Fiscal Year Closing

Navi_Learner

As this is the first time for us to use the application and it's almost the end of the year, does anyone know how to close the fiscal year? Thanks in advance!

Savatage

Fiscal Year End Procedure
http://www.geocities.com/navision_attai ... earEnd.doc

Annual Year End Closing Procedure
http://www.geocities.com/navision_attai ... edures.doc

due to geocities bandwidth limitations they not be available all the time.
let me know & i'll just post these docs I have.

PS: Not sure but the Navision ONLINE help should have something in it about this topic

Navi_Learner

Harry, thank you very much! I have some other questions for you. 1. Do I have to reset up all the NO Series in the administration tool. As the new year starts, do I have to reset for instance the sales order no, purchase order no, etc. I tried to reset some new ones just under the old one, but when I try to use the assitance button to select the new one I created, there's no OK button for me. So the No is still old one we set up last year. Is it necessary to reassign the NO SERIES? Would you please give some suggestions? 2. When I close the old year, do I have to manually type in each month after the new year, or the system will automatically add one for instance 02/01/06, February and so on? Thank you for your time!

Savatage

let the number series run forever - unless you use some kind of coded number series ie/ 200500001..200599999 that has some kind of year in it.

No Series you can leave alone. Why would you reset it? A customer can't have the same Invoice # more than once for example.

I'm not sure I understand the second question about typing the month. Where & why were you thinking about doing this?

did you read or is it completely different in Financials:
(sorry I don't know your version)
http://www.geocities.com/navision_attai ... earEnd.doc

Navi_Learner

Thanks!

Navi_Learner

I have another question on the year closing. Before Navision, I have used some other accounting applications. It seems that once the month or year is closed, we can't view any information if we don't select the previous month or year. But I try to test closing the previous year in Navision. After I closed the year 2005, I still can view the information in the previous year from the sales order form and some other forms . And I can delete the orders in 2005 from the tables in object designer. When I closed the fiscal year, the message pops up saying once the fiscal year is closed it cannot be opened again, and the periods in the fiscal year cannot be changed? Can anyone tell me why I can still do everything?

Edward_Bloomfield

If you have completely invoiced Sales & Purchase Orders, you can get rid of them by running the Delete Invoiced Sales/Purchase Orders under Periodic Activities. You can run these jobs anytime, not just after year end.

I would leave all the other data alone - You can delete Shipments/Invoices etc (Which leaves just the financial ledger entries behind) but you have to print each one first, so it is not worth it.

I would leave deleting data directly from the Object Designer alone, as this should only be done under exceptional circumstances.

Regarding the "closing of the fiscal year", this just means that you cannot unset the "Closed" tickbox in the fiscal period, you can still post back to that period, as sometimes there are exceptional circumstances when corrections may need to be posted etc. If this happens, you just re-run the year end to include the additional entries.

Unless you lock the dates in the General Ledger Setup and/or the User Setup then people can just go back and post additional entries.

It sounds like your previous system was very restrictive.

Savatage

Note..you have mentioned a few times in your posts about deleting or re-numbering, etc. I don't know the previous system you had but as above I would leave everything alone, unless absolutely necessary. The thought of deleting all 2005 invoices already is something I wouldn't do. What if you need to run reports using Sales Invoices Header & Line Tables, you wouldn't be able to if they were axed.

Navision, I have learned is one of those systems that save everything you do. And you be able to Navigate & drill into these old postings in case you need info.

so bottom line don't delete..Maybe in a few years you might want to use the "compression" feature but delete no, simply because Hardware is so cheap now-a-days there's really no reason....well that's my opinion.

Savatage

Ok, back to the fiscal year thingy.......

When a fiscal year is closed in Navision under General Ledger | Setup-Account Periods and selecting the Close Year tab, users can continue to enter and post entries to this year. However, Navision will lock the periods so that the starting date or any other date cannot be changed in any of the periods for that fiscal year that was closed.

Additional postings or adjustments may have to be done after the close. Therefore, Navision allows you to post to closed fiscal years even if all postings have not occurred for that year prior to close. Balances on each account when posted to in the closed fiscal year will be updated automatically. Each entry posted to a closed fiscal year will be marked as closing entry by having yes placed in the Prior-Year Entry field in the General Ledger Entries window.

Note Every time that you post to a closed fiscal year, the Close Income Statement batch job must be ran to transfer the balance to the balance sheet and can be found under General Ledger | Periodic Activities-Fiscal Year and select Close Income Statement. Balance sheet information is not automatically updated.

To stop the posting of entries to a specific period you must set a date range against user accesses. You can prevent postings when using the Allow Posting From and Allow Posting To fields in:

1. General Ledger setup window found under General Ledger | Setup-General Ledger Setup on the General tab.

or

2. User Setup window found under General Ledger | Setup-Users and select User Setup.

Navi_Learner

Thank you Harry and Edward! Since it's the first time for us to use the system. I am more careful and and ask more questions. I think this is the last question regarding the same issue. In the Close Income Statement Procedure, I have a question related to Document No field. I checked our General Journal Batch Table and find there is no No. Series filled in in our current General Record. Since that field is left empty in the current table, what number is suitable for me to fill in in Document No field in Close Income Statement. Can I name any DOCUMENT NO,for example, FYE CLOSE 2005, etc. Thank you for your time!