You are in the process of configuring fiscal calendars in financial accounting. Which two of the following options are TRUE with regards to fiscal calendars?
A.
It is a non-compulsory setup.
B.
It is a compulsory setup.
C.
It can be used for a fixed asset calendar.
D.
It can be used for a procurement asset calendar.
The learning map at this page
https://learn.microsoft.com/en-us/dynamics365/finance/cost-accounting/cost-accounting-home-page
should give a very precise answer to whether it is a compulsory setup or not - BC are correct answers here.
B. It is a compulsory setup: Fiscal calendars are a necessary configuration in financial accounting. They define the structure and timing of financial periods for reporting and analysis. Without a fiscal calendar, it would not be possible to accurately track and report financial data.
C. It can be used for a fixed asset calendar: Fiscal calendars can be utilized for fixed asset management. They can define the periods and dates for tracking and recording fixed asset transactions, depreciation, and other related activities. Having a synchronized fiscal calendar ensures consistency and accuracy in financial reporting and asset management.
Options A and D are incorrect. Fiscal calendars are not optional (A) but rather a required setup. They can be used for fixed asset calendars (C), but not for procurement asset calendars (D).
BC
Fiscal calendars are a compulsory setup in Dynamics 365 Finance. They are used to define the financial periods that are used for transactions and reporting. Fiscal calendars can be used for fixed asset calendars but not for procurement asset calendars.
Fiscal calendars are a compulsory setup in Dynamics 365 Finance. They are used to define the financial periods for the legal entity. Fiscal calendars can be used for a fixed asset calendar and a procurement asset calendar.
A&C
A fiscal calendar is not a compulsory setup in Dynamics 365 Finance, but it is highly recommended to set it up for accurate financial reporting and analysis.
A fiscal calendar is not a compulsory setup in Dynamics 365 Finance, meaning that it is not required for financial accounting but it can be useful for certain scenarios. A fiscal calendar can be used for a fixed asset calendar, to define the financial periods for the fixed assets. But it cannot be used for procurement asset calendar.
Select the fiscal calendar that you want to use for the ledger for your legal entity in the Ledger form. A fiscal calendar must be selected on the Ledger page for every legal entity
As you can see Microsoft states it MUST be selected
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods
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