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Even if you have not yet started planning for end of year close, do not worry. You still have time. Here are 6 steps to close the 2016 fiscal year and prepare for 2017.
- Complete month-end and other period closings for all legal entities starting with the inventory module and following with all other modules in use, except General ledger. Once all other modules have been closed, complete month-end and other period closings for the General ledger module.
- Create the new fiscal year. Click General ledger > Setup > Fiscal calendars > New fiscal calendar. Shown below.
- In the Ledger calendar form (General ledger > Setup > Ledger > Ledger calendar), select the fiscal year you are closing and change the status of all periods to On Hold in the Period Status field.
- Use the Closing Sheet form (Click General ledger > Periodic > Fiscal year close > Closing sheet) to select main accounts and post all necessary adjustments prior to closing the fiscal year. A closing sheet form also allows you to load current balances for the selected range of accounts, modify transfers to the selected account and print and post.
Please note: If there is an error in year-end posting or you have accounts with balances in your closing sheet and would like to reverse the transactions, simply select the Delete Existing Accounts check box on the Closing Sheet form to delete balances that are already loaded.
- Transfer opening balances for ledger accounts to a new fiscal year (General ledger > Periodic > Fiscal year close > Opening transactions). Review the General Ledger parameters to see the closing options
- Finally, print the final reports for the fiscal year. These include financial statements such as the operating statement and the balance sheet.
If you need further assistance in closing your fiscal year in Dynamics AX, please reach out to us and let us know how we can help.