2023 release wave 1 overview
The 2023 release wave 1 for Dynamics 365 brings new innovations that provide you with significant capabilities to transform your business. The release contains hundreds of new features across Dynamics 365 applications, including Marketing, Sales, Customer Service, Field Service, Finance, Supply Chain Management, Project Operations, Finance and Operations cross-app capabilities, Human Resources, Commerce, Fraud Protection, Business Central, Connected Spaces, Guides, Customer Insights, and Customer Voice, as well as Microsoft Viva Sales and Microsoft supply chain platform and its supporting products.
For me, one of the best updates was adding the financial Tags which will be available starting April 2023. You can now define financial tags to support analytical reporting and business rule automation.
Business Value of Finance Tags
Financial tags let organizations track user-defined fields on accounting entries posted to the general ledger. This eliminates the need to create financial dimensions that contain values that are not reusable. Additional financial dimensions increase the size of an organization’s chart of accounts, causing a negative impact on system performance during processes such as the year-end close. The financial tag values can be used for reporting purposes or ledger settlement. For example, you can create a financial tag to track payment references used for ledger settlements, making it easier to match transactions.
You can check below the complete info about the release WAVE 1
The 2023 release wave 1 plan covers all new functionalities planned to be delivered to market from April 2023 to September 2023.
Very Important
Updates to Microsoft Dynamics 365 Finance 2023 release wave 1 include:
Core Financials
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- Further enhancements to subscription billing solution, enhancements for advanced cost and revenue deferrals with project accounting and subledger.
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- General availability of invoice capture. This automates the reading and recognition of vendor invoices by providing OCR capabilities to complete the full end-to-end automation of accounts payable.
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- Continued enhancements around ledger settlement automation and introduction of financial tags.
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- Public preview of archiving and purging data to save space and increase performance on large, enterprise datasets.
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- Invoice number length extended to 50, and the ability to use payment schedule in invoice journal in accounts payable has been added.
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- Continuous improvements for advanced bank reconciliation, which includes the capability to use booking dates to post new transactions in bank statements.
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