After applying the latest Product Update related to the December 2012 Service Update for Microsoft Dynamics CRM Online, users may notice that the lead Qualify button no longer presents the Convert Lead dialog box. This dialog box traditionally allowed users to choose the associated sales records to create during qualify, including Contact, Account, and Opportunity.
This functionality is considered by design.
The qualify button will automatically create the related Opportunity record based on the customer information entered into the Lead form. In addition, the associated Contact and Account records will also be automatically created based on the First Name, Last Name, and Company Name field data, respectively.
After the lead is qualified, the lead form will refresh to a read-only state, and the new opportunity record will not appear on the screen. In addition, duplicate Account or Contact records may be created based on the lead data. Microsoft is aware of both of these symptoms and will be addressing these issues in a future update.