This post is part of the New Functionality In Microsoft Dynamics 365 Business Central 2024 Wave 1 series in which I am taking a look at the new functionality introduced in Microsoft Dynamics 365 Business Central 2024 Wave 1.
The 8th of the new functionality in the Application section is set up financial consolidation runs more efficiently.
When you run consolidation for business units that use a foreign currency, you must pay special attention to the exchange rates that various parts of the process use, and even more so when you redo consolidation. To do that, you can use the Set Up Business Unit Currencies page to easily keep track of the rates. The feature helps streamline your consolidation processes and improve your productivity.
Enabled for: Users, automatically
Public Preview: Apr 2024
General Availability: Apr 2024
Feature Details
When you run a consolidation, the Set Up Business Unit Currencies page gives you the last rates that were entered for average, closing, and last closing rate. Also, you can look up the exchange rates in the currency exchange rate table, which makes it easier to validate. You can modify the rates used for the current run by either entering the values or copying values from previous runs by selecting Select from previous consolidation. This page is particularly valuable when you want to rerun a previous consolidation, where you need to use the closing rate of the consolidation run previous to the earliest of such runs. This is required to correctly revaluate your balance sheet items. You can use the Select from previous consolidation register to find the relevant last run to copy values from, or just look up the rates that were used when you’re troubleshooting. The page is filtered to runs that included the selected business unit.
The Run Consolidation batch job with the new parameters is available on the Business Units list page. You can also find the Set Up Business Unit Currencies page by selecting the Exchange Rates action.
Note
The Exchange Rate setup pages for average, closing, and last closing rate, which are currently on the Business Unit card, will be deprecated. However, you can still maintain these rates if you have business units you import through files.
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