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Dynamics 365 CommunityForums Small and medium business | Business Central, N... Year End Process

Small and medium business | Business Central, N...

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Year End Process

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Posted on by CrackBC

Dear Experts

what all are the start to end Steps /Process we need to do to close a Financial Year & Accounting period.

what all the things we need to taking care before going to start the Year End Process.

what are the steps for changing transaction code/ Number series changing steps after the Year end process.

what all the things we need to check after completion of Closing the year to make sure all are correct

Thank you All...

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DAnny3211 11,397 on at

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hi

look this

learn.microsoft.com/.../finance-accounting-periods-and-fiscal-years

learn.microsoft.com/.../year-close-years-periods

DAniele

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Dallefeld 211 User Group Leader on at

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1. If you want to change your number series, you can setup the new starting number with a starting date of 1/1/23 and that will take affect appropriately.

2. Closing your year is just like closing your month, do all the things that you would normally do. Hopefully you are controlling your posting date ranges in general ledger setup.

3. Setup new Accounting Periods, you can do this anytime

4. When ready, Close Income Statement and post the journal. Remember you don't have to wait for audit, you can close again after audit adjustments.

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CrackBC on at

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Thankyou Kim for the detailed reply.

Yes posting date ranges are managed by me only with Gen led setup and User setup

the Steps which i Understood is (Pls Correct if am wrong/Miss any steps)

Check the General Ledger Bal Equals to Sub ledger Balances

Create a new fiscal year

Close the Fiscal Year

Next is close the Income statement

Post the General Journal Entries

Now Balances of P/L Account moves to Retained Earnings

if required,

block the Back Date entry

Create a new number series for each transaction

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