If you use exchange rates, these should be regulated before making a year-end statement. If no currency is used or the rates posted are always valid, this section may be skipped.
The exchange rate regulation ensures that an adjustment is made if rates have changed since the accounting of Accounts receivable, creditor, financial or bank records.
The run can be found under Financial management->Finance->Periodic activities-> Currency
Start date: This field is usually not filled in, but you can enter a date to indicate the start of the period in which the records will be regulated. \nEnd Date: Here you can specify the last date for regulation of records. This date is usually the same as the posting date in the Posting date field. \nAccounting Description: Here you can type a text for the financial records that will be created at runtime. By default, exchange rate adjustment of %1 %2 is proposed, where %1 is replaced by the currency code, and %2 of the currency amount that is regulated, i.e. the text could be: Exchange rate adjustment of DEM 38,000. \nPosting date: Here you can specify the date on which the financial records should be posted. This date is usually the same as the end date in the End Date field. \nAttachment No.: Here you can specify an attachment number to display on the financial records that will be created at runtime. \nRegulate debtor, creditor and bank accounts: Here you need to check the box if you want to regulate for currency fluctuations in debtor, creditor and bank accounts. \nRegulate financial accounts for extra rapp.currency: Here, check the box if you post in an additional reporting currency, and you want to regulate the financial accounts for currency fluctuations between the relevant accounting currency and the additional reporting currency. \nClick OK to start the run. If you do not want to use the run, click Cancel to close the window.
In order to ensure that the inventory value is calculated correctly, the cost of the goods should be regulated. This can either be set up to happen automatically under Inventory Setup, or it can be done intermittently by running built-in runs in Microsoft Dynamics NAV (Navision).
If you do not use goods, this section can be skipped.
First, run the run “Adjust cost price — commodity porter”. This ensures that the cost prices posted in the financial statements are up to date after you complete the run.
The run can be found under Financial Management-> Inventory-> Pricing
Once the cost prices have been adjusted, the run “Book inventory adjustment” is run, which is located under Financial management-> Inventory->Price calculation->Book
The help for both reports provides a detailed description of what they do.
To be able to finish the year, start by finishing the periods of the year. This is done during
Financial Management-> Finance-> Periodic Activities- Fiscal Year-> Accounting Periods
Note: After a period ends, it cannot be reopened.
Click on the “End Year” button. It will display the following message:
Fiscal years end in sequence, so if there are periods from previous ones that have not been closed, these will be closed first.
Storage periods can be opened and closed as needed.
After that, the result must be transferred to the balance sheet. This is done by unwinding the run “Reset income statement”, which can be found under Financial management-> Finance-> Periodic activities- Fiscal year
This run will look at the balance of all accounts that are of type Income Statement and generate a draft on an End Date. This date does not relate to the old or new financial year and is used solely for accounting for the reset.
Fiscal year end date: Here you can specify the last date of the completed fiscal year. This field must be completed. It is used by the program to determine the end date. \nFinancial journal type: Here you need to specify the name of the financial record type in which the records will be placed. Click the AssistButton on the right to view the existing financial journal types. \nFinance folder name: Here you can specify which financial journal name the records should be placed in. Click the AssistButton on the right to view the existing financial journal names. \nAttachment No.: If you have filled in the Financial journal type and Financial journal name fields, this field is automatically filled at runtime with the next available number from the number series to the journal name. You can also fill in the field manually. \nResult account: Specify the account in which result records should be placed. Click the AssistButton on the right to select the account. \nPosting Description: Here you can type the text that the records should be provided with. By default, Reset income statement is suggested. \nReset pr. Konc.Enterprise Code: Select the box to create a record for each conc.Enterprise code. \nReset pr. Dimensions: To create an entry for each dimension used in the financial account, click the AssistButton on the right and select codes for the dimensions.
If you want to be able to do reporting on dimensions, e.g. balance reports bounded on dimensions, it is important to reset per. Dimension is filled in with the dimension codes that one wants to be able to report on.
The inventory period is closed: This field indicates that storage periods with end dates that are the same as or later than the last date of the accounting period are closed.
If you do not want to close by group companies or dimensions, only one record is created for each account. \nClick OK to start the run. If you do not want to use the run, click Cancel to close the window.
Review the journal and post it. The reset itself only happens once you post.
After the accounts have been completed and reset, it is still possible to make postings. \nPost-closing entries are posted on the date they relate to in the completed period. And the Reset income statement run will be run again and the journal will be posted. \nThese financial records will be marked in the “Post record” field and can therefore easily be found again.
Questions?
If you have any questions about the end of the year or would like consulting assistance, click here and indicate your question and Vision People will contact you and arrange the next process>>
If you have any questions about the end of the year or would like consulting assistance, click here and indicate your question and Vision People will contact you and arrange the next process>>
We look forward to hearing from you in more detail.
