Automate Ledger Settlements with Microsoft Dynamics 365 Finance

Managing financial transactions accurately and efficiently is crucial for any growing business. The process of ledger settlements can be time-consuming and prone to errors when done manually. To address this, Microsoft Dynamics 365 Finance version 10.0.31 introduces the ability to automate ledger settlements, helping businesses streamline their financial processes. In this article, we’ll walk you through the steps needed to enable and optimize automatic ledger settlements in Dynamics 365, so your organization can save time, reduce errors, and improve financial reporting.

Automating ledger settlements is a significant improvement over the manual process. The automated process works by comparing debit and credit transactions in your general ledger. It automatically matches transactions with identical accounting currency amounts, simplifying reconciliation efforts. However, it’s important to note that this feature does not support partial matching of transactions.

Before enabling the Automate Ledger Settlements feature, it’s crucial to first activate the Awareness feature between Ledger Settlement and Year-end Close. This step ensures the process runs smoothly without impacting your year-end financial closing.

Steps to Enable Automatic Ledger Settlements

Step 1: Identify Relevant Primary Accounts

• Begin by specifying the primary accounts that are subject to the ledger settlement process.
• This is crucial for ensuring that only relevant accounts are included in the automation.

Step 2: Create a Rule for Process Automation

1. Navigate to General Ledger > Ledger Setup > Process Automation.
2. Click the ‘Create New Automation’ button.
3. Choose Ledger Settlements as the ledger type, select your desired company, and click ‘Create Series’.

Step 3: Set up Criteria for Automation

1. Name your automation job rule and define its schedule, including the time and frequency.
2. Enable alerts if necessary to stay informed about job executions.
3. Select the accounts to include and specify any additional criteria, such as matching posting types or maintaining financial dimensions.

Step 4: Manage the Created Rule

Once the rule has been created, you can view or modify it at any time. This flexibility allows you to adapt the automation process to changing business needs.

Step 5: Verify the Automation Batch Job

Ensure that the automation batch job is running correctly. Go to System Administration > Inquiries > Batch Jobs to check the execution status.

Step 6: View Scheduled Executions and Results

You can monitor the status of your scheduled automations and the results of settled transactions for full visibility into your financial processes.

Step 7: Access Settled Transactions

To view finalized ledger settlements, navigate to General Ledger > Periodic Tasks > Ledger Settlements.

Conclusion

By automating the ledger settlement process in Dynamics 365 Finance, businesses can reduce manual effort, minimize errors, and optimize financial workflows. It’s essential to follow the steps outlined above to ensure smooth implementation and operation. By automating your ledger settlements, your organization can save time and improve financial reporting accuracy.

Take the Next Step

If your organization is looking to optimize financial workflows, start by automating your ledger settlements today. For more detailed assistance or to explore additional financial automation features, feel free to contact us.