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Microsoft Dynamics 365 MB-310 Practice Test Questions, Microsoft Dynamics 365 MB-310 Exam dumps
Getting familiar with interface and know the basics
1. Getting familiar with the interface and learn how to create the vendors
Welcome back, everyone. In this video, I will introduce you to the pro queue to pay cycle. Then we will understand what our Pivot devices and non-Pivot vices are and why the organizations will be doing some non-PO invoices. And then I will introduce you to the purchase orders form, and I will also introduce you to the journals form within the finance and operations application, right? Fine. So let us now see the procurement pay cycle, right? In most organizations, the procurement cycle begins with a purchase requisition, also known as a purchase request, in which different department users prepare a request for the material that needs to be purchased and submit that particular request. So based on the organization's policies, that will go to the respective people for approval. And once that is approved, that is when it goes to the procurement team, the purchase department, to be able to purchase it from one of the available suppliers or else a new supplier. Okay? So in the 365 terminology, you hear people refer to that as a purchase requisition, OK? Then, after the purchase requisition is created and, let us say, submitted, it comes to the purchase team, right? So that's where the purchasing team asks for a quote, right? So why? Just think about it. The HR team raises a request to procure some laptops, okay? And we need at least three laptops, right? So then what happens when it comes to the purchase team? They don't just go out and buy it from one of the market's available suppliers, do they? So it is better that we get some quotations from multiple suppliers, right? So let us see what the price that is available at different vendors is. Then we buy it from the person who is giving up a lesser price, right? So, even in businesses, this is where they will request a quotation. Okay? So they request a quote from each of the available vendors, and from those, they choose one. Okay? So with the supplier that is finalized, we create a purchase order. So here when I say "we," it is a purchasing team. So the purchasing agent or the buyer, OK, so the buyer creates a purchase order to the particular vendor, okay? saying that we need three laptops and that this is the agreed-upon price, and all that, and we confirmed this purchase order to the supplier. Upon receiving the purchase order confirmation, the vendor lets us know what is a tentative date that he can deliver the goods, and that's it. Okay? Let's assume that the vendor confirmed that he will be delivering the goods in the next seven days, okay? On the 7th day, we're going to receive the material, right? So there will be a person at the warehouse; usually there will be receiving clerks who will be receiving the material. So they receive the material from the vendor and they do the product receipt in the system. So in D365 terminology, you call that a product receipt. So we received the product, right? In general, you will also hear people refer to that as a goods receipt, okay? So you do the product receipt in 365 F to confirm that we received the material, okay? And then after this product receipt is acknowledged, the vendor will send the invoice, right? So we receive the invoice from the supplier. So this is where the finance team involves itself in the process, and that is the reason I highlighted these two in a different color so that you know exactly where the finance-related topics come into play, right? So all of this requisition request for quotation, purchase order creation and product receipt. So all of these are mainly the Tntopics.So again you hear people calling that as TNT, right? So that is trade and logistics. At the same time, you also hear people calling that the supply chain management process, okay? So all these processes here in blue color are supply chain management-related processes, including the invoice from the supplier and the payment to the supplier. So these are the ones related to finance, okay? So we received the invoice from the supplier, and that is updated in the system; the invoice is updated, stating that we received the bill invoices again, and nothing else, okay? So you're saying that we will have to pay him some $10,000 for the computers that we purchased, and record that invoice in the system, right? And after that, there will be certain terms of payment where we will have to pay the invoice within 30 days. That is the agreement between us as a company and the supplier. Okay? So within those 30 days, you will make the payment to the supplier. Okay? So this is the procure-to-pay cycle, right? So do you think all of these steps are mandatory? Just think about the real business here, right? We talked about the contoso business, which basically purchases the raw material and produces the audio- and video-related speakers and all that, right? TV speakers and audio speakers and all that. Which means we already have established suppliers, right? So it is possible that every time I go and request a quotation from multiple suppliers, I may not do it every time; similarly, we as a company may not do it every time because we have some existing agreements with certain vendors and we simply go and create a purchase order with those vendors; this is why sometimes the purchase process begins directly with the creation of the purchase order, right? Because we know from whom we want to purchase the material, right? At the same time, there may be some cases where you will purchase certain services, primarily without a purchase order, so think about it. Especially in the organization, you can categorize purchases into two types: products or services. Okay? So purchasing the products is something like purchasing Ramadan and all that, right? And services, for example, we need someone to book the plane ticket, right? So we approach a travel agent and they give us a travel ticket, and all this information gets exchanged in the email, and finally we get the travel tickets and we pay the vendor, right? So in that case, what happens is that we may not create a purchase order and do the product receipt and all that because, literally, we are not receiving any material there, right? So in such cases, what happens is you will directly receive the invoice, right? Still, you're liable to pay that invoice. So this is something that you will call a "non-invoice" or "non-purchase order invoice" because you do not have a purchase order, correct? As a result, in the organization, invoices may be related to purchase orders at times and may not be related to purchase orders at other times. Okay? So if in this case the invoices relate to the purchase order, then we go to the purchase order and proceed with the invoicing. Okay? And if it is not related to the purchase order, that is where we enter those transactions using something called invoice journals, okay? I will just quickly show you both of them. Like, how do the purchase order form and the invoice journal form look? Right? So let me take you to the application. I am in the application now, and you click on Modules and Accounts Payable and all purchase orders, right? So when you open this form, you will be able to see the list of purchase orders that are available in the US MF Company, right, in the demo data. So here you can see that this is one purchase order that we created with Acme Office Supplies, and this is with another supplier, and this is with another vendor, and all this. So you have your list of purchase orders that are created. Okay? So let me just open one of them. By clicking on this, I will be able to see the details of this purchase order, right? So you have the header part of it, which talks about your vendor information and all that. We will not be covering the purchase or creation process in this video. You will be taking a look at it in the next video. Okay? But I just want to give you a quick understanding of this one here. So when you click on this lines section, scroll it down. This is where you add the lines that you wanted to purchase. So when I see lines, that means the products, right? So you can see here that we are purchasing the standard cabinet from this supplier, and how much is the quantity, what is the price that is agreed upon, and all this, right? So this is the purchase order that is created, and eventually what happens is that we confirm this purchase order by going into this purchase and confirming. You will confirm the purchase order. Then you will do the product receipt when you receive the material, okay? And then you will do the invoice. Once we receive the invoice from the supplier, the finance team and accounts payable team enter the system, select the purchase order, and do the invoice from here. Okay, so this is with reference to the purchase order-related invoices. What about the ones that are not purchase order-related? So let's just take a quick look at it. So throughout the application, across all the modules, you will have something called journals, right? So if you go to this account payable module, you have this invoice journal, right? When you open this, this is the journal that you will use to record the non-purchase order-related invoices. Okay, I will explain this in detail in the coming videos, okay? But, just to be clear, you come here and create a new record, and then you go into the lines and enter the vendor from whom we received the invoice, as well as the invoice's value, and you enter the credit here, as well as the account to which it should be debited. So if it is a travel-related expense, you're going to choose the travel expense here, and you will post this transaction. Okay? So you will understand this in detail in the next videos, where in the next video I will cover the purchase order creation process, and next to that we will look at the vendor invoice journal creation process, okay? So just like how we have the invoice journals, we do have the payment journals. So you go to the accounts payable and you go to the payments. Then here you have the vendor payment journal, right? So using this journal, you will make payments to the vendors. Okay? So, similarly, you don't have accounts receivable, and if you need to make a payment to the customer or receive a payment from the customer, you use this customer payment journal, right? So we receive the payment from the customer and we enter this journal, through which we will update our records, saying that we received the payment from the customer and we have nothing due from this customer, right? So, you use journals in your finance and operations systems to record your transactions, all right? So that's all for this session. So let's do a quick recap of what we learned here. Do you understand the procure-to-pay cycle? Then we took a look at our purchase order-related invoices and our non-pivot invoices, right? Then I introduce you to the purchase order form. And you also learned about the journals, right? So using journals, we post the transactions into the system, right? So with that, we are done for this video and thank you so much for watching.
2. Understanding demo data and how the data is maintained within F&O
Hello everyone. In this video, you will get familiar with demo data and Contoso companies. Then you will understand how the data is maintained in Finance and Operations. Then, finally, you will understand what legal entities are and which ones you normally refer to as legal entities. Let us get into the application So in the previous video, we looked at vendor forms, right? So I am going back to the accounts payable and opening up all these vendors, right? So you can see here you have a lot of vendors, right? Including the one that we created, correct? Then the question is, who created all this? That is actually Microsoft, who provided this data. And they provided this data for training and demo purposes, right? Because it becomes quite a tedious process to create all this data for anyone who wants to provide some training or do some demos for the customer, right? And, in fact, we consultants look into the demo data for a lot of reasons. As in, looking at a specific configuration or testing a specific functionality, etc. So that is the reason you will be using the demo data quite often. So you will be looking at the demo environment. So you normally hear people calling this a demo environment, right? So, whatever project you work on in the future, you will almost certainly have access to a demo environment in your project, or at the very least in the company for which you work; they will have a demo environment, right? So you will be able to practice certain things, and then you will actually implement that in the live environment or else in the customer the live environmSo in this demo data, the main thing that you will have to know is the names of these legal entities. Okay? So in the previous video, I did not tell you what this is, right? So this is actually a legal entity drop-down where you can see the list of companies and legal entities that are available in this demo data. Okay? So this demo data is configured with a fictitious company in mind. So that fictitious company is nothing but Contoso Entertainment Systems, right? So you're seeing this content entertainment system here, right? So Contoso Entertainment Systems is a fictitious company owned by Microsoft that is used only for demo purposes. And that company does not really exist in the real world. Okay? So let me just show you something here. So Countersun is a group of companies. So it is not a single legal entity. So it is spread across multiple parts of the globe, right? So you have contests, entertainment systems, and the USA. Contoso Entertainment systems are also available. India. And you have one subsidiary in Malaysia, one in Japan, and another one like Contoso Retail in the USA. So this is a retail entity within the USA, right? So similarly, you do have another one in Russia, right? So what will you call all of these? In general terms? Of course, you will call them companies, right? So these are all companies established in different countries, correct? And you can also call them legal entities. So that is perhaps a Dynamics 365-specific term. Or else maybe this must be used in some other ERPs as well. That I'm not quite sure, but yeah, so a legal entity is basically a legally established entity, okay? So all of these companies can be called legal entities, right? So if you take a look at this one here, within the United States, I have two legal entities because the business needs to be separated. So the earnings, profits, and everything are different. for Contoso Retail and Contest Entertainment Systems USA. and that is the reason. Contoso has two businesses or two legal entities in the United States. So they are legally registered as two different companies, but they can be maintained within a single Dynamics 365 Finance and Operations application. Now, let me take you back to the application so that we see how multiple legal entities can be maintained within a single Finance and Operations Application instance, right? So I am back to my finances and operations. And as I was showing you earlier, this is the legal entity drop-down, right? So you always hear people saying that as companies drop down as well. So if somebody wants to tell you to go to Condosu Entertainment Systems India, they can tell you, "Take the company IMF." So then what you do is go to this, look up, and look for that company here, right? So I can also type that here. In contrast, Entertainment Systems India, for system reasons, each legal entity willbe given a four letter code. And that is the reason your Contoso Entertainment Systems India has also been given a four-letter code here that is inserted so that you want to refer to Contesto Entertainment Systems India. You can just tell the people who go to this specific legal entity that the code is "INS," right? Or else you can tell them to go to Company INMF, right? So this is the common usage that you will hear from people, right? Now, how can we use a single application to still perform our operations for different legal entities? So that is something that we'll take a look at now. So we are with the IMF Company here, right? and you're seeing all the vendors that are available now. What I will do is duplicate this tab. So that way, I'm just still in the same vendor form. And let me change this legal entity here. In the United States and Canada, this is Contoso entertainment systems. That is a US MF company, right? So throughout our training, we will be focusing on only US-MF legal entities, right? I went into the USMF company now, and, as you can see here, this is my list of vendors, right? So do you see the difference here? When I log into the USMF Company, I see data that is related to the USMF Company, right? Because you are seeing a vendor for office supplies here, right? However, if you take a look at my Indian legal entity, you're not seeing that vendor at all, correct? So the point to be noted here is that the data in Dynamics 365 Finance and Operations Application is maintained for each legal entity, right? So based on the legal entity that you are selecting, you will be seeing only the data that is related to that particular company, right? So usually what happens is that users who are working for Indian subsidiaries will be given access to only that particular legal entity. Now that I am the administrator for this particular application, I am able to log into all the companies. So that way, people will see only the data that they should be seeing, okay? And on top of it, we will have administrative control where we can control who should see what data. So what I mean by that is that accounts The payable clerk should have access only to the vendor form, right? So they should not be seeing anything like customers or sales orders and all that, right? So that is part of the security configuration, which you will have to learn later, correct? Now, let's keep moving on. Now, so I mentioned that the data is maintained per each legal entity, and you've literally seen that, right? However, there are certain forms where the data is shared, OK? So I'd say 90% of the data is correct. When I see 90% of the data, I see 90% of the forms. The data is maintained per company. While there are some 10% forms, I'm just giving you a rough number here, right? So there are like 10% of forms where the data is shared across the companies. what exactly that means. So you are seeing here that the data is different, right? In this form and this form now, I will take you to a particular form. So that form is available under System Administration. So if I go to the system administration, I have this user So you see, these are the lists of users that are available within the Finance and Operations application in this particular instance, right? So even if I go to the same form in the USMF company, okay, let me search for that instead. So I am searching for users. I click on this, and you see it here. So are you seeing the same users or are you seeing different users? Of course you are seeing the same users, right? You see here that that is starting with this Coba, and that is the same here. And you see my account here, the admin account, right? So the user is shared, so that is actually a shared form. So no matter which company you are opening that particular form for, you are going to see all the data. So you're going to see the same data. Because of this particular form, the data is not maintained per company. So the data is shared. So why is it this way? Just think about it. So in this particular form, the user's form, you will use this form to grant access to a particular user. Just think about a case where there is a new employee who joined the organization, and he should be given access to this particular application, right? So then what happens? You will have to create a new user. Being a consultant, you should definitely know it, but that is normally maintained by the client because, as part of your implementation training, you will train them on things like how to grant access to new employees and all that. Okay? So what happens is that when you need to grant access or when you need to manage the user permissions and privileges, being the administrator, you should have a single view of users across all the companies, okay? And that is the reason this form is shared. Okay? Like this. Throughout the application, there are some places where Microsoft thought that it made more sense to share the data rather than keeping it per company, right? So sometimes that is a business reason, and sometimes that could be a system reason, right? So quite often, that is based on a business application, So it makes more sense that we share the data rather than keeping it per company. So on that basis, Microsoft made certain forms "shared forms" and certain forms "company specific forms." Okay? a quick understanding of what the business of this Contrast company is, right? We talked about Contrast being a fictitious company, and they are in the business of selling car audio systems, TVs, and videos, then some audio-related equipment, and also personal computers. So what Contoso does as a business is they purchase the raw materials from different suppliers, they assemble these raw materials, they manufacture these audio systems, videos, and personal computers, and they sell them to the end customers. Okay? So that is the business of Contoso. So sometimes what can also happen is that they get the sheets produced by the Indian subsidiary and then purchase them from the Indian subsidiary to sell to the US subsidiary. Okay? So there you have it, the intercompany trading relationship and all. So that is the reason it is very important that all these sibling companies—you call them sibling companies because they are their siblings, right? So all these sibling companies must exist within the same application, within the same instance. So by doing this, it is easy for the companies to manage the intercompany trading relationships as well, right? So with this, we are done with this particular video, and let us do a quick recap of what it is that we learned in this particular video. So you now know that the majority of the data is maintained per each legal entity in finance and operations, while some data, especially the setup or configuration data, is not. So I will let you know, like, what is the setup or configuration data that is shared as you go forward? But, yes, mostly the setup or configuration data is shared across the companies. And obviously, you understood what the legal entities are, right? So it's either legal entities or nothing but companies. Correct. So, with that, we are done, and thank you so much for watching this video.
3. Filtering, sorting and understanding the lookups
In this video, I will take you through some sort of filtering, sorting, and interface-related details in F and application development, right? So, if you are an existing 65 consultant, such as a supply consultant learning finance, I don't think you will need this because you already know how to filter sort and some other information that I will be discussing in this video. So let me directly take you into the application now. I am back in the application now, and we opened up all vendor forms, right? So in this, I want to search for the vendor that we created. So which was the vendor that we created last time? That was XYZ Enterprises, right? So you can use this filter that is available here, or else you can use this filter option on each column. Okay? So let's take a look at this one here. I want to search for XYZ, right? So I can type this XYZ, and the system is giving me these fields here, right? So it is basically asking "in which column do you want to filter?" So look for this particular value in the name, okay? So, that is what we can tell the system. So when I enter this word here, X-Y-Z, and then say name, then it will look for XYZ in the name field. Okay? So that is how you can filter for the records, right? So just enter this, and sometimes you can use this filter as well here, right? I clicked on this. So you'll have to actually click on this column here, the column header, right on the name. If you click here, you're going to see the filter option you see here. So the name begins with XYZ. Okay? So I want to see all the vendors whose name begins with XYZ, right? And then I apply it, correct? So, that is how you can filter for the records. Now, sometimes you don't remember the beginning of it, right? So what you can do is, for example, I want to see all the vendors who have the keyword enterprise, okay? So in such cases, I can use what this contains. So this is a more popular option that you will use because it gets you the data wherever this keyword matches, right? Instead of begins or ends, this is actually the better one that you can use. So use the contains and apply. So you see here that overall in the application there is only one vendor who has the keyword enterprise, right? So that is how you can use this, which begins with and does not contain an ally, right? So sometimes you want to filter the vendors that do not contain a particular keyword. Then you can use this, which is exactly right. So if you want to look for the vendor who exactly matches that particular name, you can use this. Exactly. And similarly, this is a one-off. Let me do one thing, Iwill clear this filter firstly, okay? So I will show you how to use "east one off." For example, I want to filter thevendors is one of one double one. And so if you want to keep adding more values to your filter after you enter this, just click somewhere on this so that it gives you the permission to enter one more value there. Okay? So I'll just say "apply." You see, I'm seeing one of those values, right? So these are the two records meeting our criteria, right? So that is how you can use the filters. and also remember about this sort of technique. For example, firstly, take off these filters; you can say "clear." Then you're going to see all the vendors. Then go here and type sort z two A. Okay? So this is how you can sort the records in a particular form, right? So you can use the sorting technique on any column as long as that particular column supports it, right? So I can sort by the vendor name. So this is how you can use the filters and sorts throughout the application. Right? Now, I want to quickly take you to this XYZEnterprises because I want you to understand which are system-defined values in the drop-down and which are user-defined values in the drop-down, right? So we created this vendor and we selected a particular group here, right? So what is this group? You will be learning about it in the later videos where there is important setup related to the vendor groups, right? So that defines which summary account the transactions should be posted to. You will understand it a little later. But we selected these service vendors, right? So what if you are implementing it for a business that is into home furnishings and sanitary wear-related related business, right? So that is one of the examples I will use throughout the training, where we implemented it to a home furnishing company, a company that buys and sells home furnishing-related products as well as sanitary wear. So what we will have to do is we will have to create them certain groups, right? I want one vendor group that talks about furniture vendors, just like you see these parts vendors and tax authorities. In such cases, how do you create it? So is that possible that youwill be able to create them? Yes, so certainly you will be able to create them. So anywhere you see the dropdown here like this, then most likely you will be able to create the data in it, right? because this will have a set-up form. When I say set up form, this will have a master form, right? So a master form is something where all of these groups' details will be available. Okay, so how do you get to this master form? And firstly, how do you know if this is a masterform and you will be able to create the data? All right? So, if you click on the dropdown and see the values, the best thing you can do is give it a right click here to see if it has a master form or not. You have to do a right click on this particular lookup, right? So give it a right click there, and you see here that this tells you the view details, right? So you click on it to see more information. Whenever you see the option to view details, that means that it has a master form. You see here: this is the form where you will create the vendor groups, right? So you have this particular vendor group because that is auto-filtered based on our selection, right? What you can do is click this and clear the filters, so you can see all the vendor groups that are available. And if you want to create a new vendor group, this is where you will create this new vendor group, correct? And the moment that you create it automatically, that will show up in that drop-down list. Okay? So, that is something that you should know about the view details. Many locations will have view details. For example, you are seeing this language here, right? and you click on this lookup. And if you want to round things out, add one more language to this. So right-click and view details, right? And what about this one? ABC code here? So, ABC code again, this is something based on the level of importance you want to assign to this vendor. You will determine whether or not this vendor is operational. So can I create more in this one? Let's take a look at it. I do a right click, and you see here that I don't see the view details here, right? So, that means this is actually not a user-defined list. So this is a system-defined list. Okay? So if, in this case, we need one more thing to be added to this, then you will have to approach a developer to get this done, okay? For example, during the implementation and duringthe requirement gathering, you show this particular field to the client, right? So somebody is representing the client team, right? So during your requirement gathering sessions, they will tell you that we also want to have one more classification. We want to even have ABCDE because we have too many vendors and we want to do the ABC coding even until D and E, right? Then what happens is that you will try to convince them that you really need to move to it, and can't you really manage with only A, B, and C? Then they might tell you, "No, we cannot do that." So that is the time that you will take that as a requirement and tell them that this needs customization. So when you say it is a customization, then you will go back to the developer and get this developed for the customer. So that is about the drop-downs, right? And you might ask me, "Is that the only way that you click on this drop-down menu, or else to right-click and go to this particular review details?" No, not really. So every master form will be available somewhere in the application, so sometimes it is easy for you to know where exactly that is available, or else in some cases you do not know it, right? Because you're still learning it and you might want to create a new value in this particular drop-down list, right? So if you do not know where exactly that form is available, that is the time that you can use this right-click and view details option, right? Otherwise, where this group's form is available, So if you go to the Accounts Payable, Igo to Accounts Payable and most commonly all the setup forms will be available under setups, right? So that's what we talked about. So you click here, this particular setup andtake a look at these ones here andmost likely you will find them there. Otherwise, you see here that the groups are related to the vendors, right? So there is a reason those will be available under "vendors." So you can see these vendor groups. So if you open it, that is the same form that you will be seeing, right? So you either do a right click on View Details, and the system will take you to the same place, or else you go to the Accounts Payable vendors and vendor groups, right? So that's how you can make use of View Details. So View Details is something that you will be most commonly using throughout the application, correct? So with that, we are done with this particular video and will see you in the next one. Thank you.
Understand Procure to Pay cycle, process PO Invoices and Non PO Invoices
1. 4. Procure to pay cycle and understand non PO Invoices
Welcome back, everyone. In this video, I will introduce you to the "pro queue to pay cycle." Then we understand what our pivot devices and non-pivot vices are and why the organizations will be issuing some non-PO invoices. So pivot here refers to a purchase order, right? And then I will introduce you to the purchase orders form, and I will also introduce you to the journals form within the finance and operations application, right? Fine. So let us now see the procurement pay cycle, right? Typically, in organizations, the procurement cycle starts with the purchase requisition. So a purchase requisition is similar to a purchase request in that different department users will prepare a request for the material that needs to be purchased and submit that request. Okay? So based on the organization's policies, that will go to the respective people for approval. And once that is approved, that is when it goes to the procurement team, the purchase department, to be able to purchase it from one of the available suppliers or from a new supplier. Okay? So in the 365 terminology, you hear people refer to that as a purchase requisition, OK? Then, after the purchase requisition is created and, let us say, submitted, it comes to the purchase team, right? So that's where the purchasing team asks for a quote, right? So why? Just think about it. The HR team raises a request to procure some laptops, okay? And we need at least three laptops, right? So then what happens when it comes to the purchase team? They don't just go out and buy it from one of the market's available suppliers, do they? So it is better that we get some quotations from multiple suppliers, right? So, let us compare the prices offered by various vendors. Then we buy it from the person who is giving up a lesser price, right? So, even in businesses, this is where they will request a quotation. Okay? So they request a quote from each of the available vendors, and from those, they choose one. Okay? So, with the supplier that is finalized, we create a purchase order. So here when I say "we," it is a purchasing team. So the purchasing agent or buyer, okay, the buyer creates a purchase order to the specific vendor, okay? saying that we need three laptops, and this is the price that we agreed on, and all that. And we confirmed this purchase order with the supplier. When the vendor receives the purchase order confirmation, he informs us of a tentative delivery date, and that's all there is to it. Okay? Let's assume that the vendor confirmed that he will be delivering the goods in the next seven days, okay? On the 7th day, we're going to receive the material, right? So there will be a person at the warehouse; usually there will be receiving clerks who will be receiving the material. So they receive the material from the vendor, and they do the product receipt in the system. So in D365 terminology, you call that a product receipt. So we received the product, right? In general, you will also hear people refer to that as a goods receipt, okay? So you do the product receipt in 365 F to confirm that we received the material, okay? And then after this product receipt is acknowledged, the vendor will send the invoice, right? So we receive the invoice from the supplier. So this is where the finance team is involved in the process, and that is the reason I highlighted these two in a different color so that you know exactly where the finance-related topics come into play, right? So all of this requisition request includes a quote, purchase order creation, and product receipt. So all of these are mainly the Tntopics. So again, you hear people calling that TNT, right? So, that is trade and logistics. At the same time, you also hear people refer to that as a supply chain management process, okay? So all these processes here in blue are supply chain management-related processes, as are the invoice from the supplier and the payment to the supplier. So these are the ones related to the finances, okay? So we received the invoice from the supplier, and that is updated in the system. So the invoice is updated, saying that we got the bill invoices again, nothing but a bill that we received from the supplier, okay? So you're saying that we will have to pay him some $10,000 for the computers that we purchased, and record that invoice in the system, right? And after that, there will be certain terms of payment where we will have to pay the invoice within 30 days. That is the agreement between us as a company and the supplier. Okay? So within those 30 days, you will make the payment to the supplier. Okay? So this is the procure-to-pay cycle, right? So do you think all of these steps are mandatory? Just think about the real business here, right? We talked about the contoso business, which basically purchases the raw material and produces the audio- and video-related speakers and all that, right? TV speakers and audio-score speakers and all that. Which means we already have the established suppliers, right? So it may not be possible that every time I go and request a quotation from multiple suppliers, I do it every time. So we, as a company, might not do it every time because we have some existing agreements with certain vendors, and we go straight ahead and create a purchase order with those vendors. So that is the reason sometimes the purchase process gets started directly with the purchase order creation, right? Because we know from whom we want to purchase the material, right? At the same time, there could be some cases where you will purchase certain services, mainly without a purchase order. So just think about it. Purchases can be classified in two ways, particularly within an organization. You either purchase products or you purchase services. Okay? So purchasing the products is something like purchasing Ramadan and all that, right? And services, for example, we need someone to book the plane ticket, right? So we approach a travel agent and they give us a travel ticket, and all this information gets exchanged in the email, and finally we get the travel tickets and we pay the vendor, right? So in that case, what happens is that we may not create a purchase order and do the product receipt and all that because, literally, we are not receiving any material there, right? So in such cases, what happens is you will directly receive the invoice, right? Still, you're liable to pay that invoice. So this is something that you will call a non invoice.non-purchase order invoice because you do not have a purchase order, correct? So like this in the organization, sometimes the invoices will be related to the purchase order and sometimes those invoices could not be related to the purchase order. Okay? So if in this case the invoices relate to the purchase order, then we go to the purchase order and proceed with the invoicing. Okay? And if it is not related to the purchase order, that is where we enter those transactions using something called invoice journals. Okay? I will just quickly show you both of them. Like, how does the purchase order form look, and how does the invoice journal form look? Right? So let me take you to the application. I am in the application now, and you click on Modules and Accounts Payable and all purchase orders, right? When you open this form, you will see a list of purchase orders available in the US MF Company, as shown in the demo data. So you can see that this is one purchase order that we created with Acme Office Supplies, as well as another with another supplier, another vendor, and so on. So you have your list of purchase orders that are created. Okay? So let me just open one of them. By clicking on this, I will be able to see the details of this purchase order, right? So you have the header part of it, which talks about your vendor information and all that. We will not be covering the purchaser's creation process in this video. You will be taking a look at it in the next video. Okay? But I just want to give you a quick understanding of this one here. So when you click on this line, scroll down. So this is where you add the lines that you want to purchase. So when I see lines, it must be the products, correct? So you can see here that we are purchasing the standard cabinet from this supplier, and how much is the quantity, what is the price that is agreed upon, and all this, right? So this is the purchase order that is created, and eventually what happens is that we confirm this purchase order by going into this purchase and confirming. You will confirm the purchase order. Then you will do the product receipt when you receive the material, okay? And then this is where you will make the invoice. Once we received the invoice from the supplier, the finance team let the accounts payable team into the system, where they selected the purchase order and generated the invoice from there. Okay, so this is with reference to the purchase order-related invoices. Then what about the ones that are not purchase-order related, right? So let's just take a quick look at it. So throughout the application, across all the modules, you will have something called journals, right? So if you go to this account payable module, you have this invoice journal, right? When you open this, this is the journal that you will use to record the non-purchase order-related invoices. Okay, I will explain this in detail in the coming videos, okay? But, to summarize, you come here and create a new record, then go into the lines and enter the vendor from whom we received the invoice and the invoice's value. You put the credit here and to which account that it should get debited. What is that expense? So if it is a travel related expense, you're going to choose the travel expense hereand you will post this transaction. Okay? So you will understand this in detail in the next videos, where in the next video I will cover the purchase order creation process, and next to that we will look at the vendor invoice journal creation process. Okay? So just like how we have the invoice journals, we do have the payment journals. So you go to the accounts payable, and you go to the payments. Then here you have the vendor payment journal, right? So using this journal, you will make payments to the vendors. Okay? So, similarly, you don't have accounts receivable, and if you need to make a payment to the customer or receive a payment from the customer, you use this customer payment journal, right? So we receive the payment from the customer and we enter this journal, through which we will update our records, saying that we received the payment from the customer and we have nothing due from this customer, right? So like that you use journals in the finance and operations system to record your transactions. All right? So that's all for this session. So let us do a quick recap of what we learned here. Do you understand the procure-to-pay cycle? Then we took a look at our purchase order-related invoices and our non-pivot invoices, right? Then I introduce you to the purchase order form. And you also learned about the journals, right? So using journals, we post the transactions into the system, right? So with that, we are done for this video and thank you so much for watching.
2. 5. Purchase order Creation and Invoice posting
Hello everyone. In this video, we will look at Purchase Order Creation and Invoice Posting. Let me take you to the application. Now I am back in the Finance and Operations application, and I look at the modules under which I have Accounts Payable, in which I can go to All Purchase Orders. Okay, so I can either open it from the Accounts Payable module or else the purchase orders will also be available under the Procurement and Sourcing nt and Sourcin because purchase orders are something that the purchase team creates and the invoice posting is normally done by the finance department, i.e., the accounts payable department. So that is the reason you might see that form in both places. So for now, what we do is go to Accounts Payable and open up our All Purchase Orders form. So you can also open it from Procurement and Sourcing, as we discussed. And the options will not be changing unless you have the different security permissions. So currently we're logged into the system as an admin user, right? So we will see everything. So we do not have any access restrictions. So being the buyer, I am seeing all the purchase orders that are already created in our legal entity in our company, Counters Entertainment Systems USA, right? If in this case I have to create a new purchase order, then I will have to click on this new button to create this new purchase order, right? So let me click "New" and I will have to choose the vendor account. So this is the company or the person from whom we want to purchase the goods, right? goods, material, or items. So you might see people using different terminology to represent the same thing. Okay, I selected this vendor, and you also hear people refer to them as suppliers. So the purchase order basically has two sections: the header section and the line-e line section. If you click on this header, you're going to see a lot of information. So let us not worry about it for now. You have these fast tabs, so you have plenty of information here. We will learn about them later. and especially the purchase order-related information. This is mainly for the supply chain consultants and not for the finance consultants. So there is a thin line between supply chain management and finance. So let us not worry about all these fields for now. Let's go to this lines section, and within this lines section you have this purchase order lines section, a So in this grid, this is a place where you will add the item. As a buyer, I will add the item to my purchase order, meaning that this is the item that I want to purchase, the Surface Pro item. So this is one of the items that, as a company, we purchase and store in our inventory and then sell it to the customer. So I want to place an order for this SurfacePro because we are already out of stock for this item. You have to select this site and warehouse. So typically, site represents site, and warehouse represents your inventory storage dimensions. So, where exactly does this item need to be delivered, and where should it be stored? Okay, so being finance consultants, you do not need to know this one at this moment. So I selected the warehouse, and I'm doing a tab on my laptop. So enter the quantity that we want to purchase from the vendor. So I need 100 units, and what is the unit? So I need each piece to be right, and the unit price will be defaulted. So, how did that unit price and everything come about? That is a different story. That brings us to the supply chain topics. So ignore it for now. I created this purchase order now, okay. If, as in the case of the Surface Pro, I have to buy any other items, what I will do is add this line, click on this add line, and keep adding the other items that we need to purchase. Okay, that's fine. So we just purchase this item for now and nothing else, right? So once you create a purchase order, you go to the Purchase tab, and under the Purchase tab, you have the Generate and Confirmation buttons. So, as the buyer of the organization, I will typically send a confirmation to the vendor stating that these are the items that we require, this is the quantity that I require, and this is the price that we priced in order to generate a confirmation. Typically, you select this print Purchase entity that When you say print purchase order, the purchase order document will be printed onto the screen so that you will be able to save that as a PDF and then send it to your So scroll it down and then click okay, so you see the purchase order printed on your as a PDF and So let us just review the information that is available in the purchase order. You can see here that this is my purchase order number and on what date we are placing this purchase order, as well as the delivery address. So that vendor knows where exactly this item needs to be delivered. And you can see the supplier information here. So if you scroll it down, we have information like what the item number is, what the quantity that needs to be delivered by the supplier is, the agreed price, and everything else. OK, now you can save this purchase order as a PDF or print it directly to the printer and send it to the recipient. So I'm not doing it right now, and I will go ahead and close this purchase order. Right, so we printed the purchase order confirmation, correct? And after, let us say, a certain time on a specific date, our supplier will send us the material, right? So there will be different roles within the organization, right? So I, being the buyer, created a purchase order because I acted like a buyer. And similarly, there will be a receiving clerk in the warehouse department where the receiving clerk will receive the item when the truck comes in from the supplier. So it could be a truck coming in or a shipment being delivered to our company, our warehouse. So the warehouse is doomed to fail. So that is how you can think about it for now, right? So let us assume a case where we receive the material from the supplier, right? Then, as a receiving clerk, what our receiving clerk does is he goes to this receive tab and clicks on this product receipt, okay? Because he will need to record the quantity that is received by the supplier, correct? So scroll it down underlined, and you will see the item that we placed an order for and the quantity that we placed an order for. So sometimes it's possible that we place an order for 100 quantities and receive only 50 from the supplier, right? As a result, the supplier may deliver the remainder at a later date in his life. So let us assume that in this case, we received only 50 quantities. So I changed the quantity to 50 here and will go ahead with the product receipt. So in some companies, the product receipt will also be called a goods receipt," or be caGRN. So, that is like general ERP terminology. So goods receipt note or else product goods receipt So these are the most commonly used words. So we are posting the product receipt by clicking on this, okay? So you don't normally print the product receipt because you don't really send the product receipt to anyone. But at some companies, they'll print the product receipt and do the bookkeeping, OK? so they'll just do the signature and then keep it for records. So for the time being, let us not do anything. So, if you receive any requirements requiring the printing of a goods receipt note or product receipt, So you will be printing this product receipt, right? So click, okay? And yeah, so this is important here. So the number is not specified, right? So typically what happens is you get a delivery slip from the supplier, okay? So, they'll deliver the goods to our warehouse, right? So that is the reason they'll be sending a delivery slip, and that will contain a number, a delivery slip number, a delivery note number, or a packing slip number. So these are the different names that you normally hear. So there is a number that we enter because this acts like a reference number between our organization and even the supplier, okay? So, if I have a problem with the item we received, I will tell him, "Dear Mr. Supplier, I received 50 quantity from you, and so on to date with reference to this particular product receipt number or a packing flip number, and one of those items is " flipnumb So that is how you start the conversation, using your product receipt reference number. Okay, again, so product receipt is not much of a factor in finance. So just for the sake of understanding the procurement-pay cycle, we are doing the product receipt. So my product receipt is posted, and we can now move forward to the invoicing. So just keep a note of a few things here. So for every step that we take, the information will be tracked. So, for example, we did a product receipt for this particular purchase order, right? So if you look at this "receive" tab under Journals, I have this product receipt. So if you click this product receipt, that will show me the information that we received, and that will So this is a product receipt number that we entered to receive the material from the supplier, right? And this is the item that we received. And out of 100 ordered quantity, we received 50 of them. so all this information is maintained. The tracking is available at every step of the order, right? Done. So let us keep moving with the invoice posting. Now, we've received the material from the supplier, right? And the warehouse Clark, the receiving clerk, received the material, and he normally signs the document that comes from the vendor, which is a delivery slip, right? So the receiving clerk signs the document, and somebody from the vendor organization will carry it and give it to their finance team, right? So that is where we will receive an invoice from their finance department. Okay, so we receive an invoice from the supplier. An invoice is nothing but a bill for the items that we received, right? So when we get that invoice, being the accounts payable clerk, I can perform the invoice posting. So in the invoice tab, I have this "Generate Invoice" option, okay? If I click this invoice, then I will be able to post the invoice for this purchase order. So if you looked at this one, the pattern is simple. I mean, the pattern is the same. So under purchase, to be able to confirm, you have the confirmation button, and under product receipt, you have the product receipt button. And now, to be able to do the invoicing, I have the invoice button. Right. So let us not too deeply dig into the different fields that are available for now, because we just started. Let us understand the cycle first. So, like your purchase order, your invoice has a header and lines section. When you're posting your purchase invoice, you have a lot of information here. So let us stay in the lined-up section. And within the line section, as you see here, this is where we enter the invoice number. So, as the accounts payable clerk, I received an invoice from the supplier, and the invoice number will correspond to the bill number, correct? So that invoice number we enter here So again, this is a unique reference that we use for communication, right? So the invoice number that I received from them is something like this. Okay, and what is the invoice date? So typically, you don't need to mention it if you are receiving it on the same date as the system date. Okay, that is fine. And sometimes what happens is that we might have received the invoice yesterday, but we are putting it into the system today, right? In such cases, you will modify the invoice date and other details. And if you want to put some description on the invoice, you can enter the invoice description here. Okay, so let us not change anything for now. Let us keep it simple. And here we are doing the invoicing for the quantity that we received, right? Obviously we placed an order for 100, but only 50 is what we received, and 50 is what we got the invoice for from the supplier. So I'm going ahead and posting this invoice. So go ahead and post this one. Right, so when I tried posting it, I'm seeing an error here saying that invoice matching validation has not been performed. Okay, this is again an interesting topic for financials. Within financials, we will cover the invoice matching validation as well, probably in the future courses, not in this course, but yeah, certainly we will cover this in part two of these financials courses. All right, so what is this, basically? So how do you get rid of this? Sometimes, even when you're working on several projects, you might get this error. When you get this error, what you do is go ahead and say "Update Match Status." Okay? When you do that, you can see here this match status I should have shown you before I triggered this one, which normally says that it has failed. And when you click on this Update Match Status, then it gets to a status of "past." Okay, so why would it be in "failed" and why would it get changed to "passed"? That is something that you will learn when we talk about the invoice validation process. Okay, so for now, let us go ahead and post this s failed. And wheYou can see here that you got a message. The vendor invoice posting process is complete for vendor one with this particular invoice number, right? So with that, our invoice posting is a particular invoice. So again, if you look at the invoice tab under journals, you are seeing this invoice, right? So when you click this one, you will see the posted invoice information here. For this particular purchase order, how many of the invoices that we received will we be able to see that invoice information here? I received just one invoice, and within that, I can see that there is only one item and this is the quantity and this is the price. This is the net amount plus everything. Okay, so after a couple of days, if we receive the remaining 50 quantity, you're going to do the same product receipt and perform the invoice for the remaining 50 quantity, right? So then you're going to see another invoice here with the latest invoice number. And what is the quantity and item number in this line section? If you come from an accounting background, you're probably wondering what happens to my accounting entries. So, if you look at this voucher for this particular posted invoice, it tells us what entries are created by the system. Okay, so let us just take a quick look at it. We are not going to discuss the postings in detail for now, but based on the configuration, you will be seeing different postings in your routine transactions. So typically, this is your vendor balance posting type, where your accounts payable gets credited and your inventory cost of purchased materials will get a credit. So forget about the remaining ones; these are like the offsets for the product receipt. We will discuss them when we discuss the purchase order and invite posting. All right, so with that, I will close this form, and that's all for this session. Thank you so much for watching. See you in the next lecture.
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