closing the year...

HiteshHitesh Posts: 8Member
edited 2012-06-29 in Navision Financials
please tell me the hole step's of closing the fiscal year...and create the new fiscal year and also tell me which tables are effective from this process.

Comments

  • Madhavi_PandeyMadhavi_Pandey Posts: 124Member
    edited 2010-07-14
    To Close the fiscal Year ->
    Financial Managmaent
    |
    Setup
    |
    Accounting Period(it may be Jan. to Dec. or April to March)
    |
    Close Year Option
    |
    Ok
    To Create New Fiscal Year ->

    Financial Managmaent
    |
    Setup
    |
    Accounting Period(it may be Jan. to Dec. or April to March)
    |
    Create Year Option
    |
    Give Starting Date(like; 01.04.2010)
    |
    No. of Periods (like; 12Months)
    |
    Periods Lenth(Like;1M)
    |
    Ok




    Stpes -

    YEAR END CLOSING PROCESSES

    Close the accounting periods for the fiscal year. Explain and run the Close Income Statement batch job process. Complete the closing process by posting the General Journal.
    Process—

    Completing the year end closing process in Microsoft Dynamics NAV 2009®
    involves three steps:
    [ 1 ]Closing the fiscal year using the Close Year function on the
    Accounting Periods window.
    [ 2 ] Generating a year-end closing entry using the Close Income
    Statement batch job.
    [ 3 ] Posting the year-end closing entry together with the offsetting equity
    account entries.
    Closing a year is not required by Microsoft Dynamics NAV 2009. However,
    completing the closing process ensures that balances are displayed only for open
    year(s); for example, in the Chart of Accounts window.
    Closing a Fiscal Year
    The first step in the year end closing process is to close the fiscal year. This
    process manages the periods and dates for fiscal years.
    NOTE: A fiscal year cannot be closed before a new one is created.
    Close the Fiscal Year
    To close the accounting periods, follow these steps:
    1. On the Navigation Pane, click Financial Management, click Periodic Activities, click Fiscal
    Year, and then select Accounting Periods.
    Year End Closing Processes
    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.
    NOTE: To close a non-standard year, add a check mark in the New Fiscal Year
    check box of the last period to be included in the year to be closed.
    After running the fiscal year closing process:
    The Closed and Date Locked fields of all periods in that fiscal year
    are updated with a check mark that cannot be removed. The period lengths of the closed periods cannot be changed.
    After a fiscal year is closed, G/L entries can still be posted to the closed year.
    When you post in a closed year, entries are 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.
    NOTE: 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.
    Demonstration: Prior-Year Entry Confirmation
    Scenario: After closing the 2009 fiscal year, Phyllis, the accounting manager at
    CRONUS International Ltd., realizes that she has to post a December 2009
    cleaning expense for 80.00.
    After posting the expense, she reviews the entry to verify that the Prior-Year
    Entry check box contains a check mark to indicate that it is a closing entry.
    NOTE: To complete this demonstration, ensure that the 2009 fiscal is closed. If a
    different year is closed, post into that year in step 5 of this demonstration.
    Steps: Prior-Year Entry Confirmation
    To post the 2009 cleaning expense and review the posted entry, follow these
    steps:
    1. On the Navigation Pane, clickFinancial Management, click General Ledger, and then select
    General Journals.
    2. In the Batch Name field, click the drop-down list and select the
    Default Journal Batch.
    3. Click OK.
    4. Delete any existing journal lines in the batch.
    5. In the Posting Date field, enter 12/31/09.
    6. Ensure that the Account Type field is set to G/L Account.
    7. In the Account No. field, enter 8110.
    8. In the Amount field, enter 80.00.
    9. Ensure that the Bal. Account Type field is set to G/L Account.
    10. In the Bal. Account No. field, enter 2910.
    11. Click Post.
    12. Click Yes to post the journal lines.
    13. Click OK and close the General Journal window.
    14. In the General Ledger folder, under History, click G/L Registers.
    15. Press CTRL+END to move to the last entry.
    16. Click General Ledger to review the posted entries.
    17. Click Actions and point to Zoom to zoom in on the line.
    18. Locate the Prior-Year Entry field and verify that the value is set to
    Yes. This means that this entry is considered a closing entry and will
    be included when the Close Income Statement batch job is run.
    19. Close the open windows.
    Madhavi Pandey.
  • HiteshHitesh Posts: 8Member
    this is all for closing the year...nothing else !!!!!
  • ElenaElena Posts: 2Member
    Is it possible to change the accounting periods (from 12 periods of 1M to 1 period of 1Y) during the year?
  • sahasaha Posts: 11Member
    Yes, it is possible instead of 12 you can enter 1 & instead of 12m, you can enter 1y.
  • ElenaElena Posts: 2Member
    I can do it even if the year is stating?
    For example, I need today (3rd May 2010) to change the accounting period (defined as 1M) for the year 2010 (defining 1Y).
  • inflames1983inflames1983 Posts: 2Member
    Are there any standard reports that can be/should be generated for the EOY?
  • Alex_ChowAlex_Chow Posts: 5,051Member
    Are there any standard reports that can be/should be generated for the EOY?

    Should that be a question for the controller or the CFO of the company?
  • Madhavi_PandeyMadhavi_Pandey Posts: 124Member
    Hitesh wrote:
    please tell me the hole step's of closing the fiscal year...and create the new fiscal year and also tell me which tables are effective from this process.
    Madhavi Pandey.
  • Madhavi_PandeyMadhavi_Pandey Posts: 124Member
    Hitesh wrote:
    please tell me the hole step's of closing the fiscal year...and create the new fiscal year and also tell me which tables are effective from this process.


    Ans: -

    YEAR END CLOSING PROCESSES

    I. Close the accounting periods for the fiscal year.
    II. Explain and run the Close Income Statement batch job process.
    III.Complete the closing process by posting the General Journal.

    Process—

    Completing the year end closing process in Microsoft Dynamics NAV 2009®
    involves three steps:


    [ 1 ]Closing the fiscal year using the Close Year function on the
    Accounting Periods window.

    [ 2 ] Generating a year-end closing entry using the Close Income
    Statement batch job.

    [ 3 ] Posting the year-end closing entry together with the offsetting equity
    account entries.

    Closing a year is not required by Microsoft Dynamics NAV 2009. However,
    completing the closing process ensures that balances are displayed only for open
    year(s);
    for example, in the Chart of Accounts window.

    Closing a Fiscal Year-

    The first step in the year end closing process is to close the fiscal year. This
    process manages the periods and dates for fiscal years.
    NOTE: A fiscal year cannot be closed before a new one is created.


    Close the Fiscal Year

    To close the accounting periods, follow these steps:


    1. On the Navigation Pane, click Financial Management, click Periodic Activities, click Fiscal
    Year, and then select Accounting Periods.

    Year End Closing Processes

    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.

    NOTE: To close a non-standard year, add a check mark in the New Fiscal Year
    check box of the last period to be included in the year to be closed.

    After running the fiscal year closing process:

    [1]The Closed and Date Locked fields of all periods in that fiscal year
    are updated with a check mark that cannot be removed.

    [2]The period lengths of the closed periods cannot be changed.

    After a fiscal year is closed, G/L entries can still be posted to the closed year.
    When you post in a closed year, entries are 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/Reserve/P&L Account(Equity) account.

    2. Post the transferred entries.

    NOTE: 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.

    Demonstration: Prior-Year Entry Confirmation

    Scenario: After closing the 2009 fiscal year, Phyllis, the accounting manager at
    CRONUS International Ltd., realizes that she has to post a December 2009
    cleaning expense for 80.00.
    After posting the expense, she reviews the entry to verify that the Prior-Year
    Entry check box contains a check mark to indicate that it is a closing entry.
    NOTE: To complete this demonstration, ensure that the 2009 fiscal is closed.
    If a different year is closed, post into that year in step 5 of this demonstration.
    Steps: Prior-Year Entry Confirmation

    To post the 2009 cleaning expense and review the posted entry, follow these
    steps:


    1. On the Navigation Pane, clickFinancial Management, click General Ledger, and then select
    General Journals.
    2. In the Batch Name field, click the drop-down list and select the
    Default Journal Batch.
    3. Click OK.
    4. Delete any existing journal lines in the batch.
    5. In the Posting Date field, enter 12/31/09.
    6. Ensure that the Account Type field is set to G/L Account.
    7. In the Account No. field, enter 8110.
    8. In the Amount field, enter 80.00.
    9. Ensure that the Bal. Account Type field is set to G/L Account.
    10. In the Bal. Account No. field, enter 2910.
    11. Click Post.
    12. Click Yes to post the journal lines.
    13. Click OK and close the General Journal window.
    14. In the General Ledger folder, under History, click G/L Registers.
    15. Press CTRL+END to move to the last entry.
    16. Click General Ledger to review the posted entries.
    17. Click Actions and point to Zoom to zoom in on the line.
    18. Locate the Prior-Year Entry field and verify that the value is set to
    Yes. This means that this entry is considered a closing entry and will
    be included when the Close Income Statement batch job is run.
    19. Close the open windows.
    20.After completing all the above thing, your Year End Process is Complete.
    Madhavi Pandey.
  • niksbniksb Posts: 11Member
    I want to ask that,

    Once the Batch job is done and An JV that is created is posted.

    How to post and opening for the new year? or it is included in Batch Job.
    Also Retained earning account will be my Balance account No. in JV. So how my balance transfered to This Balance sheet accont will be utilised?

    I would be thankful if you explain me the concept.

    The most important concern that weather my balance of Chart of accounts will be tally after closing procedure or not and after closing the periods Chart of accounts will show only balance of the open year?
  • ssinglassingla Posts: 2,973Member
    The batch job transfer the Income Statement Accounts balance to retained earning account and that means the books are ready for next year. There is no need of entering opening balance of next year.

    You need not worry about matching of COA/Trial Balance. The closing entry created by batch job have equal debit and credit and therefore it will not distort the balancing of the acounts.
    CA Sandeep Singla
    http://ssdynamics.co.in
  • Stivan_dsouza21Stivan_dsouza21 Posts: 271Member
    Sandeep,

    Can you specify any eg entry which affected after closing year end journal is posted.
    which a/c is debited and which a/c is credited.
    Thanks & Regards,
    Stivan D'souza
  • mdPartnerNLmdPartnerNL Posts: 745Member
    Hitesh wrote:
    please tell me the hole step's of closing the fiscal year...and create the new fiscal year and also tell me which tables are effective from this process.

    Do you have a link to this demo?
  • faizguy84faizguy84 Posts: 52Member
    Link is http://www.youtube.com/watch?v=kUqyeEzgjrE

    Regards,
    Faisal Bukhari
  • mansoormansoor Posts: 6Member
    Hi
    one of my client database their is open accounting period in 2013 , their is NO other accounting period . now we are in 2015 year still i can post document without having 2015 accounting period , as per my knowledge to post document we must need open accounting period in current date , how this is possible in this database
    Reg,
    Mansoor
  • jglathejglathe Posts: 613Member
    Hi Mansoor,

    no, you can post documents and journals without an accounting period for the posting date. This is only not so good when you try to do reporting for the year... you will get balances since the last closed period. You can easily create the missing periods now, no problem.

    with best regards

    Jens
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