MB-310 Implement and Manage Accounts Payable and Expenses — 10 Questions

Question 1

A company wants to ensure that all vendor invoices are matched against purchase orders. Which matching policy should be used if the company requires the system to stop posting when the invoice price exceeds the purchase order price by more than 5%?

Choose an answer to begin — your selection is scored in the full session.

Accepted Answer

Three-way matching policy with a 5% price tolerance.. The 'Three-way matching' policy with a defined price tolerance is the correct configuration. By setting a 5% tolerance on the matching policy, Dynamics 365 can automatically flag invoices that exceed the threshold. This provides a balance between automated processing and necessary human intervention for price discrepancies, ensuring that financial deviations are investigated before payment is authorized, thereby protecting the company's margins.

Answer

Two-way matching policy with a 5% tolerance.

Answer

No matching policy.

Answer

Charge matching policy.

Question 2

Which THREE actions are required to successfully process an expense report for reimbursement in Dynamics 365 Finance? (Choose three)

Accepted Answer

Submit the expense report for workflow approval.. Processing an expense report requires a structured workflow: the user must enter the expense, the system must validate it against policies, and a supervisor or manager must approve it. Once approved, the document undergoes posting to the ledger, which creates the vendor liability for reimbursement. This process flow is essential for ensuring that all expenses are legitimate, compliant, and correctly recorded for financial reporting purposes.

Answer

Manually create a payment journal for every line item.

Answer

Convert the expense report to a purchase order.

Question 3

Refer to the exhibit. An invoice fails to post due to a matching variance. What is the most effective way to resolve this while maintaining internal controls?

Accepted Answer

Adjust the invoice line price to match the PO price, then post.. The error indicates a price variance that violates the pre-configured matching policy. To resolve this, you must investigate the discrepancy to determine if the vendor's invoice is incorrect or if the purchase order needs an update. Once the root cause is identified and corrected, the invoice can be processed. This maintains the integrity of the three-way match and ensures that financial discrepancies are not cleared without proper justification.

Answer

Change the matching policy to 'No matching' to allow posting.

Answer

Create a new purchase order to cover the variance.

Answer

Ignore the error and post the invoice as an adjustment.

Question 4

Which THREE items are mandatory to configure when setting up a new vendor in Dynamics 365? (Choose three)

Accepted Answer

Vendor account number.. Every vendor must be assigned a unique identification code, a vendor group for accounting, and a currency to ensure proper transaction processing. These foundational elements are required by the system to maintain database integrity and ensure that all downstream processes, such as invoicing and payment, function without errors. Omitting these would prevent the creation of the record or lead to failures during transaction posting.

Answer

Default Bank Account.

Answer

Vendor primary contact email address.

Question 5

Which TWO settings are configured in the 'Accounts payable parameters' to ensure proper invoice validation? (Choose two)

Accepted Answer

Enable 'Invoice matching' validation.. Configuring invoice matching and workflow settings in the parameters is essential for automated control. Matching ensures that prices are verified against POs, and workflow ensures that the appropriate approvals are obtained. These parameters are foundational for building a robust and compliant AP process, preventing unauthorized payments and ensuring that all vendor invoices are scrutinized according to the company's internal financial policies before funds are dispersed.

Answer

Set the vendor's default payment terms.

Answer

Define the vendor's bank account.

Answer

Set the default currency for the company.

Question 6

An organization requires that vendor invoices exceeding $10,000 must automatically be placed on hold to prevent accidental payment before additional management review occurs. How should you configure Accounts Payable parameters to achieve this requirement?

Accepted Answer

Navigate to Accounts payable parameters, and on the Invoice tab, select the 'Auto-hold invoices' option and enter $10,000 in the 'Hold new invoices exceeding' field.. Configuring the automatic hold parameter for invoices exceeding a specified amount ensures strict financial controls and minimizes leakage. This feature automatically intervenes in the posting workflow, enforcing compliance without requiring manual intervention from the data entry clerk every single time.

Answer

Navigate to Accounts payable parameters, and on the Invoice tab, set the 'Check for invoice total' parameter to 'Approver' and define the threshold amount.

Answer

Navigate to Accounts payable parameters, and on the General tab, configure the 'Maximum invoice amount' to halt processing for high-value items.

Answer

Navigate to Accounts payable parameters, and on the Workflow tab, set the activation threshold for automated approval routing.

Question 7

A company requires that vendor invoices be automatically matched against purchase orders. You need to ensure that the system prevents payment if the invoice total deviates by more than 5% from the purchase order total. Which setup should you configure?

Accepted Answer

Define a matching policy with a 5% tolerance in the Invoice matching setup and assign it to the vendor.. To enforce tolerance checks during invoice matching, you must configure the Vendor invoice matching policy. By setting the two-way or three-way matching policy and defining the matching tolerance percentages, the system validates incoming invoices against purchase orders. This ensures financial control by preventing unauthorized payments that exceed specified threshold limits, which is a critical audit requirement in Dynamics 365 Finance environments.

Answer

Enable the Vendor invoice matching policy and set the tolerance percentage to 5% in the Accounts payable parameters.

Answer

Configure a matching policy on the Vendor record and set the total matching tolerance percentage to 5%.

Answer

Activate the Purchase order approval workflow and set a condition to validate the invoice total.

Question 8

A company is implementing a new expense management process. Users need to report mileage expenses. Which TWO configurations are required to support this?

Accepted Answer

Create an expense category with the Expense type set to Mileage.. Mileage expenses in Dynamics 365 Finance rely on the interaction between mileage calculation rules and expense categories. By configuring the mileage rate engine, the system automatically determines the reimbursement amount based on the distance provided by the user. Assigning these to an expense category ensures that the general ledger accounts are correctly updated, providing a seamless experience for both the mobile-using employee and the back-office finance team.

Answer

Set up a new workflow for mileage approval.

Answer

Assign a vendor account to every employee profile.

Answer

Enable the automatic tax calculation on mileage categories.

Question 9

Which THREE actions can be performed using the Vendor payment proposal feature?

Accepted Answer

Select invoices based on a specific due date range.. The Vendor payment proposal functionality allows for efficient batch processing of payments. It enables users to select specific invoices based on due dates, cash discounts, and vendor groups. By automating the selection process, the system reduces manual errors and ensures that payment terms are optimized, which is essential for maintaining healthy cash flow and vendor relationships in a large-scale enterprise environment.

Answer

Initiate an electronic bank transfer directly to the vendor's API.

Answer

Change the vendor's bank account details permanently.

Question 10

You need to ensure that specific vendor invoices are automatically put on hold if they exceed a certain amount. Where should you define this threshold?

Accepted Answer

In the Accounts payable parameters.. The Accounts payable parameters allow for the setup of the 'Hold' status on invoices via the vendor invoice matching settings. By setting a threshold, any invoice exceeding this value will automatically be placed on hold, requiring manual intervention from an authorized user. This process is essential for internal controls, ensuring that high-value invoices undergo additional scrutiny before being released for payment processing.

Answer

In the Vendor group configuration.

Answer

In the Vendor posting profile.

Answer

In the Terms of payment setup.