Microsoft Dynamics 365 Finance: 2024 Release Wave 1 Overview

The 2024 release wave 1 for Dynamics 365 Finance brings forth exciting innovations that empower organizations to enhance their financial management processes.

And I don't really think that it is just hot air. Once again, Microsoft seems to focus on adding and improving everyday usability, including the time-consuming bank reconciliation. A lot of promising new features have been scheduled – including yet another score of AI-based functionality.

Remember, the 2024 release wave 1 plan covers all new functionalities planned to be delivered from April 2024 to September 2024.

Let’s dive into some of my favourites (and please join me in our upcoming webinar, What's New in Dynamics 365 Finance 2024 Release Wave 1: The Key Updates You Need to Know)

AI-Powered Enhancements for Business Performance Planning

• Dynamics 365 Finance continues to add AI-powered experiences to business performance planning. These enhancements streamline financial decision-making, optimize resource allocation, and drive better financial outcomes.

Simplified Setup with AI Rules Guidance

• Setting up financial dimension defaulting becomes easier with AI rules guidance. The system intelligently suggests default dimensions based on historical data and user preferences, reducing manual effort and ensuring accuracy.

Core Financial Advancements

Increased Financial tags functionality

• The functionality around the exciting Financial tag feature (let organizations track user-defined fields on accounting entries posted to the general ledger) continues to grow:
  • Financial tags can now be added to accounting distributions for documents that use the source document accounting framework.
    • This enhancement allows the entry of financial tag values on the Accounting distribution page.
    • In future releases of the product, financial tags can default for accounting distributions from the documents that create accounting distributions, such as free text invoices, purchase orders, and vendor invoice document entries.
• And yes, I am still a big fan here!

Automation and other Improvements involving Bank accounts

• Automatic clear bridged transactions in advanced bank reconciliation
• Matching rule enhancement in advanced bank reconciliation
  • Automatic post voucher
  • Automatic post customer payment journal
  • Automatic post vendor payment journal
  • Automatic settle open customer invoices with bank statement lines
• Approval workflow for bank account activation, modification, and deactivation.

Expanded Country Coverage and Tax Automation

• Dynamics 365 Finance extends its reach by expanding country coverage. Organizations operating globally can now benefit from localized features and tax compliance capabilities tailored to specific regions.

Join our webinar

Learn more about these exciting updates and leverage Dynamics 365 Finance to transform your financial operations.

Watch our recent webinar: What's New in Dynamics 365 Finance 2024 Release Wave 1: The Key Updates You Need to Know

Read more details at Microsoft

Plan and prepare for Dynamics 365 Finance in 2024 release wave 1 (April 2024 to September 2024).