END OF YEAR CLOSURE IN NAV 4.0 SP1

Beatrice

Hi everyone,

I need some clarifications regarding EOY closure in Navision.

The situation is that a company which is working on Navision since July 2005 has not been closing the Financial years in Navision.

They now want to close the financial years and want to know the impact on reporting and accounting figures, for instance the Retained Earnings account.

Can someone please advise?

Thanks and Regards,

Bea.

AdamRoue

My advice would be to back it up, then close down each year and document the affects to the customer.

How have they decalred audited accounts since 2005?

Beatrice

Hi Adam,

Thanks for the promt reply.

You mean that I should make a backup of the system and close each and every year todate.

Please note that accounts have been audited and declared, will this exercise cause a change in the accounting figures, mainly the Retained Earnings account?

Please advise.

Regards,

Bea.

Snoopy

There is a small procedure, have you started : close Income statement?

Beatrice

We have not yet started the Close Income Statement process.

Grateful if you can assist me on the procedures to be carried out for running these processes.

Thanks and Regards,

Bea.

AdamRoue

So how the hell do you get audited and declared accounts without running the close income statement? What retained earnings were declared?

This means that not only will you need to take a backup and close teh income statement for each year you will need to do this knowing all of teh manual journals and audited adjustments made to the accounts to declare them to offset them to the NAV close down process and then investigate differences.

kriki

[Topic moved from 'Navision Financials' forum to 'NAV/Navision' forum]