Financials II in Microsoft Dynamic AX 2012 - Chapter 11: Year-end close. In this chapter, the learning objectives are: Create a new fiscal year, control transactions in a closing period, hold or close a period, create a closing sheet, make adjustments or transfers between accounts, transfer opening balances, set up fiscal year close parameters. | Chapter 11: Year-End Close CHAPTER 11: YEAR-END CLOSE Objectives The objectives are: • Create a new fiscal year. • Control transactions in a closing period. • Hold or close a period. • Create a closing sheet. • Make adjustments or transfers between accounts. • Transfer opening balances. • Set up fiscal year close parameters. Introduction At year-end, it is always necessary to: • Make adjustment entries that reflect transactions from the previous year. • Print reports, including financial statements. • Back up data. • Create a new fiscal year and transfer opening balances. Microsoft Official Training Materials for Microsoft Dynamics® Your use of this content is subject to your current services agreement 11-1 Financials II in Microsoft Dynamics® AX 2012 Fiscal Year-End Tasks The following list assists in closing a fiscal year in Microsoft Dynamics®AX. • Create a new fiscal year. • Set the appropriate periods to On hold in the fiscal year being closed to prevent any accidental postings. • Open the year-end closing period in the fiscal year being closed to enable posting of any necessary closing entries. • Make any adjusting entries by using either the closing sheet or by using the general journal. • Print final financial statements. • Print 1099s for any vendor that requires a 1099 statement. • Back up data. • Transfer opening balances into the new fiscal year either automatically or manually. Check the related General Ledger parameters before the transfer. • Reset number sequences. This is an optional step, and not recommended unless required by local authorities. NOTE: If you use the Inventory module, run the Inventory Close process through the end of the fiscal year. For more information about this process, refer to the Distribution and Trade training material. Create a New Fiscal Year Consider the following when you create a new fiscal year: • The first step in the year-end closing process is to create a new .
