Setup Financial Ledger in Microsoft Dynamics AX 7. Case Study 3 Scenario

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1 Setup Financial Ledger in Microsoft Dynamics AX 7 Case Study 3 Scenario Microsoft Corporation Soheil Aghazadeh 12/1/2015

2 Last Revision: January 8 th 2016 This workshop is provided as-is. Information and views expressed in this workshop, including URL and other Internet Web site references, may change without notice. Unless otherwise noted, the examples depicted herein are provided for illustration only and are fictitious. No real association or connection is intended or should be inferred. This workshop does not provide you with any legal rights to any intellectual property in any Microsoft Corporation product. It is not allowed for any consultant, trainer or professor regardless of their MCT status to use these workshops for any other training courses held publicly or privately. This workshop is intended to be used by Microsoft North America Fast TrAX and Worldwide AX Accelerate Programs. Complying with all applicable copyright laws is the responsibility of the user. Without limiting the rights under copyright, no part of this workshop may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means or for any purpose, without the express written permission of Microsoft Corporation. There are additional supplemental training videos available on either Dynamics Learning Portal or other resources mentioned in these workshops. Copyright 2016 Microsoft Corporation. All rights reserved. This content is designed for Microsoft Dynamics AX 7 Author s Bio: Soheil is a Microsoft Dynamics AX Certified Master, and Microsoft Certified Trainer (MCT). He holds more than 32 industry certifications including MCT, MCSE+I, MCSD, MCSA, MCDST, MCITP, MCTS, MCDBA, MSF Practitioner, Microsoft Dynamics AX, Microsoft Windows Embedded. His experience covers a spectrum of areas. He has over 25 years business experience in service Retail and manufacturing industries. He is currently a freelance contractor, in Microsoft Dynamics AX training, implementation, development and consulting. His worldwide consulting engagements range from implementation to design solution and training for small size businesses to large enterprises with over 3000 users. He excels in solution architecture and Dynamics AX customization and development and his experience in real-life implementation projects is one of his greatest strengths. As a Microsoft-endorsed trainer, he has trained worldwide partners, including those attending The Fast TrAX in North America (Fast TrAX), Europe (EMEA), Latin America (LATAM), and Asia Pacific and Oceania (APAC) as well as Microsoft Consulting Services (MCS), Microsoft Product Support Services (PSS) technicians, Center of Excellence, and Sr. Technical Product Managers at Microsoft. He also has delivered Train the Trainer workshop for Microsoft Dynamics AX 2012 R2, R3 and AX 7, as well as Microsoft Windows CE and Embedded. On behalf of Microsoft, Soheil has been delivering worldwide AX Accelerate program for Dynamics AX. Soheil has been a technical reviewer for the Microsoft official curriculum, an author for Microsoft, and created self-paced videos for official Microsoft training on advanced workshops and webinars for Microsoft Partner Network program, Partner Academy and in Microsoft Dynamics Partner Source portal. Specialties: Soheil is subject matter expert in all functional, technical and development areas of Microsoft Dynamics AX including retail, public sector, and manufacturing (discrete, Lean and Process) Microsoft Corporation All rights reserved. Page 1

3 Please make sure you read this document prior to executing the task guides for this case. Seahorse Retailers Financial Ledger Setup Raman, the CFO, Sabrina, the Controller, and James the Accounting Manager, would like to start tracking Branch information for all accounts and the related Customer for each recorded expense. Seahorse Retailer also has defined an organization hierarchy for their Departments, Cost Centers, and a custom dimension called US Logistics. Sabrina needs to be able to have the flexibility with financial dimensions to report our financial results based on our organizations differing requirements. James needs to be able to quickly and easily configure the chart of accounts and account number rules to meet the requirements of our organization and prevent data entry errors. Raman will need to develop the financial plan and goals for the company and continuously monitor performance against them. Others rely on Raman to assess the financial viability of opportunities. Sabrina relies on James to provide her with the information she needs for business insight. Per Raman s request, you will need to setup fiscal calendar, year and periods for financial operation of Seahorse retailers. The Seahorse Retailers fiscal year starts on April 1 st and they need to configure starting from April 1 st of 2015 and add 4 years in the fiscal calendar. Raman has asked you to name each year FY with postfix of the last two digits of the ending year (FY-20XX). Seahorse Retailers, operate in US, EUR and GBP. You are also asked to create a new chart of accounts (COA) and simple account structure which will be extended later with other segments. Then you need to configure the Seahorse legal entity with existing currency rates, and create main accounts for the COA and at the end verify the available periods assigned to the ledger Microsoft Corporation All rights reserved. Page 2

4 Pre-requisite steps prior to running a task guide: 1) Close all open windows in Dynamics AX 7 if applicable. 2) Select Task Recorder and click Play recording as guide. 3) Open Task Guide x.x.xxxxxxxxx (example 3.1.Currencies) 4) Click Open Task guide. 5) Click Start Task guide. 6) Follow the guide and complete the steps. 7) After completing all the steps review the summary document 2016 Microsoft Corporation All rights reserved. Page 3

5 Please note: 1) The case studies are "Proposed Solutions" it means it is one way of implementation. i.e. if I am asking you to use the same account for two different posting type, is only to save time, even in reality you may use different accounts. 2) Task recorder creates certain texts that may seem bit technical like click on the detailed grid or execute the hyperlink. They mean close the current form and right click and view details. That is why we have put explanation in each task. Please make sure you see show more section on each guide. 3) do not move anywhere else but where the guide ask you. task guide is not smart enough to track out of sequence activities. However, you have options to go to previous and next tasks. 4) After task guide is complete or at any time you can stop the play and manually fix your mistakes and play the guide again. Then you can skip the steps you have already done. 5) do not forget to work in the VM environment rather than from your own PC. Please take your time and try to comprehend the steps rather than rushing to complete them. Also remember if you are working with preview version of AX7 and there may be some caching issues occasionally. Hope the tips above help you doing the cases successfully Microsoft Corporation All rights reserved. Page 4

6 Objectives: In this case you are going to follow steps from a dedicated task guide to achieve the following: 1) In task guide 3.1.Currencies you understand the concept of currencies in MS Dynamics AX 7 2) Getting familiar with the following forms and concepts: a. Currencies b. Denomination currencies c. Realized and Unrealized gain and loss accounts d. Foreign currency revaluation e. Exchange rate types f. Currency exchange rates g. Configure exchange rate providers h. Import currency exchange rates i. Ledger accounting and reporting currency conversions j. Ledger form 3) In task guide 3.2.Fiscal Calendars you understand the concept of Fiscal Calendars in MS Dynamics AX Microsoft Corporation All rights reserved. Page 5

7 4) In task guide 3.3.Chart of Accounts you understand the concept of Chart of Accounts and Ledger setup in MS Dynamics AX 7 5) In task guide 3.4.Account Structure you understand the concept of Account Structures and Ledger setup in MS Dynamics AX Microsoft Corporation All rights reserved. Page 6

8 6) In task guide 3.5.Ledger Setup you complete the setup of Ledger for Seahorse Retailers legal entity. 7) The following image shows the list of main accounts that you should create; 2016 Microsoft Corporation All rights reserved. Page 7

9 8) The following image shows the setup of accounts for automatic transactions; 2016 Microsoft Corporation All rights reserved. Page 8

10 2016 Microsoft Corporation. All rights reserved. Microsoft, Microsoft Dynamics, and the Microsoft Dynamics logo are trademarks of the Microsoft group of companies. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION Microsoft Corporation All rights reserved. Page 9