Using older versions of Outlook for Mac in business environments
This is the same as suddetuned's reply with a bit more detail. It worked for me quickly and easily bit it is exact.
I also noticed that it may make a difference if you are using a hosted exchange (ie. Office 365) or Microsoft 365 as an individual consumer application. These are not identical and have different login and other functions. In my case, it is a hosted exchange that provides Office tools.