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Microsoft MB-310 exam is designed to test the candidate's ability to configure and implement financial management processes in Microsoft Dynamics 365 Finance. This includes configuring and managing accounts payable and receivable, budgeting, and fixed assets. Candidates are also expected to have a strong understanding of financial reporting and analysis, as well as the ability to troubleshoot and resolve issues related to financial management.
Topics Covered in MB-310
The Microsoft MB-310 test is structured in a way that it measures the following skills of a candidate:
- Managing fixed and budgeting assets
The final domain of managing & budgeting fixed assets encloses two main segments. The first is configuring and managing budgeting processes. Within this part, you should be able to arrange budgeting components, define a budget planning process, implement budget workflows, and perform budget checks. To finalize the tested skillset is putting into operation and managing fixed assets, which measures your abilities in creating diverse fixed assets and fixed assets groups. Additionally, within this section, you'll learn more about parameters, books, and depreciation for fixed assets.
- Implementing as well as managing accounts receivable, credit, collections, and the recognition for revenues
The next tested area is about putting into operation accounts receivable, credit, collection, and revenue recognition that detail three subcategories. The first one is implementing and managing accounts receivable, which comprises skills such as setting up customer posting profiles as well as configuring & processing free text invoices, orders, and payments. Monitoring credit and collections comes under the second subtopic, where you'll have to deal with delinquent customers and control customer credit limits. To succeed in the third objective, which covers configuring revenue recognition, candidates must excel in patterning journals & parameters and executing revenue schedules.
- Putting into practice accounts payable & expenses
The second sector consists of two parts. The category of implementing and managing accounts payable requires your knowledge of configuring invoice validation policies, setting up vendor posting profiles, and processing orders, invoices, and payments. The coverage also extends to configuring the vendor collaboration module and payment calendars in addition to charges. The second tested area of this domain is mainly about configuring and using expense management, which explains per diem options, personal and mileage expenses, credit card processing, and the Audit workbench.
- Setting up and configuring financial management
This domain is rather extensive that is why it's further categorized into seven parts. To start with, skills in defining and configuring the chart of accounts are examined in the first part, where you'll get to know more about financial dimensions, main accounts, and ledger account aliases. The second subcategory, which is based on configuring ledgers and currencies, requires skills such as constructing fiscal calendars and installing the ledger features. Abilities to describe & configure batch transfer rules and setting up currencies alongside conversions for a legal entity can also be identified as required skills in this category. The third area concerns implementing and managing journals. In this regard, the candidates must focus on their capabilities to describe options for implementing voucher numbers in journals and build journal names. Few other sections which should be taken into consideration by the candidates are their competency in describing use cases for periodic journals as well as configuring & applying accrual schemes. The next objective, which is executing and managing cash, includes skills such as creating and maintaining bank groups with bank accounts, describing & configuring electronic payment formats, and composing and processing bank reconciliations. The potential to describe cost accounting processes & terms and create a cost accounting report by using the Cost Accounting Report wizard are among some of the scopes analyzed regarding the cost accounting and cost management portion. Another key sector of this topic is performing periodic processes, which are centered on closing schedules, financial consolidation, and various ledger allocation policies.
NEW QUESTION # 60
Which configuration makes it possible for User4 to make a purchase?
- A. Budget funds available are configured to allow dimension budget overrides.
- B. Budget is posted at the dimension level. Budget control is managed at main account level.
- C. Budget is posted at the main account level. Budget control is managed at the department level.
- D. Budget model configuration is configured to allow certain purchases to exceed budget.
Answer: B
NEW QUESTION # 61
A client is implementing fixed assets in Dynamics 365 Finance.
You need to specify which parameters should be configured to meet the business requirements.
Which parameters meet the requirements? To answer, drag the appropriate parameters to the correct requirements. Each parameter 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.
Answer:
Explanation:
Explanation
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/fixed-assets/tasks/set-up-fixed-asset-posting-profiles
https://docs.microsoft.com/en-us/dynamics365/finance/fixed-assets/set-up-fixed-assets
NEW QUESTION # 62
You are a functional consultant for a legal entity named Contoso Group (GLCO).
You plan to sell new products that will increase in quality over time.
You need to implement a solution that uses the Last in, First out (LIFO) inventory model for GLCO.
To complete this task, sign in to the Dynamics 365 portal.
- A. You need to configure an Inventory Model Group for the new products.
Answer: A
Explanation:
For inventory model groups, navigate to Inventory management | Setup | Inventory | Item model groups.
Click "New" to create a new inventory model group.
In the "Cost method and cost recognition" section, configure the "Inventory Model" setting to Last in, First out (LIFO).
Click "Save" to save the inventory model group.
NEW QUESTION # 63
A company implements basic budgeting functionality The company wants to achieve the following:
* Distribute budget amounts across financial dimensions.
* Require an approval workflow for budget
* Approve a specific set of budget entries.
You need to configure the required basic budgeting functionality.
Which functionalities should you configure?
To answer, select the appropriate options in the answer area
NOTE: Each correct answer is worth one point.
Answer:
Explanation:
NEW QUESTION # 64
An organization sells monthly service subscriptions. The organization sends invoices to customers on the 15th of every month in the amount of $450.00.
You need to set up, configure, and process recurring free text invoices for the customers.
In which order should you perform the actions? To answer, move all actions from the list of actions to the answer area and arrange them in the correct order.
Answer:
Explanation:
1 - Create a free text invoice template with header...
2 - Assign the template to the customers that you want to invoice
3 - Process the recurring invoice by specifying...
4 - Post recurring free text invoices through the periodic posting button
5 - Print recurring free text invoices
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/accounts-receivable/set-up-process-recurring-invoices
NEW QUESTION # 65
You are asked to configure foreign currency revaluation in Dynamics 365 for Finance and Operations. You are viewing the main accounts,
Answer:
Explanation:
NEW QUESTION # 66
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question in this section, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
A customer uses Dynamics 365 Finance. The customer creates a purchase order for purchase $20,000 of office furniture.
You need to configure the system to ensure that the funds are reserved when the purchase order is confirmed.
Solution: Configure item posting groups for purchase requisitions.
Does the solution meet the goal?
- A. No
- B. Yes
Answer: A
NEW QUESTION # 67
A client wants to ensure that transactions posted to the General Ledger have the correct combination of account number and dimensions.
The Services Industry P&L Account Structure has the following information:
Use the drop-down menus to select the answer choice that answers each question based on the information presented in the graphic.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
NEW QUESTION # 68
You are configuring the Fixed assets module for a Dynamics 365 Finance and Operations environment.
You need to set up the basic configuration to create a fixed asset.
Which three settings are required? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. the number sequence
- B. the type
- C. the name
- D. the group
- E. the property type
Answer: A,C,D
Explanation:
Section: Topic 4, Manage budgeting and fixed assets
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/fixed-assets/tasks/create-fixed- asset
NEW QUESTION # 69
A client is using Dynamics 365 Finance for sales order processing and accounts receivable. The client has two customer groups and two Accounts receivable trade accounts. Foreign customers in Group 80 are assigned to account 12001. Domestic customers in Group 40 are assigned to account 12000.
You are viewing the client's current setup of Customer posting profiles.
Use the drop-down menus to select the answer choice that answers each question based on the information presented in the graphic.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/accounts-receivable/customer-posting-profiles
NEW QUESTION # 70
An organization acquires a building.
You need to register and record the building as an asset building in Dynamics 365 Finance.
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. Select an account type of Fixed Asset and a transaction type of Acquisition with a General Journal
- B. Eliminate the project to a fixed asset
- C. Create a sales invoice to record and register the fixed asset
- D. Select an acquisition transaction type within a fixed asset journal
- E. Use the sales order process to acquire the asset
Answer: A,B,D
NEW QUESTION # 71
A company has many customers who are not paying invoices on time.
You need to use the collection letter functionality to manage customer delinquencies.
What are two possible ways to achieve the goal? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Delete the collection letters after posting when an error occurs.
- B. Post the collection letters.
- C. Print all of the collection letters.
- D. Cancel the collection letters after they are created and posted.
Answer: B,C
Explanation:
Explanation/Reference:
http://d365tour.com/en/microsoft-dynamics-d365o/finance-d365fo-en/collection-letters/ Implement and manage accounts payable and receivable Testlet 2 Case study 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 this 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. If the case study has an All Information tab, note that the information displayed is identical to the information displayed on the subsequent tabs. When you are ready to answer a question, click the Question button to return to the question.
Background
Fourth Coffee is a coffee and supplies manufacturer based in Seattle. The company recently purchased CompanyA, based in the United States, and CompanyB, based in Canada, in order to increase production of their award-winning espresso machine and distribution of their dark roast coffee beans, respectively.
Fourth Coffee has set up CompanyA and CompanyB in their Dynamics 365 Finance and Operations environment to gain better visibility into the companies' profitability. CompanyA and CompanyB will continue to operate as subsidiaries of Fourth Coffee, but all operational companies will be consolidated under Fourth Coffee Holding Company in US dollars (USD) for reporting purposes.
The current organizational chart is shown below:
Current environment
Systemwide setup
* Dynamics 365 Finance in Microsoft Azure is used to manage the supply chain, retail, and financials.
* All companies share a Chart of Accounts.
* Two dimensions are used: Department and Division.
* Budgeting is controlled at the department level.
* Customers and vendors are defined as two groups: Domestic and International.
* Mandatory credit check is set to No.
* Consolidate online is used for the consolidation of all companies.
* International main accounts are subject to foreign currency revaluation.
* The purchasing budget is used to enforce purchasing limits.
General ledger accounts
Fourth Coffee
* The base currency is USD.
* Three item groups are used: coffee, supplies, and nonstock.
* The standard sales tax method is used.
* Acquiring fixed assets requires a purchase order.
* All customer payment journals require a deposit slip.
* CustomerX is a taxable company.
* CustomerY is a tax-exempt company.
* CustomerZ is a taxable company.
* VendorA is a Colombian supplier of coffee beans and belongs to the international vendor group.
* VendorB is a Peruvian supplier of coffee machine filters and belongs to the international vendor group.
* VendorC is a Texas supplier of espresso valves and belongs to the domestic vendor group.
CompanyA
* The base currency is USD.
* It consists of a marketing department and a digital division.
* A 4-5-4 calendar structure is used.
* The standard sales tax method is used.
CompanyB
* The base currency is CAD.
* The conditional sales tax method is used.
Requirements
Reporting
* A consolidated Fourth Coffee financial report is required in USD currency.
* Fourth Coffee and its subsidiaries need to be able to report sales by item type.
* Year-end adjustments need to be reported separately in a different period to view financial reporting inclusive and exclusive of year-end adjustments.
Issues
* User1 observes that a General journal was used in error to post to the Domestic Accounts Receivable trade account.
* User2 has to repeatedly reclassify vendor invoice journals in Fourth Coffee Company that are posted to the marketing department and digital division.
* When User3 posts an Accounts receivable payment journal, a deposit slip is not generated.
* User4 observes an increase in procurement department expenses for supplies.
* User5 observes that sales tax is not calculating on a sales order for CustomerZ.
* User6 observes that sales tax is calculating for CustomerY.
* User7 observes that the sales tax payment report is excluding posted invoice transactions.
* User8 in CompanyA attempts to set up the sales tax receivable account on the sales tax posting form.
* User9 in CompanyA needs to purchase three tablets by using a purchase order and record the devices as fixed assets.
* CustomerX requires a credit check when making a purchase and is currently at their credit limit.
NEW QUESTION # 72
A company manufactures air filtering units for industrial manufacturing plants.
The company offers specific incentives if customers pay within a certain number of days to include:
* 10 percent off if paid in full within 5 days
* 5 percent off if paid in full within 10 days
Customers who pay by electronic funds transfer (EFT) will be charged $15 per transfer. You need to configure the system.
Which option should you use? To answer, select the appropriate options in the answer are a. NOTE: Each correct selection is worth one point.
Answer:
Explanation:
NEW QUESTION # 73
You must configure journal controls in Dynamics 365 for Finance and Operations.
Use the drop-down menus to select the answer choice that answers each question based on the information presented in the graphic
Answer:
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/general-journal-processing
NEW QUESTION # 74
The posting configuration for a purchase order is shown as follows:
Use the drop-down menus to select the answer choice that answers each question based on the information presented in the graphic.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation:
NEW QUESTION # 75
A company needs to create budget plan templates for its budgeting process.
You need to create the budget plan templates.
In which order should you perform the actions? To answer, move all actions from the list of actions to the answer area and arrange them in the correct order.
Answer:
Explanation:
Explanation
NEW QUESTION # 76
You are implementing a Dynamics 365 for Finance and Operations General ledger module for a client that has multiple legal entities.
The client has the following requirements:
*Post journal entries for all companies from one legal entity.
*Configure automatic creation of due to/due from transactions based on when LegalEntityA transacts with LegalEntityB.
*Automatically split the dollar amount in half between DimensionA and DimensionB when the journal is posted.
*Set up fixed or variable allocations, and then review the allocations in a journal before posting,
*Automatically post year-end results to account 30016 during year-end close.
You need to configure the system.
Which system capability should you configure? To answer, select the appropriate configuration in the answer area.
Answer:
Explanation:
NEW QUESTION # 77
You are configuring taxes in Dynamics 365 Finance for a client.
You need to configure the sales taxes to post to the expense account.
Where should you configure the sales tax percentage?
- A. Tax code
- B. Ledger posting groups
- C. Item sales tax group
- D. Sales tax group
Answer: C
NEW QUESTION # 78
You are configuring intercompany accounting for a multicompany enterprise. You need to set up: the Due to and Due from accounts.
Which main account type should you use?
- A. Asset
- B. Liability
- C. Balance sheet
- D. Profit and loss
- E. Expense
Answer: C
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/intercompany-accounting-setup
NEW QUESTION # 79
A client wants to ensure that transactions posted to the General Ledger have the correct combination of account number and dimensions.
The Services Industry P&L Account Structure has the following information:
Use the drop-down menus to select the answer choice that answers each question based on the information presented in the graphic.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
NEW QUESTION # 80
You need to configure recognition.
Which revenue type is associated with the line of business? To answer, drag the appropriate revenue types to the correct lines of business. Each revenue type 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.
Answer:
Explanation:
NEW QUESTION # 81
You are a Dynamics 365 Finance consultant. You plan to configure the allocation base, cost behavior, and cost distribution.
Which three actions do these configurations accomplish? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- A. Control which journals can be used in the costing process.
- B. Classify costs according to their behavior in relation to changes in key business activities.
- C. Spread costs from one cost object to one or more other cost objects by applying a relevant allocation base.
- D. Measure and quantify activities, such as machine hours that are used, kilowatt hours that are consumed, or square footage that is occupied.
- E. Spread the balance of the cost from one cost object to one or more other cost objects by applying a relevant allocation base.
Answer: B,C,D
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/cost-accounting/terms-cost-accounting
NEW QUESTION # 82
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Microsoft MB-310 exam is an excellent opportunity for professionals who want to become Microsoft Dynamics 365 Finance Functional Consultants. It is a valuable certification that validates the candidate's skills and knowledge in financial management, accounts receivable, accounts payable, budgeting, and forecasting using Microsoft Dynamics 365 Finance. By passing MB-310 exam, candidates can advance their career in this field and help organizations achieve their financial objectives.
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