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Microsoft Dynamics AX

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Financial Management for Microsoft Dynamics AX


Financial Management Module

Microsoft Dynamics AX ERP solution facilitates effective financial operations management with a comprehensive view of financial data across the entire organization. The financial management capabilities provide flexible processes that adapt to the specific needs of manufacturing businesses. Purchase and activate additional functionality as needed. Improve strategic planning with a 360-degree view of business performance. Access real-time information with user-friendly inquiry tools to foster robust analysis and reporting capabilities. Manage revenue, payables, receivables, and cash flow efficiently. 

The Microsoft Dynamics AX Financial Management module fully integrates with other functionalities within the enterprise resource planning system such as logistics, project finance, trade, production, etc. Register financial data in the ledger in real time for accurate and fast financial reporting that reflects the actual business flow. Connectivity between modules allows transactions to be traced to their origin for immediate verification and analysis. Ensure the security of critical data by enabling access based on personalized criteria.

The Financial Management module in Microsoft Dynamics AX helps to automate business-critical financial procedures and offers the power to perform fast and reliable accounting, financial reporting, and analysis. Effectively manage cash flow by analyzing liquidity with cash flow forecasts using the Financial Management tools in Microsoft Dynamics AX ERP software. 

The following features are available in the Financial Management module within Microsoft Dynamics AX ERP solution:

  • Bank Management helps to reconcile accounts; monitor and report deposits, payments, and balances; and format and customize paper checks. The electronic payment option can automatically import customer payments into journals and make vendor payments.

  • Specialized Role Centers present relevant tasks and information via a personalized view allowing individuals and teams to work smarter and faster. Effortlessly access activity stacks, charts, and alerts to monitor trends and performance. Users can drill down into pertinent accounting processes and create custom workflows such as automated approvals for selected financial journals. 

  • Global Functionality supports multiple currencies and languages and manages fluctuating exchange rates. 

  • Financial Dimensions deepen analytical capabilities without complicating account charts. Multiple financial dimensions break data into categories for more detailed analysis. Analyze and measure financial information across departments, cost centers, product lines, regions, and other customizable aspects. 

  • Advanced Reporting Tools offer multiple import and export options for generating financial reports including XBRL and hardcopy. Aggregate figures into a framework for strategic analysis. Analyze actual results against multiple budgets to manage cash flow effectively. Create graphical displays and reports. Conduct targeted analyses of detailed information to make strategic, informed decisions. 

Accounts Payable and Accounts Receivable Module

The Accounts Payable and Accounts Receivable modules within Microsoft Dynamics AX ERP solution are integrated with each other to create a seamless and user-friendly accounting system. 

The Accounts Payable module allows tracking of all purchases and expenses. Set up vendor groups and payment options. Define cost parameters relating to vendors, purchase orders, discounts, supplementary items, deliveries, etc. Settle invoices, create and manage purchase orders and planned purchase orders with various journals.

The following Accounts Payable features are available in Microsoft Dynamics AX enterprise resource planning system:

  • Bridge accounts with three-way matching.
  • Allow for and set up price variances.
  • Support flexible terms of payments and cash discounts for advanced payment schedules, promissory notes, and multiple payments.
  • Use multiple invoice entry options for separate handling of approved and unapproved invoices.
  • Match invoices to physical deliveries.
  • Create import and export formats for electronic payments.

The Accounts Receivable module allows tracking of all sales and incoming payments from customers. Set up customer groups and payment options. Create interest notes and collection letters. Define parameters relating to customers, sales orders, prices, discounts, supplementary items, deliveries, etc. Settle customer invoices and make inquiries from all available data in the Accounts Receivable module.

The following Accounts Receivable features are available in Microsoft Dynamics AX enterprise resource planning system:

  • Manage and collect for overdue transactions with a centralized collection management functionality.
  • Calculate interest and generate collection letters.
  • Define flexible terms of payments and cash discounts.
  • Create payment proposals with adjustable payment options.
  • Set up credit parameters and payment terms; handle prepayments.
  • Authorize credit card payments.
  • Handle multiple currencies with exchange rate adjustments.

Fixed Assets Module

The Fixed Assets module within Microsoft Dynamics AX ERP software enables easy set-up, maintenance, and tracking of valuation of fixed assets such as buildings, land, vehicles, and equipment. The Fixed Assets module in the ERP solution integrates with Accounts Payable, Inventory Management, and General Ledger allowing for multiple methods of input of assets. Employ different depreciation methods and conventions to track multiple valuations for the same fixed asset. Workflow and budget controls can be set to ensure accuracy and monitoring of procedures. A thorough audit trail is maintained between fixed asset transactions and corresponding General Ledger entries.

Microsoft Dynamics AX offers multiple ways to record acquisitions of fixed assets: Acquisitions can be recorded when recording vendor invoices, in a vendor invoice journal, a general journal, or in a fixed asset journal. Depreciation proposals, adjustments, and revaluations can also be recorded in a fixed asset journal. Flexible forecasting allows the forecast of fixed asset acquisitions and depreciations to be recorded in a fixed asset budget journal entry, which can then update the ledger budget register. 

Other functionalities of the Fixed Asset module in Microsoft Dynamics AX enterprise resource planning solution include the following:

  • Detailed documentation of company assets.
  • Simplified tracking of depreciation.
  • Allowance for acquisition and disposal of assets.
  • Calculated write-ups or write-downs.
  • Implements transaction reversals, additional asset groups and attributes, and asset adjustment reason codes.
  • Quickly updates replacement cost and insured value for selected fixed assets.
  • Easily forecast and monitor the entire lifecycle of fixed assets.
  • Allows for the accounting of assets for tax preparation.

General Ledger Module

Microsoft Dynamics AX General Ledger delivers a robust, secure, and flexible foundation for accounting systems. The ERP solution’s intuitive transaction processing, powerful budgeting, and sophisticated reporting capabilities provide the necessary tools for confident financial management. Comparative analysis and graphical support enhance the financial analysis functionality of this enterprise resource planning software.

Microsoft Dynamics AX General Ledger enhances the ability to capture and analyze vital financial data. Gain a detailed view of accounting transactions and perform deep analysis with hierarchically organized data for multi-level reporting. Significantly reduce time spent on accounting tasks and increase accuracy with the extensive automation capabilities of General Ledger. Streamline transactions with general, recurring, and auto-reversing entries while maintaining full audit control. 

The ample flexibility in General Ledger facilitates simplified customization of account structures. Set up multiple sub-journals for posting recurring transactions and add accounts as needed during transaction entry. Post financials into multiple ledgers to create separate books for different reporting purposes such as taxes and cash flow analysis. Clear subsidiary accounts as needed.

The following features are available in Microsoft Dynamics AX General Ledger:

  • Maintain up to 54 fiscal periods per year.
  • Create an unlimited number of accounts to track historical balances and monitor the current budget.
  • Design a chart of accounts with personalized categories for easy recognition.
  • Enter complex transactions using fully supported variable and fixed allocation accounts.
  • Generate preliminary budgets and perform what if” scenarios.
  • Maintain a current view of all accounts with real-time posting capabilities.
  • Create cash flow forecasts to anticipate cash requirements and liquidity.

International Capabilities Module

Microsoft Dynamics AX is a multi-currency, multi-language, global manufacturing enterprise resource planning solution designed to meet the complex needs of multinational organizations. Conduct business across geographic borders with ease. Microsoft Dynamics AX ERP system supports multiple languages and currencies. Better manage end-to-end global processes with accessible views of inventory across multi-international locations. 

Microsoft Dynamics AX offers more than 50 localized versions to support international business growth. The ERP solution provides a simple integration solution for international branch locations. KPI’s consolidate in real-time at headquarter level. The familiar, globally recognized user interface of Microsoft Dynamics AX makes it easy to learn and has a high user acceptance rate.

Microsoft Dynamics AX ERP software offers the following International Capabilities:

  • Multi-language support with user-specific language selection.
  • Multiple currency support allows for transactions in any currency.
  • Accounts Payable, Accounts Receivable, and General Ledger transactions adjust to current exchange rates.
  • Expanded functionality complies with country-specific regulations.
  • Unicode support.
  • Ability to apply specific corporate rules as needed.
  • Allows for an unlimited number of companies (legal entities) to be created.

Project Accounting Module

The user-friendly Project Accounting module in Microsoft Dynamics AX ERP system delivers a robust platform that aids in managing project finances. Its wide-range functionality enables manufacturing businesses to meet the challenges of growth and provides the necessary insights to compete in a global environment. The Project Accounting solution can support the accounting needs of multiple projects including fixed price, time and materials, and internal projects such as investment and cost and time projects. Project Accounting helps to avoid cost overruns by quickly identifying and addressing production delays. 

The enterprise resource planning solution enables improved productivity and cash flow management by fostering tighter control of project accounting. Manage daily administrative, financial tasks and anticipate possible delays with the ability to record completion percentage activities online in real-time. Manage costs for internal and investment projects. 

The Project Accounting module helps to obtain tactical business insight by offering full financial overviews and controls with real-time integration across the entire solution. Define new projects quickly by accessing data from the central Microsoft Dynamics AX ERP database. An integrated view into all current and planned projects helps to anticipate bottlenecks in advance. Gain detailed analysis by using account categories to map projects to General Ledger accounts and run detailed reports without complicating the chart of accounts. Project tasks can be categorized by individual properties such as start or end date, capacity load, or by the relationship between tasks.

The Project Accounting module in Microsoft Dynamics AX ERP software offers the following features:

  • Customize menus, forms, and reports with a user-friendly interface that provides built-in help and an intuitive structure.
  • Post and track employee work hours, the status of purchase and sales orders, and deliveries online.
  • Create project hierarchy for maximum efficiency.
  • Post expenses, items, and fee transactions in journals.
  • Streamlined invoicing allows for proposal edits before final invoicing; compare actual project status with the original quotation.
  • Tight integration with General Ledger and supply chain management tools facilitate efficiency and transparency.
  • Create reports for specified periods of time with graphical visuals and see project hierarchy structure using Gantt charts.
  • Manage long-term contracts with milestone-plan invoicing; control costs of Work in Progress (WIP) by progress based on completed percentage or completed contract.
  • Evaluate vendor invoices against project budgets.
  • Integrate Project Accounting with Microsoft Project Server for enhanced flexibility in project planning.
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