Tuesday, December 13, 2016

Dynamics NAV - Year End Closing Process and Checklist

http://www.archerpoint.com/blog/Posts/microsoft-dynamics-nav-2015-how-run-close-year-end-process

https://www.scribd.com/document/111003831/Year-End-Checklist-for-Microsoft-Dynamics-NAV-Navision

https://www.youtube.com/watch?v=LXFhq2jb-5o

  • 4hr review session, activities may take some time if reconciliation issues exist.
  • Year End Close Overview
    • Create Next New Year
    • Post all transactions for the year to be closed
    • Reconcile all subledgers for the year to be closed
    • Set Final Exchange Rate, Run Gain/Loss Routines
    • Lock out posting to closed period
    • Close Year
    • Close income statement
    • Post closing Journal
    • Run Financial Reports
    • Setup Budget for next year
  • Post All Open Journals
  • Payments, Deposits, Cash Receipts, Payroll.
  • Post Recurring Entries for the year to be closed
  • INVENTORY RECONCILIATION
    • As at End of Fiscal Year Date 
    • Run the /Departments/Financial Management/Inventory/Costing/Adjust Cost Routine
    • If Automatic Cost Posting is not enabled, Run the Post Cost to G/L Routine
    • Run the /Departments/Financial Management/Inventory/Inventory – G/L Reconciliation By Inventory Posting Group
      • Inventory Valuation>Include Expected Costs Ticked = Inventory including Received not Invoiced
      • Inventory Valuation>Include Expected Costs UnTicked = Only Invoiced Inventory
      • Reconcile the Received Not Invoiced Posted to G/L to your Inventory Account (Interim)
      • Reconcile the Shipped Not Invoiced Posted to G/L to your Accrued COGS Account
      • Reconcile the Net Inventory Interim Posted to G/L to your Inventory Account (Interim)
    •  Reconcile the Inventory Posted to G/L to the Inventory Asset Account
  • INVENTORY REVALUATION
    • Depending on your Industry or to correct errors, you may be able to re-value inventory as part of the year end process. Now is the time.
    • Departments/Warehouse/Inventory/Revaluation Journals
  • ACCOUNTS RECEIVABLE RECONCILIATION
    • Reconcile the Customer Trial Balance Report to the A/R Account By Customer Posting Group (This report Reconciles to the G/L Aged A/R may not Reconcile if you use Foreign Currency) 
  • ACCOUNTS PAYABLE RECONCILIATION
    • Reconcile the Vendor Trial Balance Report to the A/P Account
    • By Vendor Posting Group (This report Reconciles to the G/L
    • Aged A/P may not Reconcile of you use Foreign Currency)
  •  FIXED ASSETS 
    • Calculate Depreciation and Post Depreciation to the G/L
  •  MANUFACTURING
    • Complete all “Finished” Production Orders and reconcile WIP values
  • BANK ACCOUNTS 
    • Reconcile each Bank Account using the Bank Reconciliation Module. Compare the Book Values to the Chart of Accounts for each Bank Account Posting Groups G/L Account
  • MULTI-CURRENCY
    •  Enter the Currency Conversion Rates that will be used for gain/loss valuation at the end of the fiscal year
      • Currencies>Exch. Rates
      • Enter rate for last day of fiscal year if required
  • LOCK OUT POSTING TO YEAR THAT WILL BE CLOSED
    • Change the Posting Dates in General Ledger Setup
    • Change User Setup>Set Allow Posting From and Allow Posting To
    • Only Set Values for users that are Exceptions
  •  YEAR END CLOSE
    • Verify that the upcoming Fiscal Year calendar exists in the Accounting Periods setups, and that it is correct. If it is not there, or not correct- create the periods for the next year or two
      • Departments/Financial Management/Periodic Activities/Fiscal Year/Accounting Periods
      • Create Year
    •  Close the Accounting Periods for the Year to be closed
      • Departments > Financial Management > Periodic Activities > Fiscal Year>Accounting Periods>Close Year
    •  Close the Income Statement By Dimension
      • Departments > Financial Management > Periodic Activities > Fiscal Year>Accounting Periods>Close Income Statement
      • Enter all fields
      • Mark all dimensions
      • Open the General Journal and Enter the Retained Earnings Account(s) if necessary, Post the Closing Entry using a Closing Date
    • Verify the P&L Accounts have zero balance for new Fiscal period
  •  FINANCIAL STATEMENTS
    • Account Schedules
      • Run the Year End Balance Sheet
      • Run the Year End Income Statement
      • Run any Statements of Operations
      • Run Statement of Cash Flows
    • Run the Trial Balance Report and verify balances
      • Departments/Financial Management/General Ledger/Reports/Financial Statement
  •  BUDGETS
    • Create the Budget for the upcoming Fiscal Year 

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