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Video instructions and help with filling out and completing What Form 2220 Accounting

Instructions and Help about What Form 2220 Accounting

Okay good afternoon everyone I think it's about time so thank you all for joining my name is Heidi Minster I'm a Solutions Architect on dynamics 365 for operations I know you might have seen April's name and the agenda and wondering where April is for those of you that know her April unfortunately fell ill so nothing gets the blood flowing in the morning like can you do a presentation this afternoon but we're we have plenty of folks here from a colleagues from Microsoft as part of the financials team so not to worry we'll get your questions answered and thank you for joining today so today we're going to talk about designing chart of accounts how many of you are using Dynamics 365 preparations right now good number great implementation phase are wonderful how about twenty twelve good number two thousand nine ok good mix so for those of you that are on ax 2022 a lot of the concepts might be new because we have done a bit of work in the area of chart of accounts financial dimensions and account structures and so today's session we're going to actually walk through creating a chart of accounts how you can utilize a shared chart of accounts across multiple legal entities and how you can use advanced rules to create rules that allow for additional financial dimensions and certain legal entities where additional financial dimensions might be required while still allowing you to share your chart of accounts so looking at designing your chart of accounts in a way that it can reduce maintenance and still allow you to achieve the analysis that you desire off of those financial dimensions can everyone hear me okay perfect so I think I covered this already but before we get started and I apologize I'm not using the podium I'm using a table it's a little easier to demo from the table this is just an example of that we're going to use throughout the course of the presentation on defining you know a chart of accounts and advanced rules that would match your corporate structure and reporting requirements so here we have contoso corporate and that consists of contoso UK contoso germany contoso Japan and contoso North America which is also comprised of US and Mexico operations so in this organization we have a shared chart of accounts across the legal entities and we use a corporate chart of accounts for regulatory reporting so we're just going to use this as an example as we walk through the different demonstrations and primarily focusing on contoso North America and how we can go through and create chart of accounts and satisfy rules that are required for contoso North America so you'll see this slide several times throughout the presentation so first of all with the chart of accounts and I'm sorry the agenda we talked about this but row cover what is the chart of accounts how you can share a chart of accounts how you can include financial dimensions designing an account structure designing an advance rule structure and then considerations you should have for financial reporting so focusing on North America here here are some of the requirements for contoso North America we use a standardized of setup of main accounts we require a balance sheet by a business unit North America also requires a vendor and cost Center to be tracked on all expenses and all other revenue and expenses required business unit and Department and then contoso analyzes their business by region so these are the different requirements that we're going to go through configuring throughout the course of the demos so what is the chart of accounts chart of accounts is a list of main accounts so by default accounts is not associated with any legal entity so you can create a list of accounts that can be shared across legal entities and we'll go through and how you make that association for which chart of accounts is used by definition of the ledger they can be shared across Ledger's and then you can have overrides at the legal entity levels so if there's specific main accounts that might be suspended or not be inactive for a period of time you can make those overrides at a legal entity level while still sharing your chart of accounts we'll also take a look at the account category and the account categories are important from a financial reporting perspective it can really help reduce the maintenance of your financial reports if you're using the financial reporting as part of Dynamics 365 for operations formerly known as management reporter to set the context for those that are familiar with that term all of our default reports for management reporter or financial reporting are based on that main account category so if you're using the out-of-the-box categories those excuse me those default reports will produce data and work out of the box if you make changes to your main account categories there is some changes that you'll want to make to the report definitions just to ensure that the information is still pulling into the financial reports and then we'll also take a look at utilizing templates to reduce the burden for creating main accounts as part of your chart of accounts so again we're going to go through this portion of the setup North America use it uses a standardized setup of main accounts and I'm going to take a seat while I hand drive the demo for those of you has everyone seen Dynamics 365 for operations at least ok great so this is our dashboard in in operations and I'm just going to oh I'm sorry I have to take this for those of you that wanted to see that picture I'm sorry I have to go back to it now that it flashed up there that's Tom Brady holding the Super Bowl trophy at.

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