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Uploaded bysino ako 0% found this document useful (0 votes) 83 views 26 pages Original Title16760553 Copyright© © All Rights Reserved Available FormatsPDF, TXT or read online from Scribd Share this documentDid you find this document useful?Is this content inappropriate?Report this Document 0% found this document useful (0 votes) 83 views26 pages Chapter 6 Transaction Processing and Financial Reporting Systems OverviewOriginal Title:16760553 Uploaded bysino ako Full description Skip to main content This browser is no longer supported. Upgrade to Microsoft Edge to take advantage of the latest features, security updates, and technical support. Get started with Financial reporting
In this articleThis article describes where to access Financial reporting and how to use the financial reporting capabilities. It also includes a description of the default financial reports that are provided. Enable Financial reportingTo use the financial reporting service for your organization, a Lifecycle Services (LCS) administrator must enable this service in the LCS portal for your organization. If Financial reporting hasn't been provisioned for your environment, contact your LCS administrator to enable the service. Accessing Financial reportingYou can find the Financial reporting menu in the following locations:
To create and generate financial reports for a legal entity, you must set up the following information for that legal entity:
Granting security access to Financial reportingThe financial reporting functions are available to users who have the appropriate privileges and duties assigned to them through their security roles. The following sections list these privileges and duties, together with the associated roles. Duties
Privileges
Roles
After a user is added or a role is changed, the user should be able to access Financial reporting within a few minutes. Note The sysadmin role is added to all roles in financial reporting. Report deletions and expirationsUsers who generate a report can delete their own reports. Users with the Maintain financial reporting security duty can delete other's reports. In release 10.0.8, the concept of expiration dates was introduced. A new required feature is enabled in the All page within the feature management workspace. The Financial report retention policies feature contains the following changes:
When an expiration, such as 90 days, is selected, it's applied 90 days from today. This is different behavior than the 90 days from the original generation date set when the report was generated. Additional options will be considered in future functionality. The expiration of 90 days will be the default, and users with appropriate permissions can override the default on the Financial reports list page. Default reportsFinancial reporting provides 22 default financial reports. Every report uses the default main account categories. You can use these reports as is or as a starting point for your financial reporting needs. In addition to the traditional financial statements, such as Income statement and Balance sheet, these default reports include reports that show the different types of financial reports that you can create.
Opening financial reportsWhen you select the Financial reporting menu, the list of default financial reports for the company is shown. You can then open or modify a report. To open one of the default reports, select the report name. The first time that a report is opened, it's automatically generated for the previous month. For example, if you open a report for the first time in August 2019, the report is generated for July 31, 2019. After a report is opened, you can start exploring it by drilling down on specific pieces of data and changing report options. Creating and modifying financial reportsFrom the financial reports list, you can create a new report or modify an existing report. If you have the appropriate permissions, you can create a new financial report by selecting New on the Action Pane. A report designer program is downloaded to your device. After the report designer starts you can then create the new report. After you save the new report, it appears in the financial reports list. The list shows only reports that were created for the company that you're using in Dynamics 365 Finance. Reporting tree definitionsOne of the components that's used to build financial reports is a reporting tree definition. A reporting tree definition helps define the structure and hierarchy of your organization. It's a cross-dimensional hierarchical structure that is based on the dimensional relationships in your financial data. It provides information at the reporting unit level and at a summary level for all units in the tree. You can create an unlimited number of reporting trees to display your organization's data in various ways. Each reporting tree can contain any combination of departments and summary units, but a report definition can link to only one reporting tree at a time. Update the Financial reporting version through slipstreamingFinance and operations apps are updated every month. However, Financial reporting isn't necessarily updated on that cadence. Moreover, customers have more options about when they implement updates for finance and operations apps. Financial reporting updates are automatically installed. Financial reporting has a designated version that is consumed in a customer environment when a service update is implemented, when downtime is initiated, or when a customer's environment is in Maintenance mode. This process is known as slipstreaming or true-up, because all customer implementations are set to the same version of Financial reporting. Changes that are released in each version can be found in What's new or changed in Dynamics 365 Finance. Platform updates and bug fixes can be found in the "Additional Resources" section at the bottom of the page for each release. The selected slipstreamed version is a reviewed and validated version of Financial reporting that is ready for production. It's compatible with any previous or future version of Dynamics 365 Finance. For example, Financial reporting can be on the latest 10.0.19 build while the customer is still on application version 10.0.16. Note The only circumstance where customers can move to a previous version (a downgrade scenario) occurs if Microsoft stops a true-up rollout because of an issue. As soon as a fix is available, it will be applied automatically. The slipstream process is fully automated and doesn't require any customer action. Three topologies consume slipstream, each in a slightly different way:
Troubleshooting issues opening Report DesignerThere are a few common issues that can cause problems when you open Report Designer. Those issues and the steps to resolve them are as follows. Issue 1: Report Designer doesn't start when you select New or Edit.
Issue 2: The user hasn't been assigned the required permissions to use Financial reporting.
Issue 3: You can proceed past the ClickOnce Report Designer sign-in page, but are unable to complete sign in within Report Designer.
Troubleshoot report designer issues with Event viewerYou can use the Event viewer to analyze some of the issues that arise when using Financial reporting. What happens when you have connections issues with Financial reporting?Here are some steps you can take to make your conversation with Microsoft support more effective and bring you to a quicker resolution. The following steps walk through the process of turning on Event viewer messages for Financial reporting. The logs that Event viewer generates will help support engineers to identify the source of the connection issue quickly. Submit copies of these logs together with your ticket when contacting support.
Troubleshoot issues connecting to Financial reportingIssue: You receive the error "Unable to Connect to the Financial reporting server".
Additional resources
FeedbackSubmit and view feedback for What are the major exposures in the general ledger financial reporting system?What are the major exposures in the general ledger/financial reporting system? ANS: The primary exposures are: a defective or lost audit trail, unauthorized access, GL accounts out of balance with subsidiary ledger accounts, and incorrect account balances due to unauthorized or incorrect entries. 7.
What type of data is found in the general ledger?As a General Ledger (GL) records all of the transactions that affect a company's accounting elements, such as Assets, Liabilities, Equity, Expenses, and Revenue, it is the data source used to construct the Balance Sheet and the Income Statement.
Which tasks should the general ledger perform?General ledger accountants prepare journal entries, reconcile financial statements and accounts, and ensure data accuracy.
Which can be an output of a general ledger system?EXTERNAL REPORTING
The four general purpose financial statements—balance sheet, income statement, statement of cash flows, and statement of retained earnings—are created from general ledger account balances. These financial statements are generated at the end of the accounting cycle.
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