Year End Closing Process NAV 2009

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The Year End Closing Function is a simple and essential financial process however, as this only occurs once a year, there can often be confusion as to exactly how this process goes.

Before beginning your Year End it is important to note that:

  • The Closed and Date Locked fields for all periods in that fiscal year are selected and they cannot be cleared.
  • The Date Locked field for the first period of the next fiscal year is selected and it cannot be cleared.
  • The period lengths for the closed periods cannot be changed.
Further to the above, in the rare circumstance that you are closing a non-standard fiscal year:
  • Tick the box labelled New fiscal Year
  • Tick the box pertaining to the last period to be included in the year to be closed.
Close the Fiscal Year Step-By-Step
1. On the Navigation pane, click Departments button, click Financial Management, click Periodic Activities, click Calendar Setup.
2. From the Calendar Setup page, select Related Information, Acc. Period and then Year
2. Click Close Year. A message appears about the year to be closed. This year is suggested based on the earliest open year, and the corresponding check marks in the New Fiscal Year field.
3. Click Yes to close the year.
Following the year end closure it might be necessary to continue posting into the previous year. When you post in a closed year, entries should be marked as prior-year entries.
When Subsequent entries are posted to a closed fiscal year:
1. Run the Close Income Statement batch job to transfer the balances to the retained earnings (equity) account.
2. Post the transferred entries.
N.B. To prevent users from posting entries in a specific period; set a date range in the Allow Posting From and Allow Posting To fields in the General Ledger Setup window.
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Dan Winter

Dan is Support Consultant at Metaphorix

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