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5 Steps for Year-End Closing in Microsoft Dynamics NAV

Published: November 16, 2016
Patty is a Customer Care Manager on Tribridge’s Microsoft Dynamics NAV team Read More

This blog is part of our Customer Care series, where our experts address technical implementation and service questions across the Tribridge product portfolio to assure that customers have the support they need to optimize their solution most effectively and efficiently.

It's hard to believe it’s that time of year again! Are you ready for year-end?

Below are a few tips that will help you stay ahead of the curve. Microsoft Dynamics NAV 2017 was released on October 28. The year-end closing in Microsoft Dynamics NAV involves 5 steps:


1. Closing the fiscal year using the Accounting Periods option.Closing the fiscal year using the Accounting Periods option.

2. Generating a year-end closing entry using the Close Income Statement option.

To get help in NAV, you can navigate to the area you are looking for assistance with, select the related field, then press F1. This will open help on the section relating to that field. See below for help on Options for Close Income Statement.
Close Income Statement
Options

3.Posting the year-end closing entry along with the offsetting equity account entries.

When you close at the end of the year, the system moves your earnings from calculated earnings to the Retained Earnings account. The system also marks the fiscal year as "closed," and marks all subsequent entries for the closed year as "prior year entries."

The system then generates a closing entry, but it does not post the entry automatically. You are given the opportunity to make the offsetting equity account entry or entries, which allows you to decide how to allocate your closing entry.

For example, if your company has several divisions, you can let the system generate a single closing entry for all the divisions, and you can then make an offsetting entry for each division's equity account.

You can post in a previous fiscal year, even after the income statement accounts have been closed, if you run the Close Income Statement batch job again.

4. If you are using Inventory Periods, verify they are closed and make sure there are future periods available.
Close period

5. Create New Year

Go to the Accounting Period page and select the option to Create Year.

Create New Year
Keep an eye on our Customer Care blog series. We will have another around the new release of NAV soon. As always, if you need additional assistance as you close out 2016, the Customer Care team is always here to help.


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