Hands-on-Lab 04: Setting up and using a purchase approval workflow

Scenario

When setting up the company you were misinformed about Contoso’s fiscal year. Although they want to use Microsoft Dynamics 365 Business Central as of January 1st 2022, their new fiscal year does not start until July 1st 2022.

You will have to correct this mistake and prepare the accounting periods for the entire fiscal year.

Tasks

  1. Change the starting date of the fiscal year.

  2. Create accounting periods in bulk.

Steps

  1. Change the starting date of the fiscal year.

    1. Select the search for page icon in the top-right corner of the page, enter Accounting periods, and then choose the related link.

    2. Open the Accounting Periods page.

    3. Select the accounting period with starting date 7/1/2022 and select the New Fiscal Year checkbox.

    4. Leave the selection on the New Fiscal Year checkbox for the accounting period with starting date 1/1/2022.

  2. Create accounting periods in bulk.

    1. In the Accounting Periods page, select Create Year.

    2. On the window that opens, fill in the following options:

      1. In the Starting Date field, enter 7/1/2022.

      2. In the No. of Periods field, enter 12.

      3. In the Period Length field, enter 1M.

    3. Click OK.

    4. New accounting periods are now created, where the last accounting period has a starting date of 7/1/2023 and the New Fiscal Year checkbox is selected.

Exercise 2: Configure the general ledger setup

Scenario

After setting up the correct accounting periods, you will complete some general accounting setup.

Contoso is located in the United States and will record their accounting data in US dollar, thereby respecting the currencies 2 digit decimals for displaying invoice amounts and amounts. Unit-prices however, can be shown with 2 up to 5 digit decimals.

Analysis of recorded accounting data will be mainly focused on the sales transactions, using the created dimensions. Contoso’s accounting manager would like to analyze these sales transactions directly from the chart of accounts, to make sure all the detailed information is at hand. Later they will set up some more general reports. He would also like to track costs by department where, for now, the main focus is on easily entering this information. The specific reporting details will be determined later on.

Once the company’s users will start to record sales and purchase transactions, the accounting manager wants to make sure they are only processed within the current accounting period. Make sure the company is set for the first transactions for January 2022, but also allow your own user to process the opening balance on December 31st 2021.

Tasks

  1. Determine the local currency.

  2. Set up global and shortcut dimensions.

  3. Allow posting in the open accounting period.

Steps

  1. Determine the local currency.

    1. Select the search for page icon in the top-right corner of the page, enter General Ledger Setup, and then choose the related link.

    2. Open the General Ledger Setup page.

    3. In the General FastTab review that the following fields regarding local currency are filled in correctly.

      1. The LCY Code field must be set to USD.

      2. The Local Currency Symbol field must contain the $ symbol.

      3. The Local Currency Description field must be filled in with ‘US dollar’

    4. In the General FastTab review that the following fields regarding local currency rounding are filled in correctly:

      1. The Amount Decimal Places ($) field must be set to 2:2.

      2. The Unit-Amount Decimal Places ($) field must be set to 2:5.

  2. Set up global and shortcut dimensions.

    1. In the General Ledger Setup page, select Actions, then Functions, then Others and then Change Global Dimensions.

    2. In the Change Global Dimensions page, fill in the following fields:

      1. In the Global Dimension 1 Code field select the value SALESPERSON_NEWLIST.

      2. In the Global Dimension 2 Code field leave the value CUSTOMER GROUP.

    3. Select Sequential and then click Start.

    4. Close the Change Global Dimensions page.

    5. In the General Ledger Setup page, in the Dimensions FastTab, click Show more. In the Shortcut Dimension 3 Code field select the value DEPARTMENT.

  3. Allow posting in the open accounting period.

    1. In the General Ledger Setup page, in the General FastTab, fill in the following fields:

      1. In the Allow Posting From field, select 1/1/2022.

      2. In the Allow Posting To field, select 1/31/2022.

    2. Close the General Ledger Setup page.

    3. Select the search for page icon in the top-right corner of the page, enter User Setup, and then choose the related link.

    4. In the User Setup page, select + New.

    5. In the User ID field, enter your own user id.

    6. In the Allow Posting From field, enter 12/31/2021.