MB-310: Microsoft Dynamics 365 Financial Consultant

Change Record

VersionDateChange
1.013 Sep 2024Initial release
1.110 Dec 2024Workaround for expired certificate
1.213 Jan 2025Added business scenario

Business scenario

Imagine you are the manager of a manufacturing company. You recently purchased a new piece of machinery to increase production capacity. This machinery is considered a fixed asset, as it will be used for several years in the manufacturing process.

On the other hand, due to space constraints and the availability of a more advanced model, you might decide to sell an older piece of machinery. This sale would involve recording the disposal of the fixed asset and recognizing any gain or loss from the sale.

Microsoft Dynamics 365 Finance can help you manage these transactions, including recording the purchase of new fixed assets and the sale of old ones. This ensures your accounting records accurately reflect the company’s fixed assets and related financial performance.

Use the USMF company for the exercises in this lab.

During this lab you will sell a fixed asset and purchase a fixed asset.

Scenario

An accounting manager at Contoso, Ltd. needs to sell an LCD monitor that is activated in the balance sheet. The accounting manager also needs to purchase a laptop for a new colleague.

Exercise 1 Review the value of the fixed asset

Note: If you get a “Your connection isn’t private” error on browser opening, then select the Advanced link, select to Continue, then wait 2-3 minutes.

  1. Navigate to Fixed assets > Fixed assets > Fixed assets.

  2. Select the fixed asset COMP-000003.

  3. Select Valuations in the Action Pane. Fixed assets page is open and asset COMP-000003 is selected.

  4. Review the net book value of the asset. Fixed assets page is open and Valuations is selected in the Action Pane.

  5. Close the form.

Exercise 2 Sell the fixed asset

  1. Navigate to Accounts receivable > Invoices > All free text invoices.

  2. Select New in the Action Pane. The Free text invoices page is open to create a new free text invoice.

  3. In the Customer account field, select US-011.

  4. Select the Line details FastTab. The Free text invoices page is open and the Line details FastTab is selected.

  5. In the Fixed asset number field, select COMP-000003.

The main account field is automatically filled with the main account number that is set up in the posting profile. Free text invoices page is open and the Invoice lines FastTab is displayed.

  1. On the Invoice lines FastTab, in the Description field, enter LCD Monitor.

  2. In the Unit price field, enter 100.

  3. Select Post in the Action Pane. Free text invoices page is open and Post is selected in the Action Pane.

  4. Select OK in the Post free text invoice pop-up screen. Post free text invoice pop-up is open with the OK button highlighted.

  5. Close the form.

Exercise 3 Review the value of the sold fixed asset

  1. Navigate to Fixed assets > Fixed assets > Fixed assets and select the fixed asset COMP-000003.

  2. Select Valuations in the Action Pane. Fixed assets page is open and Valuations is selected in the Action Pane for asset COMP-000003.

  3. Check the Net book value of the asset. It’s now zero because you sold it. Valuations for the Fixed asset group COMP. Net book value is highlighted.

  4. Close the form.

Exercise 4 Set fixed asset parameters

In Finance, you can acquire fixed assets in multiple ways. In this example, you purchase a fixed asset by using a purchase order. To acquire fixed assets by using a purchase order, it is important to configure fixed asset parameters.

  1. Navigate to Fixed assets > Setup > Fixed assets parameters.

  2. Expand the Purchase orders FastTab.

  3. Switch Allow asset acquisition from Purchasing to Yes.

  4. Switch Create asset during product receipt or invoice posting to Yes. Fixed assets parameters page is open. Purchase orders FastTab is highlighted.

  5. Close the form.

Exercise 5 Create a new purchase order

  1. Navigate to Accounts payable > Purchase orders > All purchase orders.

  2. Select New in the Action Pane. All purchase orders page is open to create a new purchase order.

  3. In the Vendor account field, select vendor 1001 and select OK. Create purchase order page for Vendor account 1001 with Name and Address fields populated.

  4. In the Item number field, select value 1000.

  5. In the Site field, select value 1.

  6. In the Warehouse field, select 11.

  7. In the Quantity field, select 1.

  8. Select Save in the Action Pane.

  9. In the Line details, select the Fixed assets Tab.

  10. Switch New Fixed asset? to Yes.

  11. In the Fixed asset group field, select COMP. All purchase orders page is open to enter a purchase order line for a fixed asset.

  12. Select Purchase in the Action Pane.

  13. Under Actions, select Confirm. All purchase orders page is open. Confirm is selected on the Purchase FastTab.

  14. Select Receive in the Action Pane.

  15. In the Generate section, select Product receipt. All purchase orders page is open. Product receipt on the Receive FastTab is selected.

  16. In the Product receipt field, enter 1122.

  17. Select OK. The Product receipt field has value 1122 in the Post product receipt page.

The fixed asset will be created and acquired when the product receipt is posted. All purchase orders page is open. A value is added to the Fixed asset number field.

  1. Select Invoice in the Action Pane.

  2. In the Generate section, select Invoice. All purchase orders is open. Invoice is selected under Generate.

  3. In the Number field, enter 4556.

  4. In the Invoice description field, enter Invoice 4556.

  5. In the Invoice date field, enter 07/11/2024.

  6. Select Update match status in the Action Pane. Vendor invoice page is open. Update match status is selected in the Action Pane. The match status changed to Passed. Vendor invoice page with the Match status displaying Passed.

  7. Select Post in the Action Pane. All purchase orders page for Vendor invoice 4556 with Post selected in the Action Pane.

  8. Close the form.

Exercise 6 Review the value of the purchased fixed assets

  1. Navigate to Fixed assets > Fixed assets > Fixed assets and select the fixed asset COMP-000008.

  2. Select Valuations in the Action Pane. The Fixed assets page is open and asset COMP-000008 is selected.

  3. Check the Acquisition amount of the asset. Fixed assets page with the acquisition amount for COMP-000008 posted.

Close the form. You’ve acquired and verified the asset.