Recently, Microsoft updated the Credit management module to Dynamics 365 for Finance and operations. The event was held in February and the purpose is to enhance the credit and collections functionality of a current system. The module was generally available by April.
Now, let’s get into deep about the core updates of credit management and how it is adding value to Dynamics 365.
By suggesting credit control activities and reduce financial risks, it helps to ensure that customers are taking complete advantage of the promotional deals and offers.
Features of the Credit Management
The core capabilities of the credit management system are:
- Management of risk scores
- System-suggested credit limits
- Configurable blocking rules
- Dynamic release of credit holds
- Credit limit management
- Tracking historical credit limits
You can set both the long term credit limit and temporary credit limit. Furthermore, insurance and guarantees can also help you cover some of the risks. Now, the functionality and capability of allowing you to perform many processes with efficiency and manage risks.
D365FO Credit Management functionality
The main functionality of Credit management are:
·Credit limits groups
These groups are to help in managing the sister companies. So, you can reduce the overall risk of a customer’s footprint. And it is for both in a single legal entity and across multiple D365FO legal entities.
·Risk scores
It allows the risk flow to be automatically adjusted considering the key points like average balance or days’ pay, etc.
·Risk Groups
These groups are to determine the risk scores and automatic credit limits.
·Collection management
It allows the Credit manager to get the full visibility of the potential risk exposure. Moreover, it will also help you know the tools you need to respond to.
New Security Roles
The module has some new roles and they are mainly for the security and workflow. To know more about the roles you can go to System administration > Security > Security configuration > look for Credit management clerk and Credit management manager > to view the security details click on View permissions.
However, the new security role helps you in managing the Credit Hold List across multiple legal entities.
New Workflow roles
There are 3 new additions in the workflow roles.
· Credit management release workflow
You can manage the orders that are on hold and set the workflow for the record to go through the release process.
· Credit limit adjustment line workflow
This workflow option is to make each line on the adjustment batch to go through a workflow.
· Credit limit adjustment workflow
This workflow option is to allow a whole batch to go through the workflow.
Final Thoughts
Above are the most important new additions in credit management. If you need any experts to advise and guide you more about other features, DHRP has the team to help you learn the new roles and functionalities and improve your business increasing its value more than ever.
