In Microsoft Dynamics 365, the Close Income Statement batch job transfers the year’s results to a Retained Earning account in the balance sheet and closes all the income statement accounts. This process creates a journal, which is posted manually. When an additional reporting currency is used, the system will post the additional currency directly to the ledger when the “home” currency batch is posted.
As the end of the year rapidly approaches, many companies start thinking about doing their ‘year-end closing’ in Dynamics NAV. We know that many companies do not actually perform the year-end close until several months into the year, after an account has reviewed the books and made any necessary adjustments.
Are you scared because you’re not ready to do a year-end close in NAV? Not even sure where and when to begin? Fear not, we can help. Grab a cup of a coffee and join us for another NAV Coffee Break video. In this installment, we’ll walk through year-end close best practices (such as, be sure to do a back-up before you do anything else), point out potential pitfalls (such as, if you don’t normally run an “Adjust Cost” report at the end of each month, don’t do it now), and remind you that while it’s technically called a “year-end close,” you can perform this activity at any point during the year.
Before you pop that bottle of champagne to usher in the new year, there are some things we often forget to do that will make returning to work a little easier after the holidays. Making these changes now will mean much smoother sailing into 2016…at least as far as Microsoft Dynamics NAV is concerned.