73Hi.
I have to perform year end close in AX 2012.
I tried the same in UAT environment as per the below steps and observed below behavior and have query.
Observation and query:
1. Check quantity report in 'Inventory and Warehouse Management | Periodic | Closing and Adjustment | Close Procedure | Check Open Quantities' and it shows an item in negative quantity. Where would this impact when close inventory is done? How to take care of this? Does it has any financial impact? If yes, on what financial date?
2. After close inventory procedure below message was displayed. What could be the reason of it? How to fix this?
Item number: 4
Transaction: Sales order SO/L1920-081M000943, lot ID LOT/ID/000102536
Unit cost price 431,714.02 can be wrong as the transaction cannot be fully settled.
3. Below two voucher type are created after close books. What is the significance of it?
a. Closing
b. Recalculation
Steps Followed:
Dynamics AX 2012 Year-End Checklist
With the year at completion, it is time to think about processing a year-end close in AX. Dynamics AX has a different year-end close than most systems, as you are able to run it as many times as you need. In other systems when processing a year-end close, once you do it, there is no going back and it is difficult to make adjustments as needed.
In Dynamics AX there are several parameters that are important to understand before processing the Opening Transaction job.
The parameters for the Fiscal Year close can be located by navigating to
General Ledger | Setup | General Ledger Parameters | Ledger | Fiscal Year Close.
Delete close-of-year transaction during transfer
This setting comes into play when you have to re-run the opening balance job. If you have run the opening balance job and then want to go back and make adjustment entries, this parameter setting will determine what happens to those adjustment entries. For example, when this option is checked it will delete the initial year-end close transactions and create a new one. When this option is unchecked, instead of deleting the year-end close, it will now create adjustment entries for those amounts. At this point, you will see your original closing entries and your adjusting entries.
Create closing transactions during transfer
This setting has an effect on how your trial balance will look at the end of the year. When this option is checked it will zero out all of your ending balances on the last day of the fiscal year, and create a new Opening transaction on the first day of the new fiscal year. For example, if you want to look at your balances as of 12/31 it would show up as zero. In our experience it is best to have this option unchecked.
Set fiscal year status to close
When the opening balance job is complete, it will set the status as “closed” if checked. It is recommended not to check this. Period status can be set to “closed” manually and this should be done after the balance sheet is audited. However, it depends on the client’s requirement.
Voucher number must be filled in
This refers to the voucher number on opening transaction job. It is recommended to be checked.
Year-end checklist steps
Once you have set your parameter settings for the “Opening Balances” job it is now time to go through your year-end checklist. Microsoft has put together a Fiscal Year closing checklist which can be located at the following link.
The steps below are consolidated from the fiscal year closing checklist link above:
1. Verify the closing options that you have selected in the General Ledger parameters form.
2. Complete the Inventory Closing process.
Click Inventory and Warehouse Management | Periodic | Closing and Adjustment | Close Procedure | Check Open Quantities. This report will print a list of inventory transactions that will remain open after the inventory close is ran.
Click Inventory and Warehouse Management | Periodic | Closing and Adjustment | Close Procedure | Check Cost Prices. The report lets you enter a maximum deviation percentage. Items that appear on this report will exceed the maximum deviation percentage. This deviation is based on the item cost price, item or median cost price or median.
Click Inventory and Warehouse Management | Periodic | Closing and Adjustment | Close Procedure | Close and enter the end date for which you want to close inventory.
Regards,
Chetan Dedhia.
