Microsoft Practice Test MB-310: Microsoft Dynamics 365 Finance Functional Consultant

The MB-310 practice test contains 103 questions and covers the following objectives: 

Set up and configure financial management –52 questions 

Define and configure the chart of accounts 

• Define and configure the chart of accounts and main accounts
• Describe use cases for main accounts categories, ledger account aliases, and balance control accounts 
• Configure financial dimensions and dimension sets 
• Configure legal entity overrides for financial dimensions and main accounts 
• Create and configure account structures and advanced rules 

Configure ledgers and currencies 

• Construct fiscal calendars, years, and periods 
• Configure the ledger 
• Describe and configure batch transfer rules 
• Set up currencies and conversions for a legal entity 
• Manually enter currency exchange rates 

Implement and manage journals 

• Describe options for implementing voucher numbers in journals 
• Configure journal names  
• Set up journal controls and posting restriction rules 
• Describe and configure journal approvals
• Create voucher templates 
• Describe use cases for periodic journals 
• Configure and apply accrual schemes 
• Set up intercompany accounting 
• Create templates to edit journals in Microsoft Excel
• Perform reverse entries 

Implement and manage cash and bank 

• Create and maintain bank groups and bank accounts 
• Describe and configure electronic payment formats 
• Configure and process bank reconciliations including advanced bank reconciliations  
• Configure cash flow reports 

Implement cost accounting and cost management 

• Describe cost accounting processes and terms 
• Configure cost accounting processes 
• Create a cost accounting report by using the cost accounting report wizard 
• Describe and configure the costing sheet and indirect costs 
• Configure cost objects and cost groups 
• Implement inventory costing versions 
• Differentiate between inventory costing methodologies  
• Configure item groups and posting profiles 
• Perform inventory closing and adjustment processes 

Perform periodic processes 

• Configure a financial period workspace and closing schedule 
• Define and demonstrate periodic closing processes and end-of-year processes 
• Perform financial consolidation and elimination processes 
• Configure allocation terms for a main account 
• Create and process ledger allocation rules 
• Implement foreign currency revaluation processes 
• Create and manage financial reports including modifying row, column, and report definitions 

Configure, collect, and report taxes 

• Configure tax groups, tax codes, settlement periods, and jurisdiction 
• Configure tax ledger posting groups 
• Prepare periodic filings including end-of-year tax reporting 

Implement accounts receivable, credit, collections, and revenue recognition –17 questions 

Implement and manage accounts receivable 

• Set up customers and customer posting profiles 
• Configure and process free text invoices 
• Process orders, invoices, and payments 
• Configure customer payment setup 
• Configure accounts receivable charges 
• Configure bank accounts for customers 
• Manage customer holds 

Manage credit and collections 

• Configure credit management processes 
• Configure collections management processes
• Manage delinquent customers 
• Prepare and send customer account statements 
• Manage customer credit limits and credit holds 
• Set up and process collection letters and interest notes 

Configure revenue recognition 

• Configure journals and parameters for revenue recognition 
• Implement revenue schedules 
• Enter and process revenue recognition transactions 

Implement and manage accounts payable and expenses –8 questions 

Implement and manage accounts payable 

• Configure invoice validation policies 
• Set up vendors and vendor posting profiles 
• Process orders, invoices, and payments 
• Configure the vendor collaboration module 
• Configure vendor payments including positive pay and payment calendars 
• Configure accounts payable charges 
• Configure bank accounts for vendors 
• Configure accounts payable journal approval settings 

Configure and use expense management 

• Configure expense management including categories, per diem options, mileage expenses, and personal expenses 
• Configure workflows for expense management 
• Describe use cases for expense management policies and the audit workbench 
• Describe and configure credit card processing 
• Manage expense reports 
• Configure and manage cash advance settings 
• Create and manage travel requisitions 

Manage budgeting –15 questions 

Configure and manage budget controls 

• Configure budgeting components including budget models, codes, allocation terms, cycles, and transfer rules 
• Configure budget controls including cycle time spans, budget parameters, budget fund availability options, budget control rules and groups, and over-budget permissions 
• Create and configure registry entries 
• Implement budget workflows 
• Perform budget checks on documents and journals 

Configure and process budget plans 

• Define a budget planning process 
• Plan a budget 
• Create a budget plan by using scenarios, stages, allocation stages, stage allocations, and templates
• Create a budget plan template 

Manage fixed assets –11 questions 

Implement and manage fixed assets 

• Create fixed assets and fixed assets groups 
• Configure fixed asset parameters 
• Describe fixed asset books and depreciation processes 
• Configure fixed asset books 
• Configure depreciation 

Process fixed asset transactions 

• Enable integration with purchasing, projects, and free text invoices 
• Acquire, depreciate, and dispose of fixed assets 
• Create fixed asset budgets and transfer the budgets to the budgeting module 
• Estimate and perform an elimination of a project to a fixed asset 

Notes:

• The bullets that follow each of the skills measured are intended to illustrate how we are assessing that skill. Related topics may be covered in the exam. 
• Most questions cover features that are general availability (GA). The exam may contain questions on Preview features if those features are commonly used.