The finance department serves as the foundation of any organization. To support its daily functions and financial reporting, the finance department requires specific knowledge and appropriate tools. The main objective of an organization’s Enterprise Resource Planning (ERP) system is to improve efficiency, expedite operational impact, and sustain business adaptability. Reporting is a crucial element at the core of this system. Therefore, businesses need proficient tools such as Electronic Reporting offered by Microsoft Dynamics 365 Finance & Operations.
Electronic Reporting, often known as Generic Electronic, is a customizable tool in Microsoft Dynamics 365 Finance and Operations that assists in the creation and management of electronic reports and payments to comply with regulatory requirements.
Electronic Reporting can be used to configure format from incoming as well as outgoing electronic reports. ER has been tailored for business users, allowing consultants and system users to configure reports with no code capabilities, which makes the process faster and easier. Microsoft offers a repository of pre-defined ER formats that can be readily imported and utilized. These configurations include various electronic payment formats, VAT declarations, and other formats that are localized for different regions.
The four components that make up Electronic Reporting are:
A data model component is an abstract representation of a data structure that provides detailed information about a specific area of a business domain, meeting the reporting requirements of that area. In Electronic Reporting (ER), a business entity is represented as a container or a record, with its properties depicted as fields or data items. Each data item has a unique name, description, label, and value, and can also be another record or record list.
A single data model component can accommodate multiple hierarchies of domain-specific business entities, including model mappings that support data flow for reports at runtime. With ER, tailored reports that meet specific business needs and regulatory requirements can be generated. The unmatched flexibility and adaptability of the data model component allows for the accurate management and reporting of data.
Model mapping is a crucial aspect that links application data sources to specific elements of a data model at runtime. It defines the data flow and rules for entering business data into a data model component. In ER, a data model component describes the business entities and data items required for a particular reporting requirement. Model mapping maps these data model components to the relevant application data sources in Microsoft Dynamics 365 Finance and Operations, such as tables, fields, and views.
The structure and content of the output file generated at runtime or the structure and content of the incoming document that is imported at runtime is identified as the format component. It specifies the data elements that must be included in the output or incoming file, their format, and the rules for their validation and processing.
The format component is used in conjunction with the data model component and the model mapping component to outline the overall process for generating or processing electronic documents.
Electronic Reporting is a magnificent tool offered by Microsoft Dynamics 365 Finance & Operations for businesses. Its no-code capabilities, customization, and flexibility make it an exclusive tool which everyone can work with. Since it has localized formats for regional usage purposes, it can also offer compliance with regulatory committees. Want to learn more about Electronics Reporting? Reach out to DynaTech Systems at sales@dynatechconsultancy.com.