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Year End Closing Tips Part 2

Posted by John on December 30, 2010

Closing a Fiscal Year in NAV

The first step in the year end closing process is to close the fiscal year. This process manages the periods and dates for fiscal years.
Note: A fiscal year cannot be closed before a new one is created.

To close the accounting periods, follow these steps:

  1. On the Navigation Pane, click Financial Management > General Ledger > Periodic Activities > Fiscal Year > Accounting Periods.
    2. Open Accounting Period in NAV

    Open Accounting Period in NAV

  2. Click Close Year. A message appears regarding the year to be closed. This year is suggested based on the earliest open year, and the corresponding check marks in the New Fiscal Year field.

    3. Note: To close a non-standard year, place a check mark in the New Fiscal Year check box of the last period to be included in the year to be closed.

  3. Click Yes to close the year.

After running the fiscal year closing process:

    Closed Accounting Period in NAV

    Closed Accounting Period in NAV

  • The Closed and Date Locked fields of all periods in that fiscal year are updated with a check mark that cannot be removed.
  • The period lengths of the closed periods cannot be changed.

After a fiscal year is closed, G/L entries can still be posted to the closed year. When posting in a closed year, entries are marked as prior-year entries. When subsequent entries are posted to a closed fiscal year:

  • The Close Income Statement batch job must be run to transfer the balances to the retained earnings (equity) account.
  • The transferred entries must be posted.

Note: To prevent users from posting entries in a specific period, set a date range in the Allow Posting From and Allow Posting To fields in the General Ledger Setup window.

Next steps. Running the Close Income Statement batch job to transfer the Income statement account balances. After the batch job is complete, the journal containing the transferred balances is posted. Check back Tuesday for details on the next step in the Year End Closing process in NAV.

Note: The same steps are used in both Ceres and eFood as outlined above for MS Dynamics NAV. The examples above use the Cronus International demo company.

For more tips and training for NAV, check out our Webinar MS Dynamics Training Schedule.

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