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 March 21, 2023 | 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 March 21, 2023 | 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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| 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 March 21, 2023
Audience profile
Candidates for this exam analyze business requirements and translate those requirements into fully realized business processes and solutions that implement industry recommended practices. They have a fundamental understanding of accounting principles and a deeper understanding of financial operations as they relate to core finance, manufacturing, retail, and supply chain management operations.
Candidates for this exam typically 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. They understand the relationships between finance and manufacturing, retail, and supply chain management.
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 (10–15%)
Manage budgeting (10–15%)
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 ledgers and currencies
Construct fiscal calendars, years, and periods
Configure the ledger
Describe and configure batch transfer rules
Set up currencies and conversions for a legal entity
Manually enter currency exchange 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 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 reverse 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 cash flow reports
Implement cost accounting and cost management
Describe cost accounting processes and terms
Describe and configure the costing sheet and indirect costs
Configure cost groups and cost categories
Implement inventory costing versions
Differentiate between inventory costing methodologies
Configure item model groups
Configure item groups and posting profiles
Perform inventory closing and adjustment processes
Perform periodic processes
Describe financial period workspaces and closing schedules
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, and report definitions
Configure, collect, and report taxes
Configure tax groups, tax codes, settlement periods, and jurisdiction
Configure tax ledger posting groups
Prepare periodic tax filings
Implement accounts receivable, credit, collections, and revenue recognition (15–20%)
Implement and manage accounts receivable
Set up customers and customer posting profiles
Configure and process free text invoices
Process orders, invoices, payments, and credit memos
Configure customer payment setup
Configure accounts receivable charges
Configure bank accounts for customers
Manage customer holds
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 revenue recognition
Configure journals and parameters for revenue recognition
Implement revenue schedules
Enter and process revenue recognition transactions
Implement and manage accounts payable and expenses (10–15%)
Implement and manage accounts payable
Configure invoice validation policies
Set up vendors and vendor posting profiles
Process orders, invoices, and payments
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 for vendors
Configure accounts payable journal approval settings
Map expense categories to main accounts
Configure and use expense management
Configure expense management including categories, per diem options, mileage 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 (10–15%)
Implement basic budgeting
Configure budgeting components including budget models, codes, allocation terms, and transfer rules
Create and configure registry entries
Compare budgeted values with actual values
Implement budget register workflows
Configure and manage budget controls
Configure budget controls including cycle time spans, budget parameters, budget fund availability options, budget control rules and groups, and over-budget permissions
Create and configure registry entries
Implement budget workflows
Perform budget checks on documents and journals
Configure and process budget plans
Define a budget planning process
Create or generate a budget plan
Create a budget plan by using scenarios, stages, allocation stages, stage allocations, and templates
Create a budget plan template
Manage fixed assets (10–15%)
Implement and manage fixed assets
Create fixed assets groups and other fixes asset attributes
Configure fixed asset posting profiles
Configure fixed asset parameters
Describe the fixed assets lifecycle
Configure fixed asset books
Select depreciation methods and configure depreciation
Create and manage fixed assets
Process fixed asset transactions
Enable integration with purchasing and free text invoices
Acquire, depreciate, and dispose of fixed assets
Create fixed asset budgets and transfer the budgets to the budgeting module
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 March 21, 2023 | Skill area as of March 21, 2023 | Change |
|---|---|---|
| Audience profile | Minor | |
| Set up and configure financial management | Set up and configure financial management | No % change |
| Define and configure the chart of accounts | Define and configure the chart of accounts | No change |
| Configure ledgers and currencies | Configure ledgers and currencies | No change |
| Implement and manage journals | Implement and manage journals | No change |
| Implement and manage cash and bank | Implement and manage cash and bank | No change |
| Implement cost accounting and cost management | Implement cost accounting and cost management | No change |
| Perform periodic processes | Perform periodic processes | No change |
| Configure, collect, and report taxes | Configure, collect, and report taxes | No change |
| Implement accounts receivable, credit, collections, and revenue recognition | Implement accounts receivable, credit, collections, and revenue recognition | No % change |
| Implement and manage accounts receivable | Implement and manage accounts receivable | No change |
| Manage credit and collections | Manage credit and collections | No change |
| Configure revenue recognition | Configure revenue recognition | No change |
| Implement and manage accounts payable and expenses | Implement and manage accounts payable and expenses | No % change |
| Implement and manage accounts payable | Implement and manage accounts payable | Minor |
| Configure and use expense management | Configure and use expense management | No change |
| Manage budgeting | Manage budgeting | No % change |
| Implement basic budgeting | Implement basic budgeting | No change |
| Configure and manage budget controls | Configure and manage budget controls | No change |
| Configure and process budget plans | Configure and process budget plans | No change |
| Manage fixed assets | Manage fixed assets | No % change |
| Implement and manage fixed assets | Implement and manage fixed assets | No change |
| Process fixed asset transactions | Process fixed asset transactions | No change |
Skills measured prior to March 21, 2023
Audience profile
Candidates for this exam analyze business requirements and translate those requirements into fully realized business processes and solutions that implement industry recommended practices. They have a fundamental understanding of accounting principles and a deeper understanding of financial operations as they relate to core finance, manufacturing, retail, and supply chain management operations.
Candidates for this exam typically specialize in one or more feature sets of Dynamics 365 Finance including core finance, general ledger, tax, cost accounting, cost management, fixed assets, budgeting, revenue recognition, consolidation and elimination, credit and collections, cash and bank management, and expense management. They understand the relationships between finance and manufacturing, retail, and supply chain management.
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 (10–15%)
Manage budgeting (10–15%)
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 ledgers and currencies
Construct fiscal calendars, years, and periods
Configure the ledger
Describe and configure batch transfer rules
Set up currencies and conversions for a legal entity
Manually enter currency exchange 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 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 reverse 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 cash flow reports
Implement cost accounting and cost management
Describe cost accounting processes and terms
Describe and configure the costing sheet and indirect costs
Configure cost groups and cost categories
Implement inventory costing versions
Differentiate between inventory costing methodologies
Configure item model groups
Configure item groups and posting profiles
Perform inventory closing and adjustment processes
Perform periodic processes
Describe financial period workspaces and closing schedules
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, and report definitions
Configure, collect, and report taxes
Configure tax groups, tax codes, settlement periods, and jurisdiction
Configure tax ledger posting groups
Prepare periodic tax filings
Implement accounts receivable, credit, collections, and revenue recognition (15–20%)
Implement and manage accounts receivable
Set up customers and customer posting profiles
Configure and process free text invoices
Process orders, invoices, payments, and credit memos
Configure customer payment setup
Configure accounts receivable charges
Configure bank accounts for customers
Manage customer holds
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 revenue recognition
Configure journals and parameters for revenue recognition
Implement revenue schedules
Enter and process revenue recognition transactions
Implement and manage accounts payable and expenses (10–15%)
Implement and manage accounts payable
Configure invoice validation policies
Set up vendors and vendor posting profiles
Process orders, invoices, and payments
Configure vendor payments including positive pay and payment calendars
Configure accounts payable charges and apply changes to an invoice
Configure bank accounts for vendors
Configure accounts payable journal approval settings
Map expense categories to main accounts
Configure and use expense management
Configure expense management including categories, per diem options, mileage 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 (10–15%)
Implement basic budgeting
Configure budgeting components including budget models, codes, allocation terms, and transfer rules
Create and configure registry entries
Compare budgeted values with actual values
Implement budget register workflows
Configure and manage budget controls
Configure budget controls including cycle time spans, budget parameters, budget fund availability options, budget control rules and groups, and over-budget permissions
Create and configure registry entries
Implement budget workflows
Perform budget checks on documents and journals
Configure and process budget plans
Define a budget planning process
Create or generate a budget plan
Create a budget plan by using scenarios, stages, allocation stages, stage allocations, and templates
Create a budget plan template
Manage fixed assets (10–15%)
Implement and manage fixed assets
Create fixed assets groups and other fixes asset attributes
Configure fixed asset posting profiles
Configure fixed asset parameters
Describe the fixed assets lifecycle
Configure fixed asset books
Select depreciation methods and configure depreciation
Create and manage fixed assets
Process fixed asset transactions
Enable integration with purchasing and free text invoices
Acquire, depreciate, and dispose of fixed assets
Create fixed asset budgets and transfer the budgets to the budgeting module