Microsoft Dynamics Ax Functional Consultant Interview Questions and Answers

Prepaid expense is an expense paid in advance and is recorded as an asset until it is used or consumed.

• Prepaid expenses are commonly seen in insurance premiums, rent, and subscriptions.

• To set up prepaid expenses in Dynamics Ax, create a new ledger account for prepaid expenses.

• Record the prepaid expense as a debit to the prepaid expense account and a credit to the cash account.

• As the prepaid expense is used or consumed, it is recorded as an expense and the prepaid expense acco...read more

Fiscal year is a 12-month period used for financial reporting and budgeting purposes.

• Fiscal year can start on any date, not necessarily January 1st.

• It is used to track financial performance and plan budgets.

• Calendar set-up involves defining the start and end dates of the fiscal year.

• In Dynamics Ax, fiscal year can be set up in the 'Fiscal calendars' form.

Vendor posting profile is a configuration that defines the default accounts used for posting vendor transactions.

• It determines the accounts that will be used for posting vendor invoices, payments, and credit memos.

• It can be set up at the vendor group level or at the individual vendor level.

• It can also be used to define default dimensions for vendor transactions.

• Examples of vendor posting profiles include 'Standard', 'Consignment', and 'Drop Shipment'.

To create a purchase order in Microsoft Dynamics Ax, follow these steps:

• Navigate to Procurement and sourcing > Purchase orders > All purchase orders.

• Click on 'New' to create a new purchase order.

• Select the vendor and enter the necessary details such as delivery address, payment terms, etc.

• Add the items to be purchased and specify the quantity and price.

• Review and confirm the purchase order before submitting it for approval.

Vendor details can be added in Microsoft Dynamics Ax by navigating to the vendor form and entering the required information.

• Open the vendor form in Microsoft Dynamics Ax

• Enter the vendor details such as name, address, contact information, etc.

• Save the vendor details to complete the process

Procure to Pay cycle is the process of acquiring goods or services from a vendor and paying for them.

• The cycle starts with identifying the need for a product or service.

• Then, a purchase requisition is created and sent for approval.

• Once approved, a purchase order is created and sent to the vendor.

• The vendor delivers the goods or services and an invoice is received.

• The invoice is matched with the purchase order and goods receipt.

• If everything matches, the invoice is approved fo...read more