Study guide for Exam MB-310: Microsoft Dynamics 365 Finance Functional Consultant
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- 07/23/2024
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In this article
- Purpose of this document
- Updates to the exam
- Skills measured as of September 20, 2024
- Study resources
Purpose of this document
This study guide should help you understand what to expect on the exam and includes a summary of the topics the exam might cover and links to additional resources. The information and materials in this document should help you focus your studies as you prepare for the exam.Expand table
| Useful links | Description |
|---|---|
| Review the skills measured as of September 20, 2024 | This list represents the skills measured AFTER the date provided. Study this list if you plan to take the exam AFTER that date. |
| Review the skills measured prior to September 20, 2024 | Study this list of skills if you take your exam PRIOR to the date provided. |
| Change log | You can go directly to the change log if you want to see the changes that will be made on the date provided. |
| How to earn the certification | Some certifications only require passing one exam, while others require passing multiple exams. |
| Certification renewal | Microsoft associate, expert, and specialty certifications expire annually. You can renew by passing a free online assessment on Microsoft Learn. |
| Your Microsoft Learn profile | Connecting your certification profile to Microsoft Learn allows you to schedule and renew exams and share and print certificates. |
| Exam scoring and score reports | A score of 700 or greater is required to pass. |
| Exam sandbox | You can explore the exam environment by visiting our exam sandbox. |
| Request accommodations | If you use assistive devices, require extra time, or need modification to any part of the exam experience, you can request an accommodation. |
| Take a practice test | Are you ready to take the exam or do you need to study a bit more? |
Updates to the exam
Our exams are updated periodically to reflect skills that are required to perform a role. We have included two versions of the Skills Measured objectives depending on when you are taking the exam.
We always update the English language version of the exam first. Some exams are localized into other languages, and those are updated approximately eight weeks after the English version is updated. While Microsoft makes every effort to update localized versions as noted, there may be times when the localized versions of an exam are not updated on this schedule. Other available languages are listed in the Schedule Exam section of the Exam Details webpage. If the exam isn’t available in your preferred language, you can request an additional 30 minutes to complete the exam.
Note
The bullets that follow each of the skills measured are intended to illustrate how we are assessing that skill. Related topics may be covered in the exam.
Note
Most questions cover features that are general availability (GA). The exam may contain questions on Preview features if those features are commonly used.
Skills measured as of September 20, 2024
Audience profile
As a candidate for this exam, you analyze business requirements and translate them into fully realized business processes and solutions that implement industry-recommended practices. You have a fundamental understanding of accounting principles and financial operations as they relate to:
- Core tasks in the finance and operations apps
- Manufacturing
- Retail
- Supply chain management operations
As a candidate for this exam, you specialize in one or more feature sets of Dynamics 365 Finance including:
- General ledger
- Accounts payable
- Accounts receivable
- Credit and collections
- Cash and bank management
- Budgeting
- Fixed assets
- Asset leasing
- Tax
- Expense management
- Subscription billing
- Cost accounting
- Cost management
- Consolidation and elimination
Skills at a glance
- Implement financial management (40–45%)
- Implement accounts receivable, credit, collections, and subscription billing (15–20%)
- Implement and manage accounts payable and expenses (10–15%)
- Manage budgeting (10–15%)
- Manage fixed assets (10–15%)
Implement financial management (40–45%)
Design and configure the chart of accounts
- Design and configure financial dimensions
- Design and configure the chart of accounts and main accounts
- Configure main accounts categories, ledger account aliases, and balance control accounts
- Configure legal entity overrides for financial dimensions and main accounts
- Configure and manage account structures and advanced rules
- Design and configure financial tags
- Configure derived dimensions and financial dimension default templates
Configure ledgers and currencies
- Configure batch transfer rules
- Configure currency exchange types and rates
- Configure a currency revaluation posting profile
- Configure and import exchange rates by using the exchange rate provider
- Configure accounting and reporting currencies
Implement and manage journals
- Configure journal names and vouchers
- Configure journal controls and posting restriction rules
- Implement journal workflow approvals
- Configure and use periodic journals
- Configure and apply accrual schemes
- Configure intercompany accounting
- Create templates to edit journals in Microsoft Excel
- Reverse financial transaction entries
- Configure default descriptions
- Create and use journal entries, including validation and posting
- Configure batch processing of journals
Implement and manage cash and bank
- Create and manage bank groups and bank accounts
- Configure payment formats
- Configure bank reconciliations, including advanced bank reconciliations
- Configure the cash flow forecast setup, including automation setup
- Perform bank foreign currency revaluation
- Process manual and advanced bank reconciliations
- Configure shared payment setup for customers and vendors
Perform periodic processes
- Design and configure periodic closing processes and end-of-year processes, including main accounts and templates
- Perform financial consolidation and elimination processes by using Consolidation online
- Create and manage financial reports, including modifying row, column, and report definitions, and reporting trees
- Design and configure financial period workspaces and closing schedules
- Design and configure legal entity for consolidation and elimination by using Consolidation online
- Design consolidation and elimination by using financial reports
- Configure and process ledger settlements
- Perform general ledger foreign currency revaluation
- Manage the ledger calendar
Configure, collect, and report taxes
- Configure tax groups, tax codes, settlement periods, and authorities
- Configure tax ledger posting groups
- Settle and post sales tax
- Configure withholding tax groups, tax codes, and authorities
Implement accounts receivable, credit, collections, and subscription billing (15–20%)
Implement and manage accounts receivable
- Configure customers and customer groups, including configuring shared customers
- Configure and process free text invoices, including recurring free text invoices
- Process sales order invoices and credit memos
- Configure customer payment methods
- Configure accounts receivable charges and apply changes to an invoice
- Manage customer holds
- Configure customer posting profiles
- Process customer payments
- Configure customer change approvals
- Perform accounts receivable foreign currency revaluation
- Configure and use billing classification
- Configure batch processing of free text and sales order invoicing
- Configure bank accounts for customers
Manage credit and collections
- Configure credit management processes
- Configure collections management processes, including collection activities
- Manage delinquent customers
- Prepare and send customer account statements
- Configure and process collection letters
- Configure aging definitions and process aged balances
- Process and manage credit holds
- Configure and use customer write-offs
- Configure and process interest notes
Configure and manage subscription billing
- Generate sales documents by using billing schedules
- Manage billing schedules, including price update and hold termination
- Configure contract billing, including billing schedule group, item group, and milestone setup
- Configure and use revenue deferrals and recognition, including for charges, deferral defaults, and items deferred by default
- Configure and use expense deferrals and recognition
- Process and manage revenue and expense recognition schedules
Implement and manage accounts payable and expenses (10–15%)
Implement and manage accounts payable
- Configure invoice validation policies and invoice matching setup
- Configure vendor groups, vendors, and vendor posting profiles, including configuring shared vendors
- Process purchase order invoices and credit memos, including prepayments
- Configure vendor payment methods
- Configure accounts payable charges, and apply changes to an invoice
- Configure bank accounts and bank account approvals for vendors
- Configure vendor change approvals
- Perform accounts payable foreign currency revaluation
- Configure vendor invoice automation
- Process the vendor invoice journal including voyage cost
- Configure and use recurring vendor invoices
- Process and generate vendor payments, centralized payments, and prepayments
- Manage vendor holds and inactivation
Configure and use expense management
- Configure expense management including categories, per diem options, mileage expenses, intercompany expenses, and personal expenses
- Create and manage expense reports
Manage budgeting (10–15%)
Implement basic budgeting
- Configure budgeting components, including budget models, codes, allocation terms, and transfer rules
- Create and manage budget register entries
- Compare budgeted values with actual values
Configure and manage budget controls
- Configure budget controls including budget parameters, budget fund availability options, budget control rules and groups, and over-budget permissions
- Perform budget checks on documents and journals
- Configure budget cycle time spans
- Activate or deactivate budget control configurations
Manage fixed assets (10–15%)
Implement and manage fixed assets
- Create and manage fixed asset groups and other fixed asset attributes
- Configure fixed asset posting profiles
- Configure fixed asset parameters
- Configure fixed asset books
- Configure depreciation profiles
- Create and manage fixed asset
- Configure mapping for fixed asset groups and books
Process fixed asset transactions
- Process fixed asset disposal (sales) by using free text invoices
- Process fixed asset acquisitions by using purchase orders, journals, inventory journals, and projects
- Create fixed asset budgets and transfer the budgets to the budgeting module
- Process fixed asset depreciation
- Process fixed asset disposals and other transactions by using the fixed asset journal
- Process fixed asset split, reclassification, and transfer
- Process acquisition and depreciation for derived books
Study resources
We recommend that you train and get hands-on experience before you take the exam. We offer self-study options and classroom training as well as links to documentation, community sites, and videos.Expand table
| Study resources | Links to learning and documentation |
|---|---|
| Get trained | Choose from self-paced learning paths and modules or take an instructor-led course |
| Find documentation | Dynamics 365 documentation and learning modules Finance |
| Ask a question | Microsoft Q&A | Microsoft Docs |
| Get community support | Microsoft Dynamics Community |
| Follow Microsoft Learn | Microsoft Learn – Microsoft Tech Community |
Change log
Key to understanding the table: The topic groups (also known as functional groups) are in bold typeface followed by the objectives within each group. The table is a comparison between the two versions of the exam skills measured and the third column describes the extent of the changes.Expand table
| Skill area prior to September 20, 2024 | Skill area as of September 20, 2024 | Change |
|---|---|---|
| Audience profile | Minor | |
| Set up and configure financial management | Implement financial management | No % change |
| Define and configure the chart of accounts | Design and configure the chart of accounts | Major |
| Configure ledgers and currencies | Configure ledgers and currencies | Major |
| Implement and manage journals | Implement and manage journals | Major |
| Implement and manage cash and bank | Implement and manage cash and bank | Major |
| Implement cost accounting and cost management | Removed | |
| Perform periodic processes | Perform periodic processes | Major |
| Configure, collect, and report taxes | Configure, collect, and report taxes | Minor |
| Implement accounts receivable, credit, collections, and revenue recognition | Implement accounts receivable, credit, collections, and subscription billing | No % change |
| Implement and manage accounts receivable | Implement and manage accounts receivable | Major |
| Manage credit and collections | Manage credit and collections | Major |
| Configure revenue recognition | Removed | |
| Configure and manage subscription billing | Added | |
| Implement and manage accounts payable and expenses | Implement and manage accounts payable and expenses | % of exam decreased |
| Implement and manage accounts payable | Implement and manage accounts payable | Major |
| Configure and use expense management | Configure and use expense management | Major |
| Manage budgeting | Manage budgeting | % of exam increased |
| Implement basic budgeting | Implement basic budgeting | Minor |
| Configure and manage budget controls | Configure and manage budget controls | Minor |
| Configure and process budget plans | Removed | |
| Manage fixed assets | Manage fixed assets | No % change |
| Implement and manage fixed assets | Implement and manage fixed assets | Minor |
| Process fixed asset transactions | Process fixed asset transactions | Minor |
| Implement asset leasing | Removed |
Skills measured prior to September 20, 2024
Audience profile
As a candidate for this exam, you analyze business requirements and translate them into fully realized business processes and solutions that implement industry-recommended practices. You have a fundamental understanding of accounting principles and a deeper understanding of financial operations as they relate to:
- Core finance
- Manufacturing
- Retail
- Supply chain management operations
As a candidate for this exam, you specialize in one or more feature sets of Dynamics 365 Finance including core finance, general ledger, tax, cost accounting, cost management, fixed assets, asset leasing, budgeting, revenue recognition, consolidation and elimination, credit and collections, cash and bank management, and expense management. You understand the relationships between:
- Finance and manufacturing
- Retail
- Supply chain management
Skills at a glance
- Set up and configure financial management (40–45%)
- Implement accounts receivable, credit, collections, and revenue recognition (15–20%)
- Implement and manage accounts payable and expenses (15–20%)
- Manage budgeting (5–10%)
- Manage fixed assets (10–15%)
Set up and configure financial management (40–45%)
Define and configure the chart of accounts
- Describe use cases for financial dimensions
- Define and configure the chart of accounts and main accounts
- Describe use cases for main accounts categories, ledger account aliases, and balance control accounts
- Configure financial dimensions and dimension sets
- Configure legal entity overrides for financial dimensions and main accounts
- Create and configure account structures and advanced rules
- Configure financial tags
- Configure derived dimensions and financial dimension default templates
- Configure accounts for automatic transactions
Configure ledgers and currencies
- Configure and manage fiscal calendars, years, and periods
- Configure the ledger
- Describe and configure batch transfer rules
- Set up currencies and conversions for a legal entity
- Configure currency exchange types and rates
Implement and manage journals
- Describe options for implementing voucher numbers in journals
- Configure journal names
- Set up journal controls and posting restriction rules
- Describe and configure journal workflow approvals
- Create voucher templates
- Describe use cases for periodic journals and deferrals
- Configure and apply accrual schemes
- Set up intercompany accounting
- Create templates to edit journals in Microsoft Excel
- Perform reversing entries
Implement and manage cash and bank
- Create and maintain bank groups and bank accounts
- Describe electronic payment formats
- Configure and process bank reconciliations including advanced bank reconciliations
- Configure the cash flow forecast setup
- Configure the cash flow automation setup
- Enable and configure summarized bank transactions for vendor and customer payments
Implement cost accounting and cost management
- Describe cost accounting processes and terms
- Describe and configure the costing sheet including indirect costs
- Configure cost groups
- Implement inventory costing versions
- Differentiate between inventory costing methodologies
- Configure item model groups
- Configure item groups and inventory posting profiles
- Perform inventory closing and adjustment processes
- Configure cost categories
- Set up inventory value reports
Perform periodic processes
- Define and demonstrate periodic closing processes and end-of-year processes
- Perform financial consolidation and elimination processes
- Describe use cases and options for performing allocations
- Implement foreign currency revaluation processes
- Create and manage financial reports including modifying row, column, report definitions, and reporting tree
Configure, collect, and report taxes
- Configure tax groups, tax codes, settlement periods, and jurisdiction
- Configure tax ledger posting groups
- Settle and post sales tax
- Configure withholding tax groups, tax codes, and authorities
Implement accounts receivable, credit, collections, and revenue recognition (15–20%)
Implement and manage accounts receivable
- Set up customers and customer groups
- Configure and process free text invoices
- Process sales order invoices and credit memos
- Configure customer payment setup
- Configure accounts receivable charges
- Manage customer holds
- Set up customer posting profiles
- Process customer payments
- Enable and configure customer change approvals
- Perform foreign currency revaluation
Manage credit and collections
- Configure credit management processes
- Configure collections management processes
- Manage delinquent customers
- Prepare and send customer account statements
- Manage customer credit limits and credit holds
- Set up and process collection letters and interest notes
- Configure aging definitions
- Process aged balances
Configure revenue recognition
- Configure journals and parameters for revenue recognition
- Configure and implement revenue schedules
- Enter and process revenue recognition transactions
- Configure and use bundles
Implement and manage accounts payable and expenses (15–20%)
Implement and manage accounts payable
- Configure invoice validation policies and invoice matching setup
- Set up vendor groups, vendors and vendor posting profiles
- Process purchase order invoices and credit memos
- Configure vendor payments including payment terms, method of payments, and payment calendars
- Configure accounts payable charges and apply changes to an invoice
- Configure bank accounts and bank account approvals for vendors
- Enable and configure vendor change approvals
- Perform foreign currency revaluation
- Configure vendor invoices and payment automation
- Process the vendor invoice journal including voyage cost
Configure and use expense management
- Configure expense management including categories, per diem options, mileage expenses, intercompany expenses, and personal expenses
- Configure workflows for expense management
- Describe use cases for expense management policies and the audit workbench
- Describe and configure credit card processing
- Create and manage expense reports
- Configure and manage cash advance settings
- Create and manage travel requisitions
Manage budgeting (5–10%)
Implement basic budgeting
- Configure budgeting components including budget models, codes, allocation terms, and transfer rules
- Create and configure budget register entries
- Compare budgeted values with actual values
- Implement budget register entry workflows
Configure and manage budget controls
- Configure budget controls including budget parameters, budget fund availability options, budget control rules and groups, and over-budget permissions
- Perform budget checks on documents and journals
- Configure budget cycle time spans
- Activate or deactivate budget control configurations
Configure and process budget plans
- Define a budget planning process
- Create or generate a budget plan
- Configure budget planning by using scenarios, stages, allocation stages, stage allocations, and templates
- Create a budget plan template
- Configure and manage a budget planning workflow
Manage fixed assets (10–15%)
Implement and manage fixed assets
- Create fixed asset groups and other fixes asset attributes
- Configure fixed asset posting profiles
- Configure fixed asset parameters
- Describe the fixed asset lifecycle
- Configure fixed asset books
- Configure depreciation profiles
- Create and manage fixed asset
- Manage fixed asset groups and books mapping
Process fixed asset transactions
- Process fixed asset disposal by using free text invoices
- Process fixed asset acquisitions by using purchase orders, journals, and projects
- Create fixed asset budgets and transfer the budgets to the budgeting module
- Process fixed asset depreciation
- Process fixed asset disposals and other transactions by using the fixed asset journal
- Process fixed asset split, reclassification, and transfer
Implement asset leasing
- Configure asset leasing
- Manage asset leases
- Analyze asset lease reports