Monday, 16 January 2012

Dynamics Ax 2009 Financials : Year-End process

Please find the Year-end closing process below:

Step 1: Create a new fiscal year
Path: Dynamics Ax > General Ledger > Setup > Periods > Periods
Click button 'Create new fiscal year'

Click 'OK'

12 monthly lines get created with open status.

Step 2: Control transactions in a closing period

Path: Dynamics Ax > General Ledger > Setup > Periods > Periods

A closed period cannot be reopened. Therefore, permission to close periods and years should be highly restricted.

Select 'Stop' from list and this prevents transactions posting in the system for that period, perfom same operation for 12 monthly periods.
Step 3: Change module status
Select the appropriate module and set the user group required access by selecting from list view in the above screen.

Step 4: Create Closing sheet
Path: Dynamics Ax > General Ledger > Periodic > Fiscal year close > Closing sheet.

Set field 'Closing sheet'    = 06/30/2011
Set field 'Name'              = Closing Sheet as on 06/30/2011
Set value 'Posting layer'   = Current
Set value 'Period code'     = Closing
Note: Only 'Normal' and 'Closing' options can be used in closing sheet.  'Opening' option can be used for beginning balance transaction.
Click button 'Closing accounts'
Click button 'Load balances'
Notice the accounts and balances got updated in the screen.
Step 5: Make adjustments or transfers between accounts
Select an account line from the loaded balances and click button 'Transfer'
Note: For system reconciled accounts 'transfer' button would be disabled.

Set field 'Transaction text' = Closing transfer
Set field 'Amount' = -1500 (difference amount which needs to be transferred)
Select field 'Offset account' = 999999  (The offset account could be any relevant account, here I took example of 'Error account - 999999')
Click 'Save'
Close form 'Transfers'
Form 'Closing accounts' becomes active
After the necessary transfers or adjustments are complete, click the Post button from the Closing accounts form to post the closing sheet. The closing sheet only posts to the closing period.

At this time, also run reports and verify results before you close the period and transferring ending balances into the new year as opening balances.

Note: To post the closing sheet, you must open the closing period in the Periods form. After you post the closing sheet, ensure that you change the period back to Stopped.

Step 6: Transfer Opening Balances & Setup Fiscal year close parameters

Enable GL Parameters:

Path: Dynamics Ax > General Ledger > Setup > Parameters > Ledger tab

Fiscal year close:

Delete close-of-year transactions during transfer : If this check box is selected, opening transactions and system-generated closing transactions that exist for the year to be closed are deleted when the transfer is processed again.
Create closing transactions during transfer : By enabling this option, have the system create closing transactions when running the opening transactions job.
Set period status to year closed : Select this check box to display a status of Year closed for all fiscal periods for the year that is being closed.
Voucher number must be filled in : If this check box is selected, a voucher number must be entered when opening transactions are created for a new fiscal year.
Note: If a period is closed, adjustments, which may be required by the auditor, are not possible.
Transfer opening balances procedure:
Path: Dynamics Ax > General Ledger > Periodic > Fiscal year close > Opening transactions
Click tab 'Dimension'
Dimension selection can be done here to transfer opening balances

Click button 'OK'

Please find the report of Closing transactions & Opening transactions.

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