We have already covered some of the D365 Finance updates of 10.0.10 version in this article (don’t forget to check this out!) – so we’d like to move forward and cover the rest of major improvements Microsoft team provided us with.
Tax 1099 filtering
If you deal with vendors that are subject to the US 1099 tax, you are obliged to track the amount paid to each vendor and then report to the US tax authorities at the end of each calendar year. Accountants will say that it’s a lot of data to digest to find the information they are looking for.
10.0.10 has eased accounting staff’s lives by adding filtering to tax 1099 detail report by reporting year what eventually cut the time of the search. Here some more info on how you can utilize year-end 1099 reporting.
Extended Italian localization
Both global and local organizations that utilize D365 Finance in Italy has got out of the box features without a need to apply the EXIL (Extended Italian Localization), mainly:
- Commission settlement on payments
While organizations settle sales agents’ commission once invoice paid (and not when the invoice is issued) – it leads to debt collection of the agent.
The feature illuminates such a scenario providing the possibility to specify whether the settlement should occur at the moment of invoicing or payment.
- Posting profiles and remittance types
10.0.10 grants organizations to create a separate dedicated posting profile for each bank account to post transactions in the ledger account and be linked to the selected bank. As the bank account is linked to a specific posting profile and specified during journal creation – the transactions for the remittance will use the main account connected to the bank.
- Bills of exchange protest handling
If bills of exchange are not paid, the bank will eventually send an electronic file to the company with the list of the protested payments. And what the new feature does here is that organizations are now allowed to import an external electronic file into a journal using mapping by the field Bill ID. The external electronic file structure is quite common and has been adopted by all banks.
Add vendor ID and vendor name to the Posted projects list page
We have already covered vendor’s name and ID Addon in the previous article, and here is another one that helps to display Vendor ID and Name on the Posted project list page for any project-related purchase order expenses.
Default Accounting Setup
Last but not least, the feature assists users with viewing and editing default accounting setup data, which includes default financial dimensions and sales tax groups from the project list page or the project contracts list page.
Once enabled, “Show default accounting” menu will appear on the Project tab of the projects list page. Show default accounting will open a FactBox, where users can manage accounting setup information. The feature cuts the time, letting users complete these actions from the list page rather than opening a detail page to achieve them.
There are also plenty of bug fixes done by the MS team. Describing them all here would be a nightmare, so in case you want to have a look at the list – sign in to Lifecycle Services (LCS) and view this article.