Introduction
At year-end, it is always necessary to:
Back up data.
Set the appropriate periods to Stopped in the fiscal year being closed
to prevent any accidental postings.
Open the year-end closing period in the fiscal year being closed to
enable posting of any necessary closing entries.
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Back up data.
NOTE: If you use the Inventory module, run the Inventory Close process through
the end of the fiscal year. For more information about this process, refer to the
Trade and Logistics training material.
The first step in the year-end closing process is to create a new fiscal
year.
Create it before you close the prior year because the year-end close
usually does not occur immediately.
Immediately after you create it, you can enter transactions. The
previous year does not have to be closed before you can enter the
next year's transactions.
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Months
Years
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When a period is closed, the system displays a warning message that requires a
confirmation to indicate the period actually should be closed because the action is
irreversible.
CAUTION: A closed period cannot be reopened. Therefore, permission to close
periods and years should be highly restricted.
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You can create several specific closing sheets (for revenue, expenses,
balance accounts, and so on) and then load the balances from the
General Ledger into the closing sheet by using the Accounts button.
After you load the transactions, make transfers from one account to
another.
Closing
Opening
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A line for the opening transaction. This line makes up the opening
balance for the new year.
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When the adjustments are finished, she must post the closing sheet and create the
opening balances for the next fiscal year.
Challenge Yourself!
Help Phyllis create a closing sheet, make adjustments, post the closing sheet, and
create the opening balances for the next fiscal year.
Step by Step
Follow these steps to open the fiscal period.
1. Click General ledger, click Setup, click Periods, and then click
Period.
2. Select the period that starts on 6/30/2008.
3. Click the Status arrow, and then click Open.
4. Close the form.
Follow these steps to create and post a closing sheet for 2007.
1. Click General ledger, click Periodic, click Fiscal year close, and
then click Closing sheet.
2. Click CTRL+N to create a new record.
3. In the Closing sheet field, enter 2007.
4. In the Name field, enter 2007 Closing Sheet.
5. In the Posting layer field, click the arrow, and then click Current.
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In the Period code field, click the arrow, and then click Closing.
Click the General tab.
In the From field, type 07012007.
In the To field, type 06302008.
In the Post field, type 06302008.
Click the Closing accounts button.
Click the Load balances button.
Select the Delete existing accounts check box.
Click OK.
Click Account number 110130.
Click the Transfers button.
In the Transaction text field, type 2007 close.
In the Amount field, type 2500.
In the Offset account field, click the arrow, and then click Account
number 110110.
Close the form.
Click Account number 403150.
Click the Transfers button.
In the Transaction text field, type 2007 close.
In the Amount field, type 800.
In the Offset account field, click the arrow, and then click Account
number 110110.
Close the form.
Click Account number 140750.
Click the Transfers button.
In the Transaction text field, type 2007 close.
In the Amount field, type 1250.
In the Offset account field, click the arrow, and then click Account
number 110110.
Close the form.
Click Account number 220270.
Click the Transfers button.
In the Transaction text field, type 2007 close.
In the Amount field, type 500.
In the Offset account field, click the arrow, and then click Account
number 110110.
Close the form.
Click the Post button.
Click Close to close the Infolog.
Close the form.
Click Voucher to view the transactions.
Close all the forms.
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Summary
The fiscal year in Microsoft Dynamics AX 2009 can be:
You can set up both fiscal year and accounting periods according to:
Years
Months
Days
Each accounting period can be closed completely for more transactions. Selected
users can be able to continue an update of one or several modules.
After the reconciliation of accounts and valuation of inventory, you may have to
enter year-end transactions. You can do this in a simple closing sheet. Use a
closing sheet to post and report year-end transactions separately from everyday
business transactions.
Use the opening transactions option to:
Transfer balances on the balance sheet accounts into the new fiscal
year.
If opening balances already are created and additional updates of the previous
fiscal year are necessary, repeat the opening transactions job as many times as
needed.
You can run the year-end job as many times as needed. In Microsoft Dynamics
AX 2009, the opening balances update correctly. If the Chart of Accounts for the
new year differs from the previous year, you can create the opening transactions
directly on the new accounts. This is made possible through the option to set up a
different opening account for each account on the Chart of Accounts.
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2.
3.
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Solutions
Create a New Fiscal Year
1. Put in order the steps required to create a new fiscal year.
Step:
3
: Click OK
: Click General ledger, click Setup, click Periods, and then click Periods
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: Click OK
: Click General ledger, click Periodic, click Fiscal year close, and then
click Opening transactions
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