Dynamics 365 Financial Management II (FINC 3102) is a course that provides students with the knowledge and skills to effectively use Microsoft Dynamics 365 for financial management. The course builds on the foundational knowledge gained in FINC 3101, and focuses on more advanced concepts such as budgeting, financial reporting, and cash management. In this article, we will explore the key topics covered in FINC 3102, and how they can be applied in a real-world business setting.
Budgeting
One of the key components of financial management is budgeting. A budget is a plan that outlines a company’s financial goals and objectives, and helps to guide decision-making processes. In FINC 3102, students learn how to create and manage budgets using Microsoft Dynamics 365. This includes creating budget hierarchies, setting up budget periods, and entering budget amounts for various accounts.
In addition to creating budgets, students also learn how to monitor and analyze budget performance. This involves comparing actual financial results to budgeted amounts, identifying variances, and taking corrective actions as needed. Microsoft Dynamics 365 provides powerful budget analysis tools that allow users to drill down into the details of budget performance, and identify trends and patterns over time.
Financial Reporting
Another important aspect of financial management is financial reporting. Financial reports provide stakeholders with a snapshot of a company’s financial performance and position. In FINC 3102, students learn how to create financial reports using Microsoft Dynamics 365. This includes designing report layouts, selecting data sources, and using advanced reporting features such as report parameters and subreports.
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Get Help Now!One of the key benefits of using Microsoft Dynamics 365 for financial reporting is the ability to create real-time reports that are always up-to-date. This allows stakeholders to quickly access the information they need, and make informed decisions based on current financial data. In addition, Microsoft Dynamics 365 provides powerful data visualization tools that allow users to present financial information in a clear and concise manner.
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Cash Management
Cash management is another critical component of financial management. Cash is the lifeblood of any business, and effective cash management is essential for maintaining liquidity and managing financial risk. In FINC 3102, students learn how to manage cash using Microsoft Dynamics 365. This includes setting up bank accounts, reconciling bank statements, and managing cash flow.
Microsoft Dynamics 365 provides powerful cash management tools that allow users to monitor cash balances in real-time, and take proactive steps to manage cash flow. For example, users can create cash flow forecasts, analyze cash flow trends, and identify potential cash shortfalls before they occur. In addition, Microsoft Dynamics 365 provides integrated banking functionality that allows users to perform banking transactions directly from within the system.
Conclusion
Dynamics 365 Financial Management II (FINC 3102) is a course that provides students with the knowledge and skills to effectively use Microsoft Dynamics 365 for financial management. The course covers advanced topics such as budgeting, financial reporting, and cash management, and provides students with practical experience using these tools in a real-world business setting. By mastering these skills, students will be well-prepared to pursue careers in financial management, accounting, and related fields.
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