Exam Dump 1 Flashcards
DRAG DROP -
A company uses Dynamics 365 Business Central.
You need to configure payment terms with the correct due date calculation formula.
What should you do? To answer, drag the appropriate values to the correct requirements. Each value may be used once, more than once, or not at all. You may need to drag the split bar between panes or scroll to view content.
NOTE: Each correct selection is worth one point.
Select and Place:
[Reference] (https://docs.microsoft.com/en-us/dynamics365/business-central/ui-enter-date-ranges)
A company uses Dynamics 365 Business Central for their receivables.
The company wants to mark any automatically matched payments to open invoices as not requiring a review if they match the highest degree of confidence that the two transactions are a match.
You need to configure payment matching rules.
Which three criteria should you configure? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
A. Statement amount
B. Account number
C. Related-party fields
D. Transaction date
E. Transaction text
Answer : ACE
DRAG DROP -
You are implementing Dynamics 365 Business Central.
The accounting manager for the company provides you with a chart of accounts.
You need to set up the general ledger accounts correctly.
Which setups should you use? To answer, drag the appropriate setups to the correct requirements. Each setup may be used once, more than once, or not at all.
You may need to drag the split bar between panes or scroll to view content.
NOTE: Each correct selection is worth one point.
Select and Place:
A company uses Dynamics 365 Business Central.
Which field is used to calculate the Due Date based on the Payment Terms?
A. Order Date
B. Due Date
C. Posting Date
D. Document Date
D
A company uses Dynamics 365 Business Central. All activity in the system is based on the company’s local currency.
Sales invoice amounts must be rounded to the nearest interval based on amount.
You need to complete the configuration.
Where should you configure the setup?
A. Currency Card
B. General Ledger Setup
C. Sales & Receivable Setup
D. Currency Exchange Rates
A company has been using Dynamics 365 Business Central for many years.
A new accounting manager for the company reviews the chart of accounts. The manager wants to remove some general ledger accounts.
The Check G/L Account Usage field is selected in the General Ledger Setup.
You need to assist with the account deletions.
What is one requirement that enables deletion of a general ledger account?
A. The account cannot have a balance amount.
B. The account cannot be used in any account schedule.
C. The general ledger account is configured to allow for deletion
D. The account must have ledger entries.
A company uses Dynamics 365 Business Central. You manage customer master data for the company.
You need to create new customers.
What are three possible ways to achieve the goal? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
A. On the Contacts page, select Related Information and then select Customer.
B. On the Contacts page, select Create as Customer.
C. On the Configuration Template Header for the customer table, select Create Instance.
D. On the Customers page, select New.
E. On the Customer card, select Apply Template.
A company uses Dynamics 365 Business Central.
You must create a general ledger account and define the general ledger account as a purchase account for general journal transactions.
You need to configure the system.
A. Select Purchase as the value for the Gen. Posting Type field.
B. Assign a general product posting group that is linked to a purchase account.
C. Link combination of the general business posting group and general product posting group to a purchase account.
D. Assign a general business posting group that is linked to a purchase account.
DRAG DROP -
You are setting up new customers and items in Dynamics 365 Business Central.
You need to configure the system.
Which posting group should you use? To answer, drag the appropriate posting groups to the correct use cases. Each posting group may be used once, more than once, or not at all. You may need to drag the split bar between panes or scroll to view content.
NOTE: Each correct selection is worth one point.
Select and Place:
Box 1: Gen. Bus.
General Business -
The revenue posting (income statement) is determined by the combination of the general business posting group and the general product posting group.
Box 2: Customer -
The accounts receivable posting (balance sheet) is determined by the customer posting group.
Box 3: Gen. Prod.
General product -
The cost of goods sold posting (income statement) is determined by the combination of general business posting group and general product posting group.
Box 4: Inventory -
The inventory posting (balance sheet) is determined by the inventory posting group.
A company implements Dynamics 365 Business Central.
You need to create a new payment terms record to meet the following requirements:
✑ Ensure that the due date for all vendor invoices is 30 days.
✑ Grant vendors a two percent discount if an invoice is paid within 10 days.
Which three actions should you perform? Each correct answer presents a part of the solution
NOTE: Each correct selection is worth one point.
A. Set the value of the Discount Date Calculation field to 2D.
B. Set the value of the Discount Date Calculation field to 10D.
C. Set the value of the Discount % field to 2.
D. Set the value of the Due Date Calculation field to 30D.
E. Set the value of the Discount % field to 10.
B: Discount Date Calculation Specify the formula that is used to calculate the date that a payment must be made in order to obtain a discount.
10 days - 10D.
C: Discount % - Specify the discount percentage that is applied for early payment of an invoice amount.
D: Due Date Calculation - Specify the formula that is used to calculate the date that a payment must be made.
For example, if the payment must be made in one installment after two weeks, enter 14D.
A company is implementing Dynamics 365 Business Central.
Vendor open balances need to be posted to the general ledger (G/L) account directly by using the general journal.
You need to configure the G/L account to allow users to post vendor open balances to payables accounts.
Which setting should you use?
A. Account Category
B. Income/Balance
C. Default Deferral template
D. Direct Posting
D
Direct posting is a very important field. It is used to enable or disable posting directly to the account. How? So, there are G/L accounts that you assign to posting groups like the receivables account, the payables account, and so on, and you would clear the field. In short, direct posting is not allowed there because of the choice you made. You can only post through a posting group.
A company uses Dynamics 365 Business Central.
A user posts a Sales Invoice document that has an incorrect dimension value.
You need to update general ledger entries with the correct dimension value without inserting new ledger entries.
Which option should you use?
A. Correct Dimensions
B. Edit List
C. Edit In Excel
D. Reverse Transaction
A
On the General Ledger Entries page, the Correct Dimensions action lets you correct dimensions on posted entries by editing the dimension value, adding new dimensions, or removing them. Administrators can also lock dimensions for corrections, specify that corrections must respect closed accounting periods, and view a change log for a given G/L entry in order to revert the entry to its original value.
DRAG DROP -
A company uses Dynamics 365 Business Central.
You need to configure the system to meet the following requirements for a purchasing agent:
✑ Create and post purchase documents including purchase receipt lines.
✑ Do not allow agents to read general ledger (G/L) or bank balances.
✑ Restrict access to view G/L amounts.
✑ Ensure that purchasing agents can select G/L codes on purchase documents.
You need to restrict access to view G/L amounts.
Which three actions should you perform in sequence? To answer, move the appropriate actions from the list of actions to the answer area and arrange them in the correct order.
Select and Place:
Box 1: Select the permission sets you want to modify.
Update the user permission sets in Dynamics 365 Business Central, removing the current permission set and adding the new permission set.
Box 2: Remove page permissions for chart of accounts, G/L entries, and G/L account card.
Box 3: Assign a permission set to a user.
HOTSPOT -
A company uses Dynamics 365 Business Central. You are recording incoming payments from customers.
You must record a payment of $500 for customer 2030 with a posting date of November 16, 2022. The payment must be recorded against bank account No. 1010 with general ledger (G/L) account No. 10100.
You need to populate the cash receipt journal batch in Business Central to properly record the incoming payment to a bank account.
Which value should you use? To answer, select the appropriate options in the answer area,
NOTE: Each correct selection is worth one point.
Box 1: Customer -
In the Account Type field, enter Customer.
You must record a payment of $500 for customer 2030 with a posting date of November 16, 2022. The payment must be recorded against bank account No. 1010 with general ledger (G/L) account No. 10100.
Box 2: 1010 -
Box 3: -$500 -
Box 4: Bank Account -
In the Bal. Account Type field, enter Bank Account.
Box 5: 2030 -
This is a case study. Case studies are not timed separately. You can use as much exam time as you would like to complete each case. However, there may be additional case studies and sections on this exam. You must manage your time to ensure that you are able to complete all questions included on this exam in the time provided.
To answer the questions included in a case study, you will need to reference information that is provided in the case study. Case studies might contain exhibits and other resources that provide more information about the scenario that is described in the case study. Each question is independent of the other questions in this case study.
At the end of this case study, a review screen will appear. This screen allows you to review your answers and to make changes before you move to the next section of the exam. After you begin a new section, you cannot return to this section.
To start the case study -
To display the first question in the case study, click the Next button. Use the buttons in the left pane to explore the content of the case study before you answer the questions. Clicking these buttons displays information such as business requirements, existing environment, and problem statements. When you are ready to answer a question, click the Question button to return to the question.
Background -
Wide World Importers is a family-owned importer of specialty cooking ingredients and prepackaged foods from the Mediterranean. When first established, the company’s products were sold at farmers markets, All sales were on a cash-only basis.
Products are now sold locally to restaurant owners and chefs in a family-owned building with a warehouse. Products are no longer sold at farmers markets. Cash and carry sales generate most of the revenue for the company.
The founder of Wide World Importers is turning over control of the company to the younger generation in the family. These family members want to use Dynamics
365 Business Central to support their efforts to grow and diversify the business. They recently started to build a new line of business selling and shipping products to specialty retailers outside their local area through a network of brokers and representatives.
The company uses QuickBooks, but the family is concerned that QuickBooks is not capable of supporting their new business model.
There are 30 full-time and part-time employees who work in sales, purchasing, shipping, customer service, accounts payable, accounts receivable, and finance.
The family does not plan to hire additional personnel to support the new line of business.
Current environment -
Cash and carry sales -
When a customer makes a purchase at the companyג€™s cash and carry desk, the sale is handwritten on a three-part form.
The cash and carry associate retrieves the items listed on the order from the warehouse.
Special prices and discounts are used to move products that will expire soon or that are overstocked.
Cash is accepted for payments.
The cash drawer is balanced at the end of every day. A deposit is created for the cash and given to the accountant.
One-line sales invoices are saved in QuickBooks for each cash and carry sale to a miscellaneous customer.
Customer details for cash and carry sales are not kept in QuickBooks.
Brokered sales orders -
Brokered sales are called in to customer service by the brokers and sometimes directly by customers. The sales are entered into QuickBooks.
Because inventory is not tracked in QuickBooks, the generic item Brokered Item is used.
Two copies of the packing slip and printed from QuickBooks and sent to the warehouse.
Order picking -
The warehouse manager provides a container and the two copies of the packing slip to a picker.
Items that are out of stock are marked on both copies of the packing slip.
The shipping amount is determined and written on the packing slips.
One copy of the completed packing slip is placed in a basket for customer service.
Completed orders are boxed up with a copy of the invoice and shipped to customers.
Order invoicing -
Throughout the day, the customer service manager collects the packing slip copies and updates the invoices in QuickBooks.
The customer service manager adds a line for shipping with the amount provided by the packer.
The customer service manager prints a copy of the final invoice and sends it to the warehouse.
The accountant uses Microsoft Word to create weekly invoices for all shipments invoiced in QuickBooks during the week for some customers.
Deposits -
The accountant receives the deposit bag from the cash and carry sales desk at the end of every day.
Receipts are recorded in QuickBooks against cash and carry and brokered sales based on the deposit slips.
Brokers commission -
Brokers fees are paid as a percentage of sales.
A Sales by Product/Service Summary report is run in QuickBooks every month for Brokered Item to calculate what is owned.
Requirements -
Customers -
Users with permission must be able to quickly add new customers.
The original source of all customers in the accounting system must be identified to be from cash and carry or brokered sales.
The company needs to keep a record of special price promotions given to specific customers.
Customers must be identified with a unique general business posting group so that the correct freight G/L account is used in sales transactions.
Sales -
The customer source must be used to identify the business line, and the customer source must be indicated on every sales transactions.
Customer service and cash and carry desk associates must be able to enter sales into Dynamics 365 Business Central by customer.
Excess paper must be eliminated, and paper management must be reduced.
If a customer is not already listed in the system, a cash and carry associate or customer service associate must be able to quickly add the new customer in the process of recording the first sale.
A point-of-sale system is not needed, but users must be able to record which items are purchased by customers, accept and record their payment, and print receipts indicating paid in full.
Items -
The sales manager and warehouse manager must be able to set a specific timeframe for special promotion discounts on items.
For special promotions, discounts must be consistent for all items in a product line using a single discount calculation.
Special pricing may be given to a retail chain or buying group. This pricing must be automatically applied when an order is taken for any of these customers.
The original price must be recorded with each sale.
Customers must always be charged the lowest amount for an item at the time of the sale. For example, an overstocked olive oil has a regular price of $20 per unit. Customers in a buying group for restaurants can buy it for $18 per unit. There is an autumn promotion price for the item at $19 per unit. However, on a specific day only, there is an overstock special at a 15 percent discount off the regular price.
Sales invoices -
Warehouse workers must be able to indicate the following in the system for each order:
1. the items picked
2. the shipping charges
3. notifications, if any, that customer service needs to provide to the customer
Items sold at a discount must show the original price, discount, and net amount on each line of the invoice. Invoices must be posted at the cash and carry desk at the time of sale. For orders, accounting must post invoices and send them to customers.
Warehouse employees must be able to indicate what has been shipped on an order. They will use the G/L account for shipping charges. They need to use the correct G/L account for sales versus cost through proper assignment of sales and purchase accounts in the general posting setup.
Some of the brokered customers require one invoice per week regardless of the number of orders or shipments.
Accounts -
Payment terms vary by customer.
The amount paid to brokers must be calculated from sales after invoice discounts.
Broker vendors must be easily identifiable from other vendors in lists
Commission paid on sales not collected within 120 days must be deducted from brokersג€™ next compensation payment.
Reporting -
Wide World Importers requires reporting on the following:
the overall profitability of each line of business at any time for any given period
the cost of outbound shipping in the overall profitability of sales by business line in all related reports
freight sales and cost by account in the trial balance
the cost of brokersג€™ compensation in reporting the overall profitability of sales by business line
the effect of item discount promotions in financial statements.
Issues -
Pricing -
Spreadsheets are used to maintain special item pricing and discounts. The only source of product line discount information is a whiteboard in the warehouse.
The price charged is frequently incorrect.
Customers complain when they think they think they have not received the best price available. Promotions are sometimes applied in error after a special pricing event ends, for example, when discounts are offered temporarily to reduce overstock.
Management cannot see original versus actual price on all sales. Discounts given by brokers requires spreadsheets and comparison between price list and price on sales invoice. Management needs to be able to quickly see the discount given on each sale.
Payment terms -
Agreed-upon payment terms are frequently entered incorrectly on orders, causing cashflow issues.
Invoices already paid in full exist on the sales aging reports. The frequent cause of this issue is that sales from the cash and carry desk are not indicated as cash sales and are not posted as paid in full.
Some buying groups require that all invoices sent during a month be due on the 20 of the following month.
th
Invoicing -
Paperwork is frequently misplaced between the warehouse, customer service, and accounting.
Invoices that are posted in the accounting system based on shipments and invoices that are sent to customers weekly do not match due to errors transferring the data from one document to another.
Users are selecting the incorrect freight type (expense versus sales) on purchase and sales transactions, making it difficult to reconcile freight costs.
Sales placed from the cash and carry desk by customers originally acquired through a broker are not being recognized with the correct customer source.
Reporting by business line is inaccurate.
Accounts -
Users often forget which fields to use to enter information when they add new customers to QuickBooks. This results in errors and inconsistencies in data and affects sales reporting. Confidence in sales reporting accuracy is low.
Adding new brokers is a different process than adding other purchase vendors. Users often forget which fields to select and how to correctly assign the vendor
number to add new brokers.
Manual entries to certain G/L accounts cause reconciliation issues.
You need to configure sales for the cash and carry desk.
What should you select?
A. Payment Service
B. Direct Debit Mandate with a value of OneOff for Type of Payment
C. Payment Method with a value of Bank Account for Balance Account
D. Payment Terms with a value of 0D for Due Date Calculation
D
