Dynamics 365 for Financials supports Multiple Legal Entities. Assisted Setup helps in setting up the new company in few hours and get it ready for use. Please find below the steps on how to create a company and set it up : To Create a new Legal Entity In the top right corner, choose theSearch for Page or Report icon, enter Companies, and then choose the related link. Click on New to create a new company. Provide the Name of the Company and tick on Enable Assisted Company Setup To Open New Company To change the legal entity the user need to go into My setting (Top right corner of the Homepage) Change the company to the newly created company. The user needs to sign out from Financials and log in again to Open a New company. Using Assisted Setup & tasks Once the new company is opened on the home page in the Action bar there is a button of Assisted Setup & tasks. On opening the assisted setup, it will show the following options: Migrate Business Data – Lets you import your existing company data such as vendors, customers, and items from Excel or QuickBooks. Set up My Company – It will show as completed as we have already created a Company. Set Up Cash Flow Forecast- Sets up the Cash Flow Forecast chart, so you can view the predicted movement of cash in and out of your business. The chart is available on the Accountant Role Centre. Set Up Approval Workflows-Sets up the ability to automatically notify an approver when a user tries to create or change certain values on documents, journal lines, or cards, such as an amount above a specified limit. Set Up a Customer Approval Workflow-Sets up the ability to automatically notify an approver when a user tries to create or change a customer card. Set Up Email-Gets you ready for sending email messages directly from, for example, sales orders or contacts in Financials. Set Up Email Logging-Sets up the capability to log email correspondence in Financials to follow up on interactions. Set Up Outlook for Financials-Sets up the ability to use and launch Financials from Outlook. Set Up Reporting-Sets up data sets that you can use to build powerful reports using Excel or Power BI, for example. Set Up and Item Approval Workflow-Sets up the ability to send a notification to an approver when a user changes or creates an item. Set Up a Payment Approval Workflow-Sets up the ability to send a notification to an approver when a user sends payment journal lines for approval. Set Up Dynamics CRM Connection-Sets up a connection to Dynamics CRM, which allows you to synchronize data such as contacts and sales order information. Set Up Sales Tax-Gets you started with default Tax groups and assigning Tax area codes that you can assign to customers and vendors to automatically calculate sales tax in sales or purchase documents. Some of the above tasks can be skipped based on the requirement. The status is set to completed when the setup of each task is done ensuring that the company is ready for use. Conclusion D365 for financials is a very good product for Small and medium size enterprises. The assisted company setup feature is just a checklist to ensures that all the required setups are completed and the users can start using the system.

Dynamics 365 for Financials is a newly launched product by Microsoft which is fully based on Cloud. The product is developed keeping Microsoft Dynamics Navision as base. Following is the list of differences which could be identified when compared to Microsoft Dynamics NAV 2017. User Interface D365 for Financials – It is a web based application hosted on Cloud. There is no Client Installation Required. It can be used from Web Browser, Mobile Application and Tablet Application. NAV 2017 – NAV 2017 can be installed either on On-premises server or on Azure. NAV 2017 can be used from Windows client as well as from Web Browser, Mobile Application and Tablet Application. The feel and look of web browser of NAV 2017 as well as of D365 for financials is same. Modules/Departments As compared to NAV 2017, D365 for financials does not provide modules and their respective functionalities with respect to Production, Warehouse, Human Resource & Service. Finance Module As compared to NAV 2017, D365 for financials does not provide functionalities with reference to Finance Module like Intercompany transactions. Sales & Marketing Module Following is the list of features which are missing from D365 for Financials regarding Sales & Marketing Module: Item Charge Shipment Methods Shipping Agents Item Functionality As compared to NAV 2017, D365 for financials does not supports Lot Tracking, Locations & its related functionality. Purchase Module Following is the list of features which are missing from D365 for Financials with reference to Purchase Module: Purchase Quote Item Charge Administration From administration point of view following are the features which are not present in D365 for financials: Links- To attach documents Notes – For adding information and notifying users. Comments – For adding any comment/text for extra information. Development Any customization in D365 for financials would be only through Extensions while NAV supports development through extensions as well as by touching the base code. Conclusion D365 for financials is a very good product for Small and medium size enterprises. The features mentioned above which are missing, Microsoft in their future release will incorporate it into D365 for financials.

In AX7, a new feature of Global General Journal has been released. The use of this feature is only for those companies where there are more than one legal entities in AX and the users who are doing accounting entries are same. The benefit of this feature is the user no need to switch legal entities while creating Journal Entries which can ultimately can save lot of time. The path to create global general journal is General Ledger->Journal Entries->Global General Journal. When you create a new journal, you can select the Legal entity and the journal name of that entity for which you want to create the journal entry. You can then continue to create the journal lines inside the current entity and you can directly Open the journal in the other entity if you wish to, or you can complete the entire journal entity, validate and post in the current entity and the entry will be created and posted in the destination entity.