The Microsoft MB-310 exam also known as the Microsoft Dynamics 365 for Finance and Operations is all about finance. It’s important for candidates who want to set up and adjust programs to meet a company’s requirements. To assist you in your preparation, we’ve created a Study Guide. Once you pass the MB-310 exam, you’ll be able to do the following technical tasks:
- Firstly, Setting up and configuring financial management
- Secondly, Managing and applying common processes
- Thirdly, The candidate will be able to implement and manage accounts payable and receivable
- Also, Managing, budgeting and fixing assets.
Intended Audience MB-310:
The Microsoft Certification MB 310 is designed for the following list of candidates-
- Firstly, Functional Consultants are professionals who look at business needs and turn them into complete business processes. They also create solutions that follow the best practices in the industry. Additionally, they need to set up and adjust applications to meet business needs.
- Secondly, candidates should have a basic understanding of accounting principles and how businesses handle finances. They should also be familiar with customer service, field service, manufacturing, retail, and supply chain management concepts.
- Thirdly, Candidates who specialize in more than one feature sets of Microsoft Dynamics 365 Finance, including finance, manufacturing, and supply chain management.
Prerequisites MB-310 Exam:
One must have a clear idea of prior knowledge and experience he/she must possess. For Microsoft Exam MB-310-
- A candidate must have knowledge of basic accounting principles and practices.
A step by step Preparation Guide to qualify MB-310 exam
Covering every detail of preparing for a certification exam would require more than just one article. To increase your chances of passing the MB-310 certification, use our carefully crafted MB-310 Study Guide. It will serve as your step-by-step plan to succeed on the exam.
STEP 1: Review all the MB-310 Exam Info
Take it from the professionals here: when studying for certification examinations, don’t overload your brain with too many questions. Furthermore, cleanse your mind first. The next stage is to thoroughly comprehend and analyze all of the exam content presented previously. Make certain that all of the information is current. Familiarising with the exam details plays a very significant role in your preparations.
STEP 2: Thoroughly go through the Course Outline
Now that you’ve learned about the exam details, let’s move on to the next step. It’s important to review the Course Outline and make sure you understand it well. The Course Outline is the foundation for all Microsoft MB-310 test questions. So, it’s your responsibility to visit Microsoft’s official website and examine it. The exam covers the following MB-310 topics:
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 (Microsoft Documentation: Configure chart of accounts in Dynamics 365 Finance )
- describe use cases for main accounts categories, ledger account aliases, and balance control accounts
- configure financial dimensions and dimension sets (Microsoft Documentation: Financial dimensions )
- configure legal entity overrides for financial dimensions and main accounts (Microsoft Documentation: Legal entity overrides )
- create and configure account structures and advanced rules (Microsoft Documentation: )
Configure ledgers and currencies
- construct fiscal calendars, years, and periods (Microsoft Documentation: Fiscal calendars, fiscal years, and periods )
- Configure the ledger (Microsoft Documentation: Configure and use the general ledger in Dynamics 365 Finance )
- describe and configure batch transfer rules
- set up currencies and conversions for a legal entity (Microsoft Documentation: Prepare a legal entity for a currency conversion )
- manually enter currency exchange rates (Microsoft Documentation: Create exchange rate providers )
Implement and manage journals
- describe options for implementing voucher numbers in journals (Microsoft Documentation: Create a journal entry using a template )
- configure journal names (Microsoft Documentation: Configure ledgers and journals in Dynamics 365 Finance)
- set up journal controls and posting restriction rules (Microsoft Documentation: :Set up posting restrictions )
- describe and configure journal approvals
- create voucher templates (Microsoft Documentation: :Create a journal entry using a template)
- Describe use cases for periodic journals and deferrals (Microsoft Documentation: Post Periodic journals )
- configure and apply accrual schemes (Microsoft Documentation: Create accrual schemes )
- set up intercompany accounting (Microsoft Documentation: Intercompany accounting setup)
- 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 (Microsoft Documentation: Cash and bank management )
- describe and configure electronic payment formats (Microsoft Documentation: Electronic reporting (ER) overview )
- configure and process bank reconciliations including advanced bank reconciliations (Microsoft Documentation: Set up the advanced bank reconciliation import process)
- configure cash flow reports (Microsoft Documentation: Configuration)
Implement cost accounting and cost management
- describe cost accounting processes and terms (Microsoft Documentation: Get started with cost accounting in Dynamics 365 Finance)
- 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 groups and posting profiles
- Configure item groups and posting profiles
- perform inventory closing and adjustment processes (Microsoft Documentation: Inventory close )
Perform periodic processes
- configure a financial period workspace and closing schedule (Microsoft Documentation: Financial period close workspace)
- define and demonstrate periodic closing processes and end-of-year processes (Microsoft Documentation:Year-end close )
- perform financial consolidation and elimination processes (Microsoft Documentation: Consolidation and elimination)
- Describe use cases and options for performing allocations
- implement foreign currency revaluation processes (Microsoft Documentation:Process foreign currency revaluation )
- 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 filings (Microsoft Documentation: Configure and perform periodic processes in Dynamics 365 Finance )
Implement accounts receivable, credit, collections, and revenue recognition (15–20%)
Implement and manage accounts receivable
- Set up customers and customer posting profiles (Microsoft Documentation: Customer posting profiles)
- Configure and process free text invoices (Microsoft Documentation: Key tasks: Free text invoices)
- Process orders, invoices, payments, and credit memos
- configure customer payment setup (Microsoft Documentation: Establish customer method of payment)
- configure accounts receivable charges (Microsoft Documentation: Configure accounts receivable in Dynamics 365 Finance )
- Configure bank accounts for customers
- Manage customer holds
Manage credit and collections
- configure credit management processes
- configure collections management processes
- manage delinquent customers (Microsoft Documentation: Documentation: Process credit and collections in Dynamics 365 Finance )
- prepare and send customer account statements (Microsoft Documentation: Send customer account statements by using email )
- 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 (Microsoft Documentation: Revenue recognition overview)
- implement revenue schedules (Microsoft Documentation: Revenue recognition )
- enter and process revenue recognition transactions
Implement and manage accounts payable and expenses (10–15%)
Implement and manage accounts payable
- configure invoice validation policies (Microsoft Documentation: Set up vendor invoice policies)
- set up vendor and vendor posting profiles
- process orders, invoices, and payments
- Configure vendor payments including payment terms, method of payments, and payment calendars (Microsoft Documentation: Vendor payment overview)
- configure accounts payable charges and apply changes to an invoice (Microsoft Documentation: Configure Accounts payable in Dynamics 365 Finance)
- 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 (Microsoft Documentation: Expense management overview)
- configure workflows for expense management (Microsoft Documentation: BBudget planning workflows stages )
- describe use cases for expense management policies and the Audit workbench (Microsoft Documentation: Expense management )
- describe and configure credit card processing
- Create and manage expense reports (Microsoft Documentation: Expense report entry )
- 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 (Microsoft Documentation: )
- create and configure registry entries (Microsoft Documentation: Registry Scripting)
- Compare budgeted values with actual values
- implement budget workflows (Microsoft Documentation: Budget planning workflows stages)
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
STEP 3: Finding all the RIGHT Learning Resources
We want to emphasize how crucial it is to find the correct learning materials to fully grasp each domain. We’ll show you where to find the right learning resources. This not only builds a strong foundation for you to pass the exam but also boosts your confidence among your peers. So, let’s get started without any more delay.
– MICROSOFT Training Programs
If you’re new to certification exams, let’s introduce you to Microsoft Training Programs. Microsoft offers two ways to prepare for the exam: free online training and paid Instructor-led Training. You can choose to use one or both of these learning resources based on your preferences. To give you a better understanding, let’s look at each of them separately.
– FREE-Online Learning Paths
Microsoft provides these free learning paths to help candidates like you prepare. They are an excellent way to get ready for the MB-310 certification exam. There are 7 modules in these paths, each covering important topics from the exam. Plus, there are questions at the end of each module to test your knowledge. If you’re eager to learn, you should also consider the Instructor-led Training.
– Instructor-led Training
Let’s be clear: Microsoft’s Instructor-led Training is top-notch. And the benefits it offers are even more exciting. With Microsoft MB-310 Training, you can access classroom training whenever you want. So, if you have a busy schedule and are worried about missing out, you can schedule classes at your convenience. You can find both of these training and learning options on the Microsoft Portal without any trouble.
– BOOKS: Studying the traditional way!
From the very beginning of your study life cycle, BOOKS have always been around. They are the most beneficial learning resource here too. Here are our selected picks, that have helped many before you, so do check them out.
- Firstly, Microsoft Dynamics 365 for Finance and Operations: Learn and understand the functionality of Microsoft’s enterprise solution by Andreas Luszczak
- Secondly, Implementing Microsoft Dynamics 365 for Finance and Operations Apps by JJ Yadav, Sandeep Shukla
- Thirdly, Implementing Microsoft Dynamics 365 for Finance and Operations: Implement methodology, integration, data migration, and more by Rahul Mohta, Yogesh Kasat, JJ Yadav
STEP 4: Online Courses
If an applicant intends to enrol in an online course. Online courses are accessible in a variety of formats. In truth, there are a plethora of courses available on the internet. When selecting an online course for your preparation, make sure to review all of the course goals. These courses provide you access to online video study materials that are simple to understand. They’re an important aspect of your preparation process.
STEP 5: Join the Community/ Online Forum
Online discussion boards and study groups are fantastic for getting ready for the certification exam. You can reach out to fellow candidates through study forums or online groups if you have questions about a topic you’re finding difficult. But remember, it’s entirely up to you whether or not you want to join in. It’s a personal choice. These online communities also help you stay connected with others who are on the same journey as you. You can even ask questions about any challenges you’re facing.
STEP 6: Self-evaluation Time
A practise run or two, regardless of how you prepare for the Exam, might aid you in more ways than you would think. Using an MB-310 Practice Exam to diversify your study method and achieve the best potential outcomes on the real thing is a terrific way to ensure the best possible results. Analyzing your answers will help you find areas where you need to focus your efforts and will also reveal if you are on track to meet the exam goals. To enhance your confidence, remember to take many tests. Lets Start Practising Now with MB-310 Practice Test!
Catapult your career with advanced learning skills and expert tutorials on Microsoft MB-310 Exam. Prepare and become a Microsoft Certified: Dynamics 365 Finance Functional Consultant Associate!
