Experts in Business and Financial Systems

Dinesh Girdhardas

X3 Practice Manager

Catherine Wei

Consultant

Experts in Financial and Business Systems with Over 26 Years Experience Providing Complex

Technology Solutions

Our Vision

Build Long Term Relationships by Providing Value and Earning Trust

Our Mission

Make a Difference, Do it Right, Do it Together

Pre-year end checklist

Year end simulation and closing

Post-year end verifications

Re-open a closed year

Close the last period of the fiscal year Make sure the first period of the new fiscal year is open All subledger documents, including invoices, payments,

and stock transactions, must be validated Recurring journals for the period must be generated Reversing transactions for the period must be

generated Run Final Validation for all GL journals Run Pre-Close verification (CLOPER) report Close the period

Run a GL Trial Balance for the year end

Make necessary updates to the new year such as standard costs, price sheets, or exchange rates, etc..

Account Classes must be set up correctly Setup -> Financials -> Account Classes

Accounts must be assigned to the proper Account Class in order for Retained Earnings to be updated correctly

Carry Forward in Currency should be marked for all balance sheet accounts if foreign currency balances should be brought to the new year

It is recommended the all users log out of X3

The Year End Simulation function under Financials -> Utilities -> Closures can be run to simulate what the fiscal year end function will do

It can be used for cases where the previous fiscal year must remain open for a period of time into the current year

There are no journals created nor is the fiscal year closed but it will roll the balances forward for any asset or liability accounts

The below example will simulate the year end closing of fiscal year 1, and roll the balances forward to fiscal year 2.

Run the Year End Closing Process- Financials > Closing Processings > Fiscal Year End

Mark the Simulation checkbox in the Year End Closing window to generate a log file only without closing the year (Optional). The log file will show new year journals to be created.

Unlike the Year End Simulation function under Financial Utilities, marking the Simulation checkbox here will NOT bring the balance forward to the new year.

When executing Year End, multiple journals dated the first day of the new year are created with NEWPR document types.

All entries except the last close out the current fiscal year (Roll forward Balance Sheet account balances and post the Net Income/Loss to the New Period Suspense account).

The last entry clears out the New Period Suspense account and DR/CR the Retained Earnings account.

Check the NEWPR journals created in the Journal Entry window

Check that the year is closed

Common Data > GL Accounting Table > Fiscal Years

Run GL trial Balance for year end and for opening balances (first day of new year) and verify the results

Re-opening fiscal year

Financials->Utilities->Closing->Reopen fiscal year

This will delete the NEWPR journals in the new year if they have not been finalized and set the old year back to Open status

Use the regular year end process to close the year again

Re-opening fiscal periods

Financials->Utilities->Closing->Reopen period

Use the regular period end process to close the period again

TGO Consulting

905-470-6830

1 866 239 1113

info@TGO.ca

www.TGO.ca