New in Financial Tags: What’s Changing in Dynamics 365 Finance?
Introduction
Financial tags in Dynamics 365 Finance have become an essential tool for businesses looking to improve the way they track and analyze financial data. With the latest update, Microsoft has introduced new capabilities that make financial tagging more flexible, insightful, and easier to use.
In this blog, we’ll take a quick look at what’s new, how these changes can benefit your organization, and where you can apply them for better financial reporting and control.
In Microsoft Dynamics 365 version 10.0.43, Microsoft released below two new features for financial tags
1. Enable financial tags for purchase order invoicing: – This feature extends the financial tags’ functionality by allowing tags to be applied to purchase orders. This provides consistent tagging for better tracking and reporting.
2.Enable financial tags for Accounting Source Explorer: – This feature enhances the financial tags’ functionality by enabling their visibility and use within the Accounting Source Explorer.
Users need to enable these features in feature management.
Pre-requisite
Go to General ledger > Chart of accounts > Financial tags > Financial tags.
Here, users can create financial tags and Active check box for activating tags.
- Enable financial tags for purchase order invoicing
Go to Procurement and Sourcing > Purchase orders > All purchase orders.
Click +New and fill all required fields for creating purchase order and click on OK.
Once the user enable – “Enable financial tags for purchase order invoicing” Feature, user can find “Financial tags” Fast tab under Header and line details in lines in purchase order form.
Users can only view active financial tags under financial tags.
Users can give respective tag values under financial tag values filed in header for all lines or line level for individual lines.
Once Confirmation and product receipt is done, users can view given financial tags and tag values in voucher transactions in Receive > journals > Product receipt >vouchers
Users can also give financial tag values or modify financial tag values at the time of invoicing at lines and header level also.
After posting the invoice, click on invoice > journals > Invoice.
Click on voucher
Users can find the financial tags with values in voucher transactions
2. Enable financial tags for Accounting Source Explorer
Go to General ledger > Inquiries and reports > Accounting source explorer.
Click on Voucher transactions
Users can give criteria in this form and click ok.
As per filters, the user can find transactions.
Select line and click on Accounting source explorer.
Here, users can view financial tags and given financial tags values.
Conclusion
The recent updates to Financial Tags in Dynamics 365 Finance bring greater precision and flexibility to financial tracking and reporting. With enhancements like expanded usability across journals, improved defaulting rules, and easier post-transaction edits, finance teams can now manage data more efficiently and with greater accuracy. These updates are a step forward in helping organizations make better-informed financial decisions while simplifying compliance and analysis.
We hope this blog has offered valuable insights and practical advice for your professional journey. If you found it beneficial, please consider sharing it with your network. We welcome your feedback and thoughts, so don’t hesitate to contact us directly. Thank you for reading, and we look forward to engaging with you further!
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