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Answered

Financial Year close

Posted on by 335

Hi 

how would I confirm that the year has been closed ? 

thanks 

Shuhaib

  • shuhaib Profile Picture
    shuhaib 335 on at
    RE: Financial Year close

    HI Junaid

    Thanks for your help

  • Suggested answer
    Junaid Idrees Profile Picture
    Junaid Idrees 12,740 on at
    RE: Financial Year close

    Hi Shuhaib,

    This Video is also a good reference:

    www.youtube.com/watch

    Do you need any additional information/Help or all set now? If nothing else is needed then Please  mark the verified answer to help others.

  • Suggested answer
    Junaid Idrees Profile Picture
    Junaid Idrees 12,740 on at
    RE: Financial Year close

    Hi Shuhaib,

    The closing sheet is basically used to make adjustments in period 13 before closing your fiscal year close. I always started my closing process directly from "Open transaction" but make sure you select all required parameters perior to run this process.

  • shuhaib Profile Picture
    shuhaib 335 on at
    RE: Financial Year close

    Hi Junaid

    Finance Super user was closing it before . he resigned .

    that's why i am asking .

    i had a discussion with another user in finance .

    He Said he Checked "General Ledger | Setup | General Ledger Parameters | Ledger | Fiscal Year Close"

    and Run Opening Transaction .

    He did not run the closing sheet  .

    Is there any impact if he didn't perform the steps of closing sheet ?

  • Suggested answer
    saransh321 Profile Picture
    saransh321 212 on at
    RE: Financial Year close

    Dear Junaid

    When you click on Periodic --> Financial Year Close --> Opening Transactions --> 

    You need to specify the Main Account to which the transfer of the year-end will be updated. Also, the End Date is to selected usually 31/12/yyyy

    You can go and check the account balance for this main account and you will come to know if the year-end closing was performed or not.

    Hope this helps

    Note: If this post or any post answered your question. Please mark it as answered as this will help other members of the community

  • Suggested answer
    Junaid Idrees Profile Picture
    Junaid Idrees 12,740 on at
    RE: Financial Year close

    Hi Shuhaib,

    There is no audit check report on it that can show if someone has executed this steps correctly or not but as i mentioned you earlier, once "Opening transaction" process will be completed it will create FY opening voucher automatically and that will ensure that your balance sheet accounts opening balance is transferred to new FY or not and secondly as ludwig also mentioned you can manually set the fiscal year > period status to CLOSED.

    BTW, can you please tell us, Who close the year in your company, IT department or Finance business user? There should be a standard SOP for that like a power user in finance department who should be responsible to run year end closing since it is critical and important activity.

  • shuhaib Profile Picture
    shuhaib 335 on at
    RE: Financial Year close

    Hi Junaid ,

    went through the link sent .

    thank you for that . 

    my question on how to confirm if somebody has  already  executed those steps ?

    thanks

    Shuhaib

  • Suggested answer
    Junaid Idrees Profile Picture
    Junaid Idrees 12,740 on at
    RE: Financial Year close

    Hi Mohamed Shuhaib,

    Yeah if 1st parameter is unchecked then that's fine. It will be soft closing.

    Changing only the status to close is not sufficient, you will have to perform couple of steps.

    Please follow the below MS docs to help you out step by step:

    1. docs.microsoft.com/.../fiscal-year-closing-checklist

    Another reference with screen shots:

    2.www.loganconsulting.com/.../

  • shuhaib Profile Picture
    shuhaib 335 on at
    RE: Financial Year close

    Hi Ludwig ,

    This Doesn't show up period , as you said in your previous comment .  

  • shuhaib Profile Picture
    shuhaib 335 on at
    RE: Financial Year close

    Hi Junaid ,

    I have not Run Year End closing before .

    "General Ledger | Setup | General Ledger Parameters | Ledger | Fiscal Year Close" is unchecked in the parameters Screen .

    In "General Ledger | Setup | Ledger | Ledger Calendar | Year | Periods " Period status has been changed manually to closed .

    Is that enough for Year end closing ?

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