2014 year end closing for sage erp x3
TRANSCRIPT
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Pre-year end checklist
Year end simulation and closing
Post-year end verifications
Re-open a closed year
Close the last period of the fiscal year Make sure the first period of the new fiscal year is open All subledger documents, including invoices, payments,
and stock transactions, must be validated Recurring journals for the period must be generated Reversing transactions for the period must be
generated Run Final Validation for all GL journals Run Pre-Close verification (CLOPER) report Close the period
Run a GL Trial Balance for the year end
Make necessary updates to the new year such as standard costs, price sheets, or exchange rates, etc..
Account Classes must be set up correctly Setup -> Financials -> Account Classes
Accounts must be assigned to the proper Account Class in order for Retained Earnings to be updated correctly
Carry Forward in Currency should be marked for all balance sheet accounts if foreign currency balances should be brought to the new year
It is recommended the all users log out of X3
The Year End Simulation function under Financials -> Utilities -> Closures can be run to simulate what the fiscal year end function will do
It can be used for cases where the previous fiscal year must remain open for a period of time into the current year
There are no journals created nor is the fiscal year closed but it will roll the balances forward for any asset or liability accounts
The below example will simulate the year end closing of fiscal year 1, and roll the balances forward to fiscal year 2.
Mark the Simulation checkbox in the Year End Closing window to generate a log file only without closing the year (Optional). The log file will show new year journals to be created.
Unlike the Year End Simulation function under Financial Utilities, marking the Simulation checkbox here will NOT bring the balance forward to the new year.
When executing Year End, multiple journals dated the first day of the new year are created with NEWPR document types.
All entries except the last close out the current fiscal year (Roll forward Balance Sheet account balances and post the Net Income/Loss to the New Period Suspense account).
The last entry clears out the New Period Suspense account and DR/CR the Retained Earnings account.
Check the NEWPR journals created in the Journal Entry window
Check that the year is closed
Common Data > GL Accounting Table > Fiscal Years
Run GL trial Balance for year end and for opening balances (first day of new year) and verify the results
Re-opening fiscal year
Financials->Utilities->Closing->Reopen fiscal year
This will delete the NEWPR journals in the new year if they have not been finalized and set the old year back to Open status
Use the regular year end process to close the year again
Re-opening fiscal periods
Financials->Utilities->Closing->Reopen period
Use the regular period end process to close the period again
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