling in customer satisfaction. By collaborating with the teams at Microsoft, Ferranti maintains a strong expertise of the Microsoft platform to provide innovative solutions, strong services and unparalleled value to their customers.

Johan Vandekerckhove, CCO at Ferranti/MECOMS: “We build relationships with our stakeholders, continuously collect their feedback and see how we can adapt to immediate needs in our industry or surfacing innovations that benefit our customers. It is an honor for us to receive the Award for Innercircle Member Microsoft Business Applications. Being part of the Innercircle allows for efficient communication and front row access to trends and innovations in our industry. I would like to thank everyone at MECOMS and Microsoft for our collaboration over the past period and I’m looking forward to continue this the coming years.”

MECOMS is positioned as a Major Player in the IDC MarketScape:

Worldwide Customer Experience Management Solutions for Utilities 2021.

It shows that the efforts and investments in our product development are bearing fruit and that we have a future proof strategy in place, which obviously benefits our customers in the first place.” Ellen Schrauwen, Operations Manager and MECOMS Product Organization.

We are very proud of the position and recognition that MECOMS receives in the IDC MarketScape. The fact that our customers recognize us for our industry expertise, that’s a credit to our entire MECOMS Family and our network. 

This IDC MarketScape provides energy utilities globally with insight into the current capabilities and future strategies of customer experience management (CXM) software vendors, guiding them in their experience enhancement projects or as they plan for an end-to-end CXM solution deployment. 

If you need a utility billing system built on a proven enterprise solution delivered by an experienced U.A.E. partner then call Synergy Software Systems 01472885282

Power BI autp install for TEAMS is coming.

September 17th, 2021
  • Power BI will begin automatically installing the Power BI app for Teams for users when they visit the Power BI service
  • Power BI admins can choose not to auto-install through a new Power BI tenant setting
  • The tenant setting has started to roll-out now, giving admins time to opt-out if desired.
  • The automatic installation will start to take effect in November 2021, for organizations with the setting enabled.

Auto-install for Power BI app for Microsoft Teams

When the Power BI app for Microsoft Teams is installed, users get better experiences without leaving Teams, like:

These capabilities are available once the Power BI app for Teams is installed for a user

The Install Power BI app for Microsoft Teams automatically tenant setting is added to the Power BI admin portal. Power BI admins can control the auto-install behavior. By default, the auto-install is enabled.

Power BI tenant setting that controls automatically installation of the Power BI app for Microsoft Teams for a user.

The automatic installation happens for a user under the following conditions:

  1. The Power BI app for Microsoft Teams is set to allowed in the Microsoft Teams admin portal
  2. The Power BI tenant setting Install Power BI app for Microsoft Teams automatically is enabled
  3. The user has a Microsoft Teams license
  4. The user opens the Power BI service (e.g. app.powerbi.com) in a web browser

Initially, auto-install applies to new users the first time they visit the Power BI service in a web browser. In the future, auto-install will occur for all active users of the Power BI service who meet the criteria.

When auto-install occurs, the following notification is shown in the Power BI service notification pane.

Graphical user interface, text, application Description automatically generated

Questions and Answers

What happening today?

Pre-announcing auto-install of Power BI in Teams.

Starting to roll-out a Power BI tenant admin setting which enables Power BI admins to choose to opt-out of the automatic installation behavior.

When will these changes take effect?

In November 2021, Power BI auto-install of Power BI in Teams will start rolling out.

Which users will be affected?

When the Power BI tenant setting is enabled, the Power BI app for Microsoft Teams will be installed for users who meet the criteria specified. Initially, automatic installation will apply to new users and will expand to all users who visit the Power BI service in a web browser after the initial roll-out in November 2021.

When should I use a Microsoft Teams App Setup Policy?

Microsoft Teams app setup policies allow Microsoft Teams Admins to install an app for a target set of users. Since this applies to all users in the specified group, you can ensure everyone who needs Power BI has it, even when they’re not active Power BI users. Use app setup policies to pin the Power BI app in Teams to the Microsoft Teams left rail. This additional step makes data and analytics prominently available throughout your organization..

Read more about automatic installation in the Power BI documentation

Read more about the Power BI app for Microsoft Teams

Read more about collaboration in Microsoft Teams with Power BI

Dynamics 365 Project Operations

September 13th, 2021

Dynamics 365 Project Operations will soon be one year since GA and more features will come next moth in the Wave 2 update. It is a combination of previous solutions (Project Management and Accounting feature of Dynamics 365 Finance and Supply Chain, Dynamics 365 Project Service Automation, and Microsoft Project) into a single set of user scenarios typical of project-centric businesses.

The long-term approach to the database back-end for Dynamics 365 Project Operations is he Dataverse. (formerly known as the Common Data Service) which consists of foundational, secure data entities to enable standard, mainstream business use cases with reusable business logic. 

Project Management and Accounting development work will continue on X++ while Project Service Automation solutions will still be built on the Power Platform.

INTELLIGENT ORDER MANAGEMENT – ask Synergy Software Systems

September 9th, 2021

According to Microsoft commissioned research by Forrester in November 2020, 61 percent of businesses expect more than half of their sales to come from digital commerce over the next two years.

More than 50 percent of businesses report that their supply chains are unprepared to accommodate a growth in digital commerce.

 In a recent McKinsey survey of 60 senior supply-chain executives, from across industries and geographies, 85 percent of respondents reported inefficient digital technologies to address logistic disruptions, shortages of parts and materials, and sudden swings in demand caused by the COVID-19 pandemic.

Microsoft Dynamics 365 Intelligent Order Management enables organizations to intelligently orchestrate fulfillment and automate it with a rule-based system using real-time omnichannel inventory data, AI, and machine learning.

Adapt quickly to meet future order volumes and fulfillment complexities by supporting new order intake, fulfillment, and delivery partners with pre-built connectors and support contemporary collection methods like buying online for in-store or curbside pickup.  Microsoft Dynamics 365 Intelligent Order Management, is a solution that enables agile businesses with easy-to-deploy out-of-the-box connectors within a low-code or no-code environment.

Intelligent Order Management offers pre-built connectors for order intake sources to help businesses to accept orders from anywhere for example:

  • Orderful a cloud-based electronic data interchange (EDI) platform
  • BigCommerce  a cloud-based e-commerce SaaS platform.

 ShipStation is a web-based e-commerce shipping platform for merchants to quickly generate shipping labels for their online orders. By integrating ShipStation with the Intelligent Order Management platform, users can bring all their carriers and order sources together within one unified solution.

Intelligent Order Management users can also use pre-built partner connectors connect to integrate to:

  •  Avalara, an automated tax compliance solution that determines order tax rates based on geolocation and product classification,
  •  Flexe, a cloud-based platform that unifies warehouse sourcing and streamlines material handling operations.

Microsoft’s Intelligent Order Management provides a foundation for businesses to build agility and resiliency into their order management processes and to free themselves from legacy, inefficient technologies.

With internal to external ID transformation, users use different mappings with different providers. For example, a different names for the same product or SKU from an e-commerce system, such as BigCommerce, to Intelligent Order Management. This type of internal to external ID mapping is critical when Intelligent Order Management is used in complex order environments where data is communicated between many internal and external systems.

There are localized Business Event definitions and Provider definition metadata for the following languages: Arabic, Danish, Dutch, German, Italian, Japanese, and Spanish.

An enriched Power BI architecture includes a set of dashboards embedded into the user interface. The Power BI dashboards provide longer-range insights into the order and fulfillment data..

Improve order accuracy with fulfillment insights

A recent “final mile” survey by Gartner®, found that   only 18 percent of organizations report fulfillment accuracy rates of 95 percent or better.

  • What is the cost in extra administration of processing an order and shipment twice?
  •  What are the top and bottom line impacts of losing 5% or more of sales already won?

Intelligent Order Management with the new Order insights dashboard can help you to improve this key performance indicator.

To find out more contact: Synergy Software Systems: 0097143365589

Manage your inventory in Business Central – ask Synergy Software Systems

September 2nd, 2021

View Top Selling Items Aged Inventory

In the Business Central dashboard, select Aged Inventory to see what inventory items have been present for over 120 days, and to see how long each item has been in inventory..

Once you’ve gained insight into the efficiency of your inventory determine what are your best selling items. From your Business Central dashboard select Items, then select Report, then Inventory, then Inventory Statistics, and finally select Inventory – Top 10 List.

You are now looking at a report of your best selling products, to aid you in taking informed decisions for future inventory needs.

Check Inventory and Vendor Lead Time

After determining what products are selling successfully for your business and what products are having a slow turnover rate, determine the vendor lead time for these items. What is the time from when a purchase order is made to when the item is assembled and ready to be distributed to buyers. This data, will help you avoid the risk of being out of stock for your most popular items, a key source of revenue. 

Use the search function in Business Central located at the top right corner of your screen and search for Purchase Advice. This generates a report that shows both the total number of orders for your company’s items and the actual number in stock for each of these items. 

When you see an item that’s out of stock, go to your dashboard again and select Vendors. From there, select Report, then Purchase, then Vendor/Item Purchases. Now youhave access to a Vendor/Item Purchases report that will show the lead time of all vendors.

Easily Restock Items

Through just a few simple clicks, you have a better understanding of what is selling for your company, what isn’t, and the general turnaround time for all of these products. Such information is what makes Business Central so beneficial for inventory management. 

Use the insight gained on all inventory, to easily enter purchase invoices for items that are out of stock or close to being out of stock. Select Vendors from the dashboard screen to find the required vendor and then select Purchase Invoice, and enter the vendor invoice number along with the items purchased.

Once posted, the invoice is complete, and you don’t have to worry about being behind on inventory restock.

Future Inventory Stock

Leverage the information on inventory movement given to you by Business Central to predict future inventory needs. Go to your dashboard and find the Forecast application. Select the Forecast menu. Look at the Sales View and Inventory Forecast. 

The Inventory Forecast gives you visibility and insight about upcoming inventory needs using data in Business Central. It provides predictions for when certain items will be out of stock by analyzing current inventory and consumer trends for your company.

Keep your warehouse data accurate and updated in a timely manner with mobile transactions and use of rfid/barcode technology and also to undertake perpetual and annual inventor counts.

Ask us about the Tasklet mobile solution and its many new features. 0097143365589

IFRS16 Asset leasing in Dynamics 365

September 1st, 2021

Asset leasing helps customers feel more confident that they’re following the proper accounting standards for ASC 842 and IFRS 16, reducing the risk of spending extensive time doing offline calculations. Asset leasing will reduce manual errors and save your users time through automatic lease status updates, right of use assets, wholistic monitoring and analytics, and calculations of net present value, lease interest, and future cash payments.

Dynamics 365 Finance > Asset leasing > Lease management

Asset leasing can help you with the following:  

Automates the complex lease calculation of present value and its subsequent processes such as future lease payment, lease liability amortization, right-of-use asset depreciation, and expense schedules.

Automatically classifies the lease as either operating or finance, or as a short-term lease or low-value lease. The lease classification tests include transfer of ownership, purchase option, lease term, present value, and unique asset.

Centralizes the management of lease information, such as important dates, including the commencement and expiration dates, as well as the lease’s transaction currency, payment amounts, and payment frequency.

Helps to generate accounting entries for the initial recognition, and subsequent measurement of the lease liability and right-of-use asset.

Reduces time for complex calculation of lease modification and automatic adjustment transactions.

Provides posting to different layers to accommodate different reporting purposes, such as tax reports that are available in Dynamics 365 Finance.

Complies with the accounting standards to represent leases on a balance sheet using the Balance sheet impact calculator.

Provides audit controls over the integrity of the lease data to ensure that the posted transactions match the calculated amounts of the present value, future payments, and liability amortization.

Provides tools to import from or export to Excel for all lease data using data management.

Includes features that help in preparing asset leasing reports, particularly the preparation of disclosures and notes.

Integrates with company chart of accounts, currencies, fixed assets, vendors, journals, data management, and number sequences.

Asset leasing integrates seamlessly with other components of Dynamics 365 Finance, including Fixed assets, Accounts payable, and General ledger. Integrates with your company chart of accounts, currencies, fixed assets, vendors, journals, data management, and number sequences.

  • Complies with the accounting standards to represent leases in balance sheets using the Balance sheet impact calculator.
  • Provides audit controls over the integrity of the lease data to ensure that the posted transactions match the calculated amounts of the present value, future payments, and liability amortization.
  • Provides tools to import from or export to Excel for all lease data.

If you need to comply with IFRS16 , or need assistance with implementation or support of Dynamics 365 Finance and SCM then contact Synergy Software Systems 009714 3365589.

IFRS 17 – compliance accelerator system- ask Synergy Software Systems.

September 1st, 2021

IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information.

This is a big change for insurance companies and data administration, financial presentation and actuarial calculations will need to change.

 

Why are IFRS 9 and IFRS 17 implemented together?

  • The insurance liability (IFRS 17) is always closely connected to the financial instruments (IFRS 9) within insurers.
  • When a client buys an insurance, the insurance liability is created and with the paid premiums are financial instruments bought.
  • Insurers want to reduce the volatility in their earnings and there are some choices within IFRS 9 and IFRS 17 which they can make which can impact the volatility.
  • Under IFRS 17 insurers can decide whether results of changing financial risk assumption go through OCI or through the profit and loss account.
  • Under IFRS 9 insurers can decide whether changes in equity will go through profit and loss or through OCI.

Both standards will impact earning volatility and hence balance sheet management choices are connected. Consequently, the IFRS board decided it is better that insurers are granted the option to implement both standards together.

IFRS 9 explains the classification and the measurement of financial instruments. Hence IFRS 9 helps to improve the information disclosure around financial instrument. Many perceive the information disclosure around financial instruments during the financial crisis as inaccurate for example impairments on financial instruments were taken too late and the amounts were too little.

IFRS 9 makes the classification of each financial instrument more logical and principle based. There are two questions which need to be answered for the classification:

  • Why is the company holding the asset; just for collecting the cash flows from the underlying asset, or is the asset also held for trading?
  • What kind of asset is the financial asset? Is it a derivative, an equity or a debt instrument? With the SPPI (solely payment of principal and interest) model it can be tested whether an instrument is really a debt instrument.

 The classification determines:

  • which accounting principle is used;
  • should the instrument be measured at fair value or at amortized cost
  • and whether earnings and losses should go through the profit and loss account or through the OCI (other comprehensive income) account.

IFRS 9 also includes a more dynamic credit loss model instructing when an insurer should take an impairment on financial assets. The model is forward looking thereby also expected future losses should be taken into account with the impairment.

 IFRS 9 also makes hedge accounting possibilities more rule based, thereby being in line with how risks are  managed within insurers.

Why does this matter?

There is a huge impact on insurers and a big change in the disclosure.

  • Almost all of the asset and liability side is hit by the combination of IFRS 9 and IFRS 17.
  • New concepts and terms are introduced.
  • The standards will impact the presented numbers. Under IFRS 17 the insurance liability needs to be based on updated assumptions which is not currently a requirement. .
  • More data with more granularity and more history will challenge internal data storage, reporting and IT performance.
  • Reporting timelines are shortened, which will challenge the systems, and the cooperation between different departments.
  • New components like the unbiased Cash Flows, Risk Adjustment, Discount Rate and CSM are introduced. This means the insurer needs to understand the IFRS 17 principles and decide how to implement IFRS 17. For example which measurement model to choose for an insurance product, which transition measure to user. Read here more about the IFRS 17 model, and here about the transition period.
  • In the balance and income statement, insurance liability will n be specified in a different way, the importance of gross written premiums will disappear, while equity will be impacted.
  • The presentation of the balance and P&L are also significantly affected.
  • Risk engines are needed to calculate the CSM and cope with all the different groups
  • Insurers need to disclose information bases on group of contracts.
  • A group is a managed group (often a product) of contracts which were all profitable, onerous, or may become onerous (decided at inception) with a certain inception year. Insurance companies can have hundreds of groups and IFRS 17 insists on this grouping to have more transparency as insurance companies cannot offset the result of one group to another

Synergy Software Systems has been implementing and supporting financial solutions in the insurance vertical for 25 years. If you need to rapidly implement a solution for IFRS 17 compliance that will sit alongside your existing erp and finance systems then call us on 0097143365589.