Q: What is Microsoft Dynamics AX?
Ans: Dynamics AX is the Microsoft’s core business management solution, which is specially designed to meet the needs of the mid-sized organizations and multinational companies. It shows ample functionality based on the innovative architecture by ensuring extensive usability at the same time. AX7 is the latest version and officially labeled as the dynamics AX without any version name. Actually, it introduces the basic changes in the system architecture. This cloud-based application actually deployed on the Microsoft Azure platform. In the later update, you will get access to on-premise deployment on the customer infrastructure.
Q: What are the global features of Microsoft Dynamics 365 Operation (AX7) Functional Finance?
Ans: Microsoft Dynamics 365 operation (AX7) functional finance is designed from the ground up to fulfill the needs of the complex worldwide organizations. It includes multi-localization, multi-company, multi-currency, multi-language, and inter-company processing. Besides, it has plenty of operational features to meet your industry needs.
Q: What are the benefits of Microsoft Dynamics 365 Operation (AX7) Functional Finance?
Ans: It is designed to assist manufacturers, as well as distributors, optimize their supply chain. It has the ability to adapt to realities of the leading industries along with several purpose-built industry capabilities and role-based configuration. It is suitable for IT infrastructure, which is scalable and customizable at minimum cost along with on-premise and cloud deployment options. It provides a simple yet effective interface and integration along with collaboration tools including Skype for Business and SharePoint.
Q: How do we improve each part of our business with the Microsoft Dynamics 365 Operation (AX7) Functional Finance?
Ans: Microsoft Dynamics operation AX7 comes along with plenty of features, which help our business improve in each aspect and reach the goal easily. Some of the business-oriented features are warehouse management, human resources, eCommerce, and social media, master data management, demand forecasting, modern point of sale, budget planning, and transportation management.
Q: How do development work and the location in which all source codes store in Microsoft Dynamics 365 AX7?
Ans: The development of Microsoft Dynamics 365 AX7 has moved back to the file system. This means all the technical changes, which you make in the application, will be saved into the XML file. The development environment of AX7 is the one box deployment along with its own local SQL database.
Q: How do personalize the list page in Microsoft Dynamics 365 Operation (AX7) Functional Finance?
Ans: For personalizing the user’s experience, Dynamics 365 AX7 finance has several options, which let the user customize their experience based on their role and work effectively and efficiently. Users can make these changes without the help of developer using the personalization options such as system-wide personalization, implicit personalization, and explicit personalization.
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Q: What are the important terminologies used in Microsoft dynamics 365 AX7?
Ans: The wait for AX7 is over and it comes with a punch of its previous versions along with some interesting things in the development. With AX7, you can access Visual studio instead of AX/MorphX development workspace. AX7 is based on some important terminologies such as element (table), model, project, and packages.
Q: How do you use map extension with Microsoft Dynamics 365 Operation (AX7) Functional Finance?
Ans: With Microsoft Dynamics 365 (AX7), creating the extensions for maps is not at possible. You can achieve this using a mapping section in the table level. If you wish to modify any existing objects and standards in AOT such as forms and tables, you have to create extensions for those objects such as adding new fields in the existing table or existing forms.
Q: What is the difference between the general ledger and sub-ledger in AX7?
Ans: Even though general ledger and sub-ledger used for recording transactions, both have some differences.
|
General ledger |
Sub-ledger |
| Transactions recorded in the set of master accounts. Examples: cash and bank management, account payables, and fixed assets | Intermediary set of accounts linked to the general ledger. Examples: vendor accounts, bank account, and customer accounts |
| Group of transactions has varied characteristics | Group of transactions shared common characteristics |
| Has a chart of account and the limited volume of data | No charts of accounts and a large amount of data |
| Can be only one ledger account | Many sub-ledger accounts |
Q: How do AX7 help an organization in streamlining their financial management?
Ans: With the help of ledger and sub-ledger entries in Dynamics AX7, an organization that facing a struggle to manage, control, and maintain their financial information can streamline their financial management. You can also define and manage the financial records and distribute/allocate money to one or more accounts using several rule types and batch transfer modes in AX7. Additionally, you can forecast cash flow, and calculate & display the currency needs. You can also improve the efficiency of all your financial management efforts.
Q: How to set up a balance control account in Microsoft Dynamics 365 operation (AX7) functional finance?
Ans: The balance control account is used to monitor the present and expected balances on the account because transactions entered in the journal. This setup is one of the best practices from a process point of view. In fact, it is not mandatory setup in order to continue operations in AX7. Using the following steps, you can set up the balance control accounts.
- File path: Dynamics AX7 -> general ledger -> setup -> journals -> balance control accounts
- To create a new record, press Ctrl + N
- Set the field “ ledger account” for monitoring ledger account
- Press the menu item “save”
This account is mainly accessed for liquidity funds such as cash accounts and bank accounts. This renders the idea of current as well as expected amounts of these accounts and takes a better decision.
Q: What is interim account?
Ans: The interim account is the account accessed to hold the transactions temporarily before it is transferred to the permanent account. This is a common business practice to utilize the interim account where the business transactions divided into two steps because of the activity timing.
Q: What is the Difference between physical cost and financial cost?
Ans: In simple term, the physical cost signifies the inventory value linked with the physical posting whereas the financial cost denotes the inventory value associated with the invoicing step or financial posting. The physical cost related to the items that have been issued or received but not invoiced. For example, a production order is a physical cost. Financial means that the real price is determined and adjusted only by the periodic options. In fact, it needs features such as closing and adjustment for the inventory models.
Q: What makes the dynamics AX product beneficial for the users?
Ans: Microsoft Dynamics AX is the easily adaptable business management solution. It is not only easy to use but also supports the complex needs of the multinational organizations. Most of the people feel comfortable when utilizing dynamics AX for the first time due to its intuitive user interface. This assists people to start working in AX efficiently and easily. It is also supported by the tight integration to others Microsoft cloud service.
Q: What is balancing the financial dimension and interunit accounting?
Ans: One of the optional features in Microsoft Dynamics AX is an interunit accounting. This makes sure the balanced balance sheet for the chosen financial dimension i.e. balancing dimension. Below mentioned settings are needed as the prerequisite for the interunit accounting.
- Balancing financial dimension – For selection in the ledger form
- Accounts for automatic transactions – Enter the proper main accounts for automatic transactions in the posting type such as “Interunit credit” and “Interunit debit”