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56Hello - I am trying to do a very late fiscal year close for a project that is not yet live so closing the books hasn't been of utmost importance. But, we definitely need to get moving on closing the year. This will be the first time either me or my colleague have closed the year in D365 so we are trying to learn and document. We have watched some videos and read a lot of the "Learn" topics but still are not getting it.
First, we have public sector enabled. Second, we have budget controls enabled AND have the "Include carry-forward amounts" unchecked as the client does not carry forward left over budget amounts; they are a use it or lose it shop. The implementation includes Inventory, PO, AP, AR, and Budgeting.
We are trying to figure out the order in which the modules. My past experience has me closing or sweeping open POs, open SOs, open AP invoices and open AR invoices before closing the GL each month. We did manage to close the months for the year but now we are having difficulty running the year-end close processes.
From what we have read so far, we need to first run Purchase order year-end close but we can't seem to get this process to run. We are getting the following message "The posting definitions for closing or opening entries are incomplete or missing. Correct or define the posting definitions, and then run this process again." We're not sure what is meant by posting definitions for closing or opening entries. Are these the entries to transfer P&L account balances to Retained Earnings? What would an opening entry be?
From what we have read, you can only run or must run the Purchase order year-end close if you have Public Sector enabled but do not have the "Include carry-forward amounts" checked. Is this accurate? Do we not have to run this process?
We see there are a fair amount of articles about the YE closing process but can't seem to hit on a couple that are clear with remedial steps listed out, especially for a Public Sector implementation.
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