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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