sage erp x3: processes for year end simulation and fiscal year end

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Sage ERP X3 Tip: Period Close

Procedure Identifier: GL006Procedure Owner:

Revision Date:

Activity Function

Owner Description/Comments

Introduction A month-end close procedure must be performed in X3 for financial reporting and to close certain processes within X3. The following paths are recommended to close the period in X3.

Run Shipment Validation Navigation Path: Sales/Shipments/Shipment Validation

Run Sales Invoice Validation

Navigation Path: Sales/Invoices/Invoice Validation Run for the date range of month to be closed.

Run Customer Invoice Validation (AR)

Navigation Path: AP-AR Accounting/Invoicing/Validate Customer BP Invoicing Run for the date range of month to be closed.

Run Purchase Invoice Validation

Navigation Path: Purchasing/Invoice/Invoice validation Run for the date range of month to be closed.

Run Supplier Invoice Validation (AP)

Navigation Path: AP-AR Accounting/Invoicing/Validate Supplier BP Invoicing Run for the date range of month to be closed.

Receipt Validation Navigation Path: Inventory/Periodic Processing/Valuation/Accounting Interface Run for the date range of month to be closed. This should be a recurring

job but is recommended to be run manually at end of month

Run Bank Posting Navigation Path: AP-AR Accounting/Payments/Bank Postings Run for the date range of the month to be closed.

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Activity Function


Close Stock Period Navigation Path: Common Data/GL Accounting Tables/Fiscal Periods/Stock Status Stock status should be set to “Balance Adjustment.”

Stock Valuation Report Navigation Path: Inventory/Periodic Processing/Valuation/Stock Valuation Report This function is used to print a stock valuation report for a given

company according to different calculation criteria or valuation methods of the inventory, standard, revised standard, FIFO, etc.

RNI Reconciliation Navigation Path: Prints/Prints by Group/Financials/Financial Accounting/ Should be reconciled monthly. It is recommended to be reconciled

weekly at “Go Live.” This report shows inventory that has been received but not invoiced.

WIP Cost Finalization Navigation Path: Costing/Production Costs/WIP Finalization This cost is used to determine the production cost for a completed

work order and to calculate any variances between the actual cost and the standard cost or the cost based on the work order.

WIP Accounting Interface Navigation Path: Costing/Accounting Control/WIP Accounting Interface This process is used to pass production tracking records and

variances to the general ledger.

Report Generation It is recommended that Aged Trail Balance, Trial Balance, and detail General Ledger reports are printed

Process Reversals Navigation Path: Financials/Current Processings/Reversals Run for the period being closed for all applicable reversal journal codes This process can be done manually within the journal entry: Set the

“Reversing Flag” to “To Reverse” and then enter the reversal date. When complete, go to the toolbar at the top of the screen, choose “ZOOMS” and then “Reversing.” Change description and reversing date (if applicable), choose “OK.”

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Activity Function


Process Batch Journal Entries

Navigation Path: Financials/Current Processings/Batches Run for the period being closed for all applicable batch entries.

Run Recurring Journal Generation (if applicable)

Navigation Path: Financials/Current Processings/Recurring Entries Run for the period being closed for all applicable recurring journal codes.

Run Currency Conversion Variance (If Applicable)

Navigation Path: Financials/Closing Processes/Conversion Variance This only applies if using multi-currency.

Run Final Validation Navigation Path: Financials/Current Processings/Final Validation This process changes the status flag from “temporary’ to “final” An entry in “final” status can not be modified. All transactions associated

with that transaction can not be modified. A “final” status of an entry indicates that a month is ready to be “closed”

and “reported” Verify that all parameters are checked. The start and end dates should be the first and last day of the month to

being closed.

Print Pre-Closing Verification Report

Navigation Path: Prints/Prints by Group/Financials/Financial Accounting/CLOPER Pre-closing Verification (X3) for the month to be closed. This report will report any transactions is X3 that are not posted or in Final

status.

Open the following or next month

Navigation Path: Common Data/GL Accounting Tables/Fiscal Periods Verify that the following month is open.

Run Period Close Navigation Path: Common Data/GL Accounting Tables/Fiscal Periods Verify that the month being closed is the only month set to Yes. The month can only be closed if all appropriate month journal entries are

in Final status.

Run Financial Data Extractor

Navigation Path: Financials/Financials/Reporting/Financial Data Extraction

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Activity Function


Run Management Reporter

Run the Statements to verify results.

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sage erp x3: processes for year end simulation and fiscal year end

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