Financial Tags -Microsoft Dynamics Finance and operations (D365FO)
Financial Tags :
Re-Posted by : Hariharasudan Kandaswamy
In version 10.0.32 the feature 'Financial tags' is added in D365FO. This feature gives you the option to define up to 20 user-defined tags. In this version you can enter these financial tags on the (global) general journals.
This will be extended in the following versions of D365FO for additional journals, documents and processes. You can read more about it on the related Microsoft Learn page.
In this article I share my experience with the introduction to financial tags. I describe how you can setup and use the financial tags with the following topics:
Setup:
- Select the delimiter in the General Ledger parameters
- Create financial tags and values
- Activate the financial tags
Process:
- Use the financial tags in postings
- Analyze and report
- Correct financial tags value if necessary
Prerequisite to use the financial tags is that you enable the feature 'Financial tags' in feature management:
Setup:
Select the delimiter in the General Ledger parameters
In the General Ledger parameters you have to define the delimiter to use in the journal lines. You can find this on the new added tab 'Financial tags' in the parameter form and choose the delimiter to use:
Selecting the delimiter is the first step you need to do, if you don't choose the delimiter you will not be able to save created financial tags:
Now we will define the financial tags. General ledger -> Chart of Accounts-> Financial tags. We can actively use a total of 20 financial tags. We can create definitions in 3 different value types.
- Text : The users can just enter the value entering the record.
- List : You can use the existing data sources in the system for financial tags. For example workers, purchase order, bank group etc..
- Custom list : You can define the tag values.
Create financial tags and values
At the 'Financial tags' option in the General Ledger module you can create the tags that you want to use. For each financial tag you can select the value type, which is basically the kind of values that you can use for this specific financial tag:
Activate the financial tags
When you have created the financial tags, you have to activate them. This can be done to click on the button 'Activate' at the top of the form and changing the tags from the 'Inactive' section to the 'Active' section and confirm this settings by clicking on 'Activate or deactivate tags':
Clicking on 'Activate or deactivate tags' will create a batch jobs that will activate the created financial tags (or deactivate if you want to deactivate a financial tag later):
Process:
Use the financial tags in postings
At this moment, the financial tags can be used in the (global) general journals. Here you can select default 'Financial tag values' on journal level for the journal lines.
In the posting lines these values will be the default for the transactions, but you are able to change it if you want. In my case I use one value from the journal header and change this value on a journal line:
Analyze and report
After a transaction is posted, the financial tags are available on the lines of the general ledger account entry. They're also shown on the Voucher transactions and Transactions for main account pages. The financial tags are shown in separate columns, so that they're easier to sort and filter.
Example from the Voucher transactions:
Example from the Transactions page by clicking from the Trial balance:
Correct tag values after posting
It is possible to modify or edit the financial tags after on the posted voucher form. For this, firstly you must enabled the following feature on the feature management form..
You can edit one or more records at the same time.
If you have posted a transaction, on the Voucher page you can click on 'Edit voucher' to change the values. This makes it possible to change the financial tag value even after posting the transactions:
In the 'Edit internal voucher data' form you can select the new values that you want to use for the posted transaction:
Peers Conclusions :
The feature 'Financial tags' will make it possible to extend the ledger posting info with extra predefined data to analyze and report the ledger postings. On this moment the feature can only be used for (global) general journals, so the benefits are already visible at the moment. But also the benefits are limited at the moment based on the fact that it cannot be used already on other postings then the (global) general journals. Also on sub ledger master data it isn't possible yet to enter the default values for these postings when ledger postings are made based on these sub ledger master data.
- Financial dimension values are global across the legal entities. However the financial tags are just company specific.
- Financial dimensions are assigned to an account structure and probably range of accounts. However the financial tags could be used all accounts and without account structure.
- Financial dimensions are validated against the account structure range as well as financial dimension values. However It is possible to specify any financial tag value even if this value does not exist a list or custom list.
- Financial dimension value could be defaulted on the master data files like customers and vendors. But financial tag is defaulting on the journal or document header. Then it will be copied to the journal lines.,
- Financial dimensions could be used to display the trial balance. However financial tags could not be used to display the trial balance. You could easily analyze the voucher transactions filtered by a specific tag.
- The financial dimensions are not limited. However the financial tags are limited for 20 tags
- The financial dimensions could be activated only when the system in maintenance mode. However the financial tags could be activated or deactivated any time.
- It is possible to modify the financial tag on posted vouchers but this is not possible in the financial dimensions
References Author : Hylke , Ahmet
Re-Posted by : Hariharasudan Kandaswamy
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