In late January, Microsoft released the 2024 Wave 1 Release Notes, which cover new features that are expected to be released between April and September of 2024. There were some notable highlights that are of interest in the world of Microsoft Dynamics 365 Finance. Microsoft continues to innovate and introduce features meant to transform business through its Dynamics 365 offerings. 2024 will be the year of Copilot and AI, and Microsoft has not forgotten its ERP offerings as it innovates and automates. Here is a list of relevant highlights for Dynamics 365 Finance and Operations within Finance.
Note: This list does not include everything and if you are interested in reading more about the Wave 1 release plan for 2024, Microsoft provides a full list of expected features here.
Dynamics 365 Finance
Complete, analyze, and run what-if scenarios in Excel and Copilot for planning
Expected release: April 2024
This feature ties into budgeting, giving users a tool to complete budget and analyze data directly in Excel without having to export and import from Dynamics 365 Finance and Operations. This feature will lead to users having the tools at their fingertips to make fast business decisions while incorporating analysis and trends into its visuals.
Quickstart templates in planning for Dynamics 365 Finance
Expected release: July 2024
Quick options for FP&A professionals to generate proof of concept reporting with their own data as templates in minutes instead of days or weeks. Quick editing and access to data will give users flexibility to see their data quickly!
Manage administrative tasks, find information, and create reports with generative AI
Expected release: September 2024
Leverage generative AI to help define reporting for your business! This will be in Private Preview in February 2024, so check it out as soon as it becomes available.
Additional exchange rate type for bank foreign currency revaluation
Expected release: April 2024
Multiple options for exchange rate types, including a default exchange rate on ledger setup, additional defined exchange rates within Cash and bank management parameters, and additional exchange rate type on bank account.
Additional exchange rate type for foreign currency revaluation
Expected release: April 2024
Multiple options for exchange rate types, including a default exchange rate on ledger setup, additional defined exchange rates within AP and AR parameters, and additional exchange rate types on customer group and vendor group.
Bank account lifecycle management
Expected preview: July 2024
Bank account workflow for activation, modification, and deactivation along with bank account change history for auditing purposes!
Explore customer and vendor balance netting
Expected release: July 2024
This is already in Public Preview (as of November 2023), but this is a feature that has been sought after for quite some time. When companies work with another company as both a customer and a vendor, this feature will allow for consolidating unnecessary transactions such as payments and receipts by netting the balances between the customer and vendor accounts within the system.
Financial Tags
Financial tags were introduced in early 2023 to wide acclaim, and Microsoft continues to invest in this functionality! Here are three expected updates to Financial tags functionality within Wave 1.
Defaulting engine for Financial tags powered by AI-recommended rules
Expected release: July 2024
Users need default Financial tags, and with AI, users can define which Financial tag values will be defaulted. This will allow for simulations against posted transactions to preview the impact as well!
Financial tags added to accounting distributions
Expected release: July 2024
In previous iterations, Financial tags could not be added to accounting distributions. Expect to see this functionality expanded around July 2024 when accounting distributions allow for the addition of Financial tags.
Financial tags support added to more journals and documents
Expected release: July 2024
New expected documents where Financial tags will be introduced:
- Bill of exchange
- Promissory notes
- Advanced ledger entry
- Purchase order documents
- Free text invoice
- Some Project accounting journals
Globalization Studio
As many customers use Dynamics 365 Finance globally, there are always added localizations and tax updates. Microsoft continues to invest in its Globalization Studio, which is a no-code/low-code service to help automate complex tax scenarios and allow for easily extending localizations. For a full list of expected features and enhancements within Globalization Studio, please see the information provided here.
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