Budgets are tools that are used to predict what the results of operations will be for a company. In addition, they can be used to compare actual and predicted (budgeted) results, to evaluate the effectiveness of operations.

Cash flow forecasting is used to estimate the company's future need for cash.

Microsoft Dynamics AX 2009 works with multiple currencies and provides several methods to meet the accounting requirements in different countries. The basics of setting up currencies and exchange rates are covered in the Financials I collection. This course describes advanced currency topics such as exchange rate adjustments. Exchange rates constantly fluctuate; therefore, exchange rate adjustments are necessary for correct periodic accounting. If they are not periodically adjusted to reflect the current rates, foreign amounts converted and posted to the General Ledger, and displayed in reports can be misleading.

This module describes the processing and setup of advanced customer and vendor payments. These advanced payments include bridging accounts, electronic payments, bills of exchange, and prepayments. Also included are several of the options available when setting up a method of payment, and how to use the ledger accrual functionality to defer costs or income throughout the year.

Intercompany accounting may be used when accounting processes are centralized for subsidiaries or branch offices. With Intercompany accounting, a single entry can be made which posts to multiple companies.

This module demonstrates the functionality and flexibility of Microsoft Dynamics AX 2009 in consolidating subsidiary companies into a single consolidated (parent) company. Some key features include the ability to consolidate companies whether they reside in the same database or in different databases, map the Chart of Accounts and dimensions in a subsidiary to the consolidated company, specify how the exchange rate should be calculated for the consolidation, and designate the percentage of ownership that should roll into the consolidated company from the subsidiary.

This module demonstrates three processes that are useful in the collection process. Customer account statements are used to provide an accounting of all amounts due from a customer for a period of time. Although most customers pay their invoices on time, it is necessary to be able to process invoices that are not paid by their due date. Collection letters and interest notes can be used for these situations.

Financial figures must be analyzed through different financial dimensions as a supplement to voucher and account numbers. However, it can be difficult to control the assignation of financial dimension values. Sometimes dimension values are assigned to the wrong financial transactions making reports and statistics incorrect. The implementation of dimension sets with hierarchies makes it possible to control the values entered in the system and therefore ensures more reliable data.

XBRL is a global financial reporting initiative started by numerous ERP software companies and international accounting organizations. The goal of XBRL is to provide a standard for uniform reporting of financial information for banks, investors and government authorities.

The Financial Statement feature in Microsoft Dynamics AX 2009 enables the building of a custom reporting structure. It is a powerful reporting tool that explores financial figures depicted in a company context and from a business perspective.