With each business enhancing its capability to serve customers better, Microsoft has become one of the best platforms to cater to their needs. The recent release of Microsoft Dynamics 365 Finance changes in version 10.4.41 in September 2024 has offered many new features. It ensures streamlined operations and the ability to adhere to regulations.
These changes mainly revolve around accounts payable, cash management, tax compliance, and fixed asset management, making this a significant release for businesses that leverage Dynamics 365 to manage their financial workflows.
In this article, we will walk you through major changes and updates that might also benefit your business.
Dynamics 365 Finance Enhancements In A New Version
Here’s a breakdown of the top changes, updates, and Dynamics 365 new features you should keep an eye on in version 10.0.41:
1. Accounts Payable & Receivable
- Prepayment Customer Invoices: This feature will help businesses issue and manage invoices more efficiently. With this function, one can ensure deposit collection before fulfilling sales orders, providing better control over cash flow.
- Performance Improvements for Free Text Invoices: Yes, this page is already a part of D365 finance. However, it slowed down due to higher data volumes. New version updates provide an optimised loading process. This update reduces delays and increases responsiveness, especially when using workflows.
- Financial Tags for Purchase Orders: On the accounts payable side, Financial Tags for Purchase Order Invoicing enable more precise tracking of procurement-to-pay transactions. By tagging these transactions with financial markers, businesses can achieve deeper insights into their procurement workflows, improving both analysis and reporting accuracy.
2. Cash & Bank Management:
- Modern Bank Reconciliation: This update adds to the new improvements. These changes make the process faster, more precise, and simpler to manage. Many new features in Microsoft Dynamics release notes are related to major automation.
It includes automatic clearing of bridging payment transactions and updated matching rules that can handle a variety of reconciliation procedures. Businesses can increase the automation of their bank reconciliation procedures by running matching rules based on user-defined criteria. - Batch Mode Processing for Bank Statements: Batch Mode Processing has also been introduced for both bank statement posting and reconciliation. It helps users process bank statement lines in batches.
Further, the system carries out fast posting and reconciliation of transactions, greatly reducing the time it takes to complete these critical tasks. - Automatic Clearing of Bridged Transactions: Say goodbye to manual clearance of bridged transactions from the general ledger. The new update brings an Automatic feature to clear Bridged Payment Transactions through bank reconciliation.
This enhancement not only saves time but also improves accuracy by reducing the risk of human error.
3. Fixed Assets & General Ledger:
- Depreciation for Assets Within the Same Fiscal Year: One of the updates that could become the talk of the town is the Fixed Assets module. This module may calculate depreciation for assets placed in service and then disposed of within the same fiscal year.
Previously, depreciation calculations were limited in such cases, but with this change, firms may now ensure precise asset depreciation, resulting in improved financial reporting for assets with short lifespans. - Split Transaction Posting for Derived Books: This feature update will automate the process of posting split transactions from the main book to specific derived books all as per the predefined configurations. By eliminating manual posting, businesses can now improve the accuracy and speed of fixed asset tracking.
- Year-End Close Validation: In the General Ledger module, you will see a new year-end close validation feature. Year closing is a major issue in every business. This feature solves your problems and helps you in the detection of potential issues all while suggesting solutions for it too.
Ultimately, more accuracy will help you prevent any financial discrepancies and provide guidance on managing large dimension sets.
4. Tax Compliance
- Sales Tax Settlement Enhancements: Tax management is not an old issue, but it is even better with new features like Sales Tax Settlement Enhancements. Businesses can now control how corrections are handled during tax settlement, offering more granular control over the tax reporting process.
- VAT Handling on Sales Orders: Another useful addition from Microsoft finance updates is the update in VAT is going to help you handle sales orders that feature different VAT registration numbers at the line level. The system will automate the splitting of these orders into separate invoices during the posting process. In short, it will ensure compliance with VAT rules and improve tax filings' accuracy.
5. Electronic Invoicing & Subscription Billing
- Another critical update is the performance enhancement for Subscription Billing. Businesses that manage subscription-based revenue will notice faster inquiry reports and more efficient handling of deferred revenue schedules. This performance boost, coupled with improved fiscal data handling, helps businesses streamline billing operations.
Conclusion
This September 2024 update of Dynamics 365 Finance 10.0.41 brings critical updates that enhance automation, improve performance, and ensure compliance across financial, tax, and asset management operations.
If you are seeking these changes, we at DHRP can help you configure them. Some of the updates are default, the rest might need special attention.
Reach out to our team, and we’ll make sure your systems are optimized for maximum efficiency with our Dynamics 365 Finance implementation services. Let’s take your business to the next level!
