Shared Financials Dynamics ax 2012

Major framework features in the financials area were added in Microsoft Dynamics AX 2012. Some of the new framework features centered on a shared setup and maintenance of key financial data.

Global organizations frequently operate as different legal entities in different geographies. Each legal entity frequenty shares data such as Chart of Accounts,

Currencies, Exchange rates, and Calendars. Enabling these types of data to be defined one time and shared across legal entities helps reduce the cost to maintain such data for all organizations.

Shared financial setup includes:

Shared fiscal calendars
Shared currencies and exchange rates
Financial Dimension Framework
Shared financial dimension
Shared account structures and account rules
Shared charts of accounts
Ledger

Shared Fiscal Calendars

We now have single, organization wide calendar defination, that will control all your financials, fixed asset, budget transaction etc area.
We can now maintain mutiple calendars that can have many years and periods. it is now hirerchical.
Setup requires once and can be used with different legal entities.
For the control of financials, fixed asset, budget transaction etc area, Calendar needs to be setup on Ledger.

Last thing to write here is, it is the replacement of AX2009 Periods and Fixed asset calendar functionality with lots of enhancement.

Shared Currencies and Exchange Rates

In Microsoft Dynamics AX 2012, all currencies are provided by default. The currencies are loaded the first time that a user opens the General ledger parameters form.

We can now share currencies and exchange rates across multiple legal entities
AX2009 Default or MST currency has been renamed to Accounting currency. This will be set on the Ledger.
AX2009 Secondary currency has been renamed to Reporting currency. This will be set on the Ledger.

New concept Exchange rate type is available, Currency exchange rates will be defined for a given exchange rate type.

Ledger: it is the new feature/concept in dynamics ax, that must be setup for workable shared financials setup. i will cover the Ledger and Dimension framework in details in my next blog. watch out for my next blog