Study guide for Exam MB-310: Microsoft Dynamics 365 Finance Functional Consultant
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.
| 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. |
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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.
| 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.
| 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