New Features in Microsoft Dynamics 365 for Finance and Supply Chain Management: June 2024 Release

Staying updated on new changes in Microsoft Dynamics 365 Finance and Supply Chain Management is crucial for optimizing your financial and operational processes. The June 2024 release, version 10.0.40, introduces several new features and enhancements designed to streamline operations and improve productivity. Here’s an overview of the key release enhancements:

Dynamics 365 Finance New Features

• Bank Account Lifecycle Management
  • Enables approval workflows for bank account activation, modification, and deactivation.
  • Provides a bank account change history for auditing purposes.
  • Includes a protected field list to control fields that trigger the modification approval workflow.

• Customer and Vendor Netting
  • Allows netting capability between open customer balances and open vendor balances.
  • Creates netting journals instead of separate customer and vendor payment journals to settle transactions.

• Improved Performance and Efficiency of Sales Invoice Entities
  • Eliminates inefficient views and computed columns in sales invoice entities.
  • Fetches all columns directly from data sources, speeding up data retrieval.

• Post Document with Distribution Process Splitting
  • Optimizes memory usage by splitting the distribution process into individual batch tasks, preventing memory overflow with long invoices.

• Extended Length of Vendor Invoice Numbers
  • Increases the invoice number length from 20 to 50 characters in vendor invoices and invoice journals.

• Credit and Collections Workspace
  • Centralizes essential collection information in the Collections coordinator workspace.
  • Streamlines customer communication and decision-making by offering an overview of customer accounts, activities, and balances.

• Customer Balance Statistics Deletion Job
  • Includes a periodic task to delete outdated balance statistics records, improving performance by managing long-term data.

• Consolidation Templates
  • Allows setup of consolidation information once for repeated use.
  • Shows all consolidation runs, reruns, and reversals on the Consolidate online page.

• Related Journals Reversal
  • Enables reversal of all related journals in a single step, even those created from a large journal that was split into multiple journals.

• Workflow History Summary
  • Displays an AI-generated summary on the Workflow history page.
  • Summarizes submitter, current status, due date, comments, recent approvals, rejections, and change requests, aiding faster decision-making.

Dynamics 365 Finance Feature Enhancements

• Import Bank Statements
  • Supports the import of bank statements through data entities, with available Bank statement header and Bank statement lines data entities.

• Modern Bank Reconciliation
  • Redesigned report saves snapshots by bank reconciliation cut-off date.
  • Includes fields like Matching ID and Matching type for detailed reconciliation information.

• Single Administrative Documents (SAD) Integration with Tax Calculation
  • Integrates SAD documents with Tax calculation, enabling configuration and recording of tax amounts with tax directions.

• Support Setting Up Error Handling for Tax Solution Providers
  • Introduces a new API type for ISVs to define their own error codes and messages, synchronized with the Tax calculation parameters page.

• Customer Payment Journals
  • Enhances efficiency for payment journals with multiple payment lines that have an undisputed collections status

Dynamics 365 Supply Chain Management New Features

• Efficient, Accurate Demand Planning with Copilot
  • Analyze demand plans with Copilot, enhancing the accuracy and efficiency of demand forecasting.

• Item Substitution for Bills of Materials in Planning Optimization
  • Allows item substitution in bills of materials when there is insufficient on-hand inventory of the main item.
  • Prioritizes substitute items based on availability.

• Product Bundles in Business Documents
  • Enables selling and allocating product bundles, improving inventory and sales management.

• Track and Trace Serial and Batch Numbers
  • Registers and tracks batch/serial numbers for finished products and their components.

• Rolling Forecasts for Demand Planning
  • Supports rolling forecasts, providing continuous updates to demand plans.

• Mobile Device Menu for Mixed License Plates
  • Allows setting up a mobile device menu item for completing mixed license plates, improving warehouse efficiency.

• Monitor Status of Failed Shipment Lines
  • Automatic re-waving of non-allocated shipment lines, ensuring timely fulfillment.

• Warehouse Management Only Mode for External Shared Warehouses
  • Operates external shared warehouses in Warehouse management only mode.

Conclusion

The June 2024 updates to Microsoft Dynamics 365 Finance and Supply Chain Management version 10.0.40 bring significant improvements to financial and operational management processes. By implementing these new features and enhancements, businesses can achieve greater efficiency, accuracy, and productivity.

If you want to learn more about available features in Microsoft Dynamics 365 Finance and Supply Chain Management, contact us here to learn how we can help you grow your business. You can also email us at info@loganconsulting.com or call (312) 345-8817.