Check List for Year End Closing in Axapta

Year End Closing in AX2009

This checklist will assist you in closing a Fiscal Year

1. If you are using Inventory Management, run the Inventory Close process through the end of your fiscal year. (Inventory Management Periodic Closing and Adjustment)
2. Create a new Fiscal Year. (General Ledger Setup Periods Periods)
3. Set the appropriate Periods to Stopped in the current Fiscal Year. Also Open the Closing Period to allow posting of the Closing Entries. (General Ledger Setup Periods Periods)
4. Backup Data.
5. Make Adjusting Entries. (General Ledger Periodic Fiscal Year Close Closing Sheet)

6. Print final Financial Statements. (General Ledger Reports Periodic Financial Statement)

7. Transfer Opening Balances into the new Fiscal Year. (General Ledger Periodic Fiscal Year Close Opening Transactions)

8. Reset Number Sequences (optional). (Basic Setup Number Sequences Number Sequence)

1. If you are using Inventory Management, run the Inventory Close process through the end of your fiscal year.
(Inventory Management Periodic Closing and Adjustment)

The Inventory Close process will take into account the Inventory Valuation selection you have selected on the Inventory Model Group from the Weighted Average Method that is used during the month.

2. Create a new Fiscal Year
(General Ledger Setup Periods Periods)

Create the next Fiscal Year that you will be creating transactions for. This step may have been done previously if the Fiscal Year is not closed right at Year End.

3. Set the appropriate Periods to Stopped in the current Fiscal Year. Also Open the Closing Period to allow posting of the Closing Entries.
(General Ledger Setup Periods Periods)

Change the status of any period that should not have further transactions posted to it to Closed.

Note - That a Closed Period may not be reopened.

4. Backup Data.

Backup the Axapta data.

5. Make Adjusting Entries.
(General Ledger Periodic Fiscal Year Close Closing Sheet)

Use the Closing Sheet to enter any Adjusting Entries you or your auditor has deemed necessary.

6. Print final Financial Statements.
(General Ledger Reports Periodic Financial Statement)

Print your Final Financial Statements. This would include the Cash Flow Statement, Statement of Stockholder's Equity, Profit and Loss Statement (Income Statement), and Balance Sheet. If you have any other reports that you require, print those at this time as well.


7. Transfer Opening Balances into the new Fiscal Year.
(General Ledger Periodic Fiscal Year Close Opening Transactions)

Use this job to move the Balance\Asset Account Balances forward into the New Fiscal Year. This job will also move the balances of your Profit & Loss\Cost\Revenue accounts to the Year-end Result account which is set up in the System Accounts (General Ledger Setup Posting System Accounts).