Tasha's Top 10 New Features for D365 Project Operations: Feature 4

Enable Flexibility When Determining Financial Dimension Defaults in D365 Project Operations

Today, I’m excited to continue on through Tasha’s Top 10 New Features for D365 Project Operations and delve into another one of features from the 2024 Wave 2: Enable Flexibility When Determining Financial Dimension Defaults. This feature is a game-changer for enhancing financial management and operational efficiency in project-oriented companies.

What is it?

Previously, there were limited options for determining how financial dimensions defaulted in D365. This new feature introduces significant flexibility, allowing you to:

Create Configurations: Determine how financial dimensions default based on criteria like contract, project, or cost and revenue profile.
Set Criteria: Decide if dimensions should default from contract lines or projects.
Improve Reliability: Enhance the reliability of saving financial dimensions and value defaults on projects.
Set Dimensions on Contract Lines: Add the ability to set dimensions on time and material contract lines.
Use Contract Lines for Revenue Recognition: Enable the use of contract lines for revenue recognition. <---- THIS IS HUGE!

Business Value

This functionality offers increased flexibility for resource-based and non-stocked situations by incorporating flexible financial dimensions for both cost and revenue. This improvement enables more thorough financial performance analysis and eliminates the necessity of manually moving costs or revenue, thus saving time and minimizing data entry errors.

Special Details

The feature modifies the Project default dimension rules form by adding another column to include rules based on specific contract line groups as the first filter. This ensures that financial dimensions are accurately applied based on the most relevant criteria.

Using Enable Flexibility When Determining Financial Dimension Defaults

Here’s a quick guide of where you can access this information and setup:

Navigate to: Project management and accounting > Setup > Project management and accounting parameters.
Set Criteria: Create configurations to determine how financial dimensions default based on criteria like contract or project.
Save Defaults: Save the financial dimension defaults for projects and contracts.

**Projects are created and maintained in Dataverse. Accounting dimensions and attributes for projects are set up in the project management and accounting module in D365 Finance.

By following these steps, you can leverage the full potential of this feature, ensuring that your financial dimensions are accurately and efficiently managed.

Conclusion

Enabling flexibility when determining financial dimension defaults is a powerful feature that enhances financial management in D365 Project Operations. By providing additional flexibility and improving accuracy, it can significantly boost operational efficiencies and financial performance analysis. If you have any questions or need further assistance, feel free to reach out!

Keep an eye out for additional updates and advice on making the most of the newest functionalities in D365 Project Operations. Enjoy the configuration process!