Somethings that i should remember always...

This list will be updated periodically based on the learning on the day to day basis.

• Purchase Pools are configured in Procurement and Sourcing section in Setup > Purchase Orders > Purchase Pools 
• Buyer Groups are configured in Inventory and Warehouse Management section in Setup >  Inventory > Buyer Groups 
• Migration Control account is used for Sub-Ledgers only. 
• Debit Note is given by us to the Vendor. (i.e. we are asking the Vendor to pay us back)
• Credit Note is given by us to the Customer.(i.e. we are paying the Customer back) 
• Ledger Account selection in the Bank Transaction Types is for the system to suggest the appropriate ledger account code based on the selection of the Bank Transaction Type, while creating a new transaction during the Bank Reconciliation process.This is just a system recommendation, which can be overridden by the user. But for posting corrections during Bank reconciliation process, this is most useful, as users are not allowed to select the account when corrections are posted. The user has to just select the Bank Transaction Type and the system determines the appropriate account (ledger code) based on the selected Bank Transaction Type.
• Initialize Balance and Update Balance buttons in the Financial Dimension Sets (GL > Setup > Financial Dimension > Financial Dimension Sets) are used to initialize the balances once the migration data is loaded. If this is not done, then Ledger Account in COA will NOT display any balance, even after the presence of the transactional data in the system.
• While defining the Ageing Period Definition, if the user clicks on the + (green) icon, system will only allow to create the negative values but not positive ones. If the user wishes to enter the positive values, then just create the new line by using the downward arrow key and then enter the values.
• Journal can be printed from the Journal Voucher form by selecting the Print Journal option. However most of the times the requirement is to print the journal all at ones. Then the user can do so from the Journal Header. Also one other type of requirement is to print the journals which are not yet posted. Dynamics AX has inbuilt report for this kind of requirement. The report is: General Journal entries that have not been posted. Proper queries are to be created in the query window to get the desired result.
• Document Date, Due date and Transaction Date: Document Date is the date of the document. For e.g. you have received a invoice from the vendor, having a certain date on it. That is called a document date. If AX registers this invoice at a later date in the system, at that time the Document date will be different from the Transaction date. Transaction Date is the date when the transaction is posted in the system. Due date is the Document Date +Terms of payment OR Transaction Date + Terms of Payment (if the document date is not specified). For the Terms of Payment to work properly, Invoice Number should be specified in the journal line.
• Aging Report and Customer & Vendor statement can be created for all the dates namely, Document Date, Transaction Date and Due Date.
• Write Off journal can be created from the Collection screen. This journal is a daily type of journal and cannot be directly created from the General Ledger > Journals. Setup that is required for the Write-off journal is to create the write off journal in Journals. Then define that journal in the Parameters section along with the reason code. Finally define the account code for Write Off (Bad Debts write Off, expense account) in the Posting Profile.
• Write-off journal can be created by clicking the Write-off icon in the ribbon. If the icon is clicked from the Collections screen, the entire outstanding amount is selected for the journal that is created. If the icon is clicked from the individual customer line, then the user has the ability to select the amount that needs to be written off. Once the journal is created, system displays the message.
• The Cheque can be Deleted, Void and Cancelled. Only cheques with status = CREATED can be Deleted. When the cheque payment is Rejected from the payment journal, then the cheque status changes to VOIDED. You can reverse only posted cheques that have a status of PAID. You can only void un-posted cheques When the payment / cheque is reversed, the status of the cheque changes to CANCELED.
• Security Administrator role should be assigned to the user for him/her to access Management Reporter.
• Treasurer role is used for allowing the user to Reprint the Payment Advice from Bank Module and also Cheque Generation. This role should be assigned to all the users generally in the AR and AP function.
• While creating Currency, if the Currency Code is not present in AX, then create it with 999 - Unknown Currency Code.
• For all the print outs that can be obtained from the system, like Free Text Invoice, Sales Invoice, Packing Slip, user can have specific information printed on it. This can be configured from Form Notes. Similarly Form Setup allows you to select whether the paper that is used should be Printed or Pre-Printed.
• Approval Checkbox should be clicked in the AP invoice journal or else the journal will be posted but the transaction will NOT appear in the Settle Open Transactions form. If by mistake this has happened, then this can be rectified by going into the Vendor Transactions form and clicking the Approved checkbox. After this the transactions will start appearing in the Settle Open Transactions form.
• Forced Rate checkbox should be checked if you wish to apply the different exchange rate than what the system is suggesting as per the setup. If the Forced Rate checkbox is NOT checked and the new exchange rate is entered, system will still consider the exchange rate that is configured in the exchange rate setup and NOT the ones that you have given. This means that Forced Rate checkbox should be checked for the spot exchange rate to affect.
• Reconcile checkbox while reversing the check : Cheque with the sent status does not appear in the Bank Reconciliation. If the reconcile checkbox is NOT checked while reversing the payment, then a NEGATIVE line for a cheque will appear in the Ban Reconciliation along with the original entry. If the Reconcile checkbox is checked, the transactions does not appear in the Bank Reconciliation.
• Free Text Invoice Number is generated after the invoice is posted.
• Payment Advice will always have a transaction date, even if the document date is given.
• AX Auto Report can be generated from any form by navigating to File > Print > Print. This will open the AX Auto report and user can then define the criteria as per his requirements.

Thanks!

AXAPTAMANIAC