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Dynamics AX 2012 Year-end Checklist
Dynamics AX 2012 Year-end Checklist
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Posted on February 10, 2014 by Jason Erickstad
With the year at completion it is time to think about processing a year-end close in AX. Dynamics
AX has a di erent 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 di cult 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.
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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
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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.
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Create closing transactions during transfer
This setting has an e ect 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 scal year, and
create a new Opening transaction on the rst day of the new scal 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 scal 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 clients requirement.
Voucher number must be lled in
This refers to the voucher number on opening transaction job. It is recommended to be checked.
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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.
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The steps below are consolidated from link above:
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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
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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.
3. Complete month-end and other period closings in all modules other than General Ledger. Some
of these may include:
- Post all open journal vouchers for the month in all relevant modules
- Complete any batch posting routines in Accounts Receivable and Accounts Payable
- Process foreign currency revaluations in the Foreign Currency Revaluation form
- Post and adjust project transactions
4. Complete month-end and other period closings in General Ledger and print nancial reports for
the month and quarter.
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5. If your legal entity is a consolidated legal entity, complete steps 1 through 4 for each subsidiary,
and set up the subsidiary accounts to consolidate data. If the data for the subsidiary legal entities
is in a separate database, export the subsidiary data to use in a trial consolidation. To determine
what legal entity is your consolidation legal entity you can navigate to General Ledger | Setup |
Organization | Legal Entities and verify if the Use for Financial Consolidation Process checkbox
has been checked.
6. Peform and Online Consolidation. An online consolidation can be done when the subsidiary
legal entities are in the same database as the consolidated legal entity. It is recommended that you
use Management Reporter to combine the nancial results for multiple legal entities in a
consolidated format. Management Reporter lets you create consolidated nancial reports across
legal entities.
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7. In all modules other than General Ledger, complete year-end activities that might create ledger
postings. For example, process year-end depreciations in Fixed Assets.
8. Create the new scal year by navigating to General Ledger | Setup | Fiscal Calendar
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- In the left pane, select the scal calendar
- Click New Fiscal Year
- Enter an ending date for the new scal year. The starting date for the new scal year is the day
after the ending date of the previous scal year.
- Enter the name of the scal year
- Specify Period Information
Select the Copy from last scal year check box to have this scal year use the same
periods as the previous scal year.
- Click Create
9. Navigate to General Ledger | Setup | Ledger | Ledger Calendar and highlight this new scal
year and set the Period Status to On Hold
10. Have your IT Department process a SQL Backup of your AX Database.
11.There are a couple of di erent ways you can make adjustments for year-end. You can either
post adjustments in the General Journal form which will post the adjustments in the current open
period. The other option is to use the Closing Sheet which can be found by navigating to General
Ledger | Periodic | Fiscal Year Close | Closing Sheet.
12. Print nal Financial Statement. For more information on how to generate nancial statement
click on the link below:
http://technet.microsoft.com/en-us/library/aa572662.aspx
13. Print 1099 Statements for your Vendors
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14. At this point you are ready to run the Opening Transaction job which will transfer opening
balances for each account to a new scal year and close out your P&L Accounts and transfer those
amounts to your Retained Earnings account specied in the Opening Transaction form. To run this
process navigate to General Ledger | Periodic | Fiscal Year Close | Opening Transaction.
When you open this form you will see the parameter settings we talked about earlier in this blog at
the top of the form in the General Ledger Parameters section.
- In the End Date eld enter the closing date for the scal year that is being closed
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- Set the Balance Accounts eld to Closing->Opening which will transfer the balances
automatically to the next scal year.
- In the Main Account for Transfer of year-end result you will need to enter in your Retained
Earnings Account
- Specify a voucher number in the Voucher Number eld.
- In the nancial dimension tab, select the dimensions you want to transfer so that balance will
be migrated with dimensions.
- Click on OK and the Opening Transaction job will run.
15.Run the nancial statements or Trial Balance and verify the data and if any adjustment entry is
required, post it through general journal and re-run the opening transaction process with a new
voucher.
For information on how to print the Trial Balance report:
http://technet.microsoft.com/en-us/library/aa589532.aspx
About the Author:Jason Erickstad
Jason is a Sr. Consultant at Stoneridge Software focused on supply chain and manufacturing.
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He is a veteran of both Microsoft Dynamics NAV and AX support, has facilitated training in
Dynamics AX nancials, and is a specialist in Dynamics AX credit card transaction processing.
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