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Reconcile bank accounts in Microsoft Dynamics 365 Business Central Microsoft Quiz Answers
Get Reconcile bank accounts in Microsoft Dynamics 365 Business Central Microsoft Quiz Answers
Do you want to find out how to reconcile bank accounts in Business Central? The bank reconciliation feature and reconciliation journals are discussed in this learning path.
This learning path helps prepare you for Exam MB-800: Microsoft Dynamics 365 Business Central Functional Consultant.
Prerequisites:
- Basic knowledge of how to navigate in Business Central
- Understand the standard cash management process of a company
Module 1: Perform a bank reconciliation in Dynamics 365 Business Central
Do you want to find out how to reconcile bank accounts in Dynamics 365 Business Central? If so, then this module is for you. The bank reconciliation feature is used to check the bank ledger entries and the balance on the accounts against the statement from the bank.
Learning objectives:
By the end of this module, you will be able to:
- Populate bank reconciliation lines.
- Import bank statements.
- Match reconciliation lines.
- Post the bank account reconciliation.
Prerequisites:
Basic understanding of how to navigate the Dynamics 365 Business Central application and of the cash management process of a company.
This module is part of these learning paths:
Quiz 1: Check your knowledge
Q1. Which of the following events must occur before you post a bank account reconciliation?
- The Total Difference field equals the sum of all lines with the Type field set to Difference.
- The Bank Account Statement – Test Report is printed.
- The value in the Statement Ending Balance field must not equal the value in the Total Balance field.
- There are unapplied entries.
Q2. When creating a new bank account reconciliation, you must reconcile the bank statement lines with the bank account ledger entries. There are two options for you to retrieve the bank statement lines on the Bank Account Reconciliation page. The Suggest Lines function is one option; which of the following is the other option?
- Run the Get Bank Statement Lines batch from the periodic activities in the cash management application area.
- Use the Import Bank Statement function from the ribbon on the Bank Account Reconciliation page.
- Enter the bank statement lines manually.
- Transfer the bank statement lines from the bank account card to the Bank Account Reconciliation page.
Q3. If you want to post the bank reconciliation, you must verify that which of the following fields balance?
- Statement ending balance and balance
- Total balance and balance
- Statement balance and statement ending balance
- Statement ending balance and total balance
Module 2: Set up payment reconciliation journals in Dynamics 365 Business Central
Do you want to know how to set up payment reconciliation journals in Dynamics 365 Business Central? This module will focus on how to set up payment reconciliation journals. It also explains how to modify payment application rules to automatically apply payment lines.
Learning objectives:
By the end of this module, you will be able to:
- Set up bank accounts for payment reconciliation journals.
- Understand the payment application rules.
- Modify the payment application rules.
Prerequisites:
Basic understanding of how to navigate the Dynamics 365 Business Central application and of cash management
This module is part of these learning paths:
Quiz 1: Check your knowledge
Q1. What do you need to set up to enable automatic applications if small payment differences exist?
- On the general ledger setup, enter the Payment Tolerance % or Payment Tolerance Amount fields.
- On the bank account card, select the Match Tolerance Type and the Match Tolerance value fields.
- On the Sales & Receivables Setup page, enter the Max. Payment Diff. Allowed field.
- On the customer card, enter the Payment Tolerance % or Payment Tolerance Amount fields.
Q2. You modified the payment application rules, but now you want to revert to the default set of payment application rules. What is the best way to do this?
- On the action menu of the Payment Application Rules window, select Restore Default Rules.
- Use RapidStart Services to restore the default rules.
- Open a company that has the default rules and export them to Microsoft Excel. In the company where you want to replace the modified rules with the default ones, use the Import from Excel function on the Payment Application Rules page.
- You must reenter them manually.
Module 3: Use the payment reconciliation journal in Dynamics 365 Business Central
Do you want to discover how to use payment reconciliation journals in Business Central? If so, then follow this module, which shows how to use the payment reconciliation journal to import bank statements and automatically match payments. This module also explains how you can post and reconcile the payment lines.
Learning objectives:
By the end of this module, you will be able to:
- Import bank statements.
- Review the match confidence of each payment reconciliation journal line.
- Modify automatic applications.
- Map text to a G/L account.
- Post and reconcile the payment reconciliation journal.
Prerequisites:
Basic understanding of how to navigate the Dynamics 365 Business Central application and of cash management.
This module is part of these learning paths:
Quiz 1: Check your knowledge
Q1. After importing a bank statement in the payment reconciliation journal, you use the Apply Automatically function. You don’t agree with one of the suggestions that the system makes. What should you do?
- First use the Unapply Entries function and then go to the Apply Manually page and select the entries that you want to apply.
- First post the payment reconciliation journal, use the Unapply Entries function, and then go to the Apply Manually page and select the entries that you want to apply.
- On the payment reconciliation journal lines, first change the Match Confidence field to Manual. Then, go to the Apply Manually page, use the Remove Applications function to remove the initial application, and then select the entries that you want to apply.
- In the payment reconciliation journal, go to the Apply Manually page, use the Remove Applications function to remove the initial application, and then select the entries that you want to apply.
Q2. After importing a bank statement in the payment reconciliation journal, you notice that some lines have a medium match confidence. To further investigate this issue, you need more details than the one that is displayed on the payment registration journal line. Where can you find more details on the selected transaction?
- You need to personalize the page and add fields.
- You need to run the Bank Statement Lines Details page.
- When importing the bank statement, you need to select the Import Details field.
- You need to request extra information from your bank.
Q3. What happens if you run the Post Payments and Reconcile Bank Accounts function?
- The payments are posted as applied and the related bank account ledger entries are closed and reconciled.
- The payments are posted as applied and the entries are transferred to the Bank Account Reconciliation page.
- The payments are posted as applied and the related bank account ledger entries are closed and archived.
- The payments are posted as applied and the related bank account ledger entries are reconciled and archived.
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