[How to] Configure Automatic account type selection in Chart of Account in MSd365 FO

Dear Dynamics 365 Lovers,

Welcome to my blog on ‘Automatic account type Selection’ in Microsoft Dynamics 365 Finance and Operations.

Like always I love to share my knowledge on the new explored functionality in Dynamics 365, so during one of my implementation projects I got to know about this function.

Lets explore

Business Scenario

Almost all organization like to keep their chart of accounts meaningful and easy to recognize by the value starting character

Example

Starting with number 1 is companies Asset account

Starting with number  2 is companies Liability account

Starting with number 3 is companies Expense account

Starting with number 4 is also companies Expense account

Starting with number 5 is also companies Equity account

So on and so forth and this can be starting with alphabetical character as well.

Hence, Dynamics 365 is intelligent enough to auto select the Main Account Type based on the above given example/criteria, which means, whenever any main account is selected, system should update the main account type automatically.

Configurations

Navigate to General Ledger-Chart of Accounts-Accounts- Chart of accounts

Select the chart of account, where you want to put the automatic selection logic

The below screen will appear, here we add the first character and select the main account type as per the requirement.

The selection is done.

Creation of main accounts

Now once the automatic selection logic is configured, it will work by the same logic whenever any main account is created

Let's see the magic

While creating account with 1, system is auto updating the 'Main Account Type' = Asset, as per the setup we have done earlier.

Likewise, while creating account with 2, system is auto updating the main account type= Liability as per the setup we have done earlier.

This is it for this blog, I am sure this article will help you in your upcoming assignment. 

Stay tuned for more article.