Understanding financial management in action

Here, we will look at the process of financial management through the opening balance and various daily transactions.

Opening balance

When a company migrates to Microsoft Dynamics 365 for Finance and Operations from a legacy ERP solution, one of the important data migration tasks is the creation of opening balances in the new system. This process is moving the financial balance to Dynamics 365 for Finance and Operations, which represents the base of organization financial reporting, so that the opening balance must be executed properly to ensure it is audit-compliant and matches customer reporting requirements.

The opening balance building blocks consist of four main blocks, which...