How many times has this happened to you? You think you have successfully closed out the year in Microsoft Dynamics NAV only to find out after the fact that there is a change you need to make? It is a common occurrence for Dynamics NAV users. In this installment of the Dynamics NAV Coffee Break, we’ll explain what happens when you post into a previously closed year in Dynamics NAV and how to make corrections as necessary. You’ll also see how to filter to find any updated corrections easily.
In Microsoft Dynamics NAV 2015, the Close Income Statement batch job transfers the year’s results to a Retained Earning account in the balance sheet and closes all of 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.
Super quick overview of the year-end close process and great for a quick refresher of the steps you need to follow for this once a year routine. Fast, to the point, accurate. Covers closing the year, closing the income statement, what to do with dimensions, posting the journal, and gives some nice examples on using the NAV2013 search feature to find these functions that we do infrequently.
All your journal entries are done, all of your modules balance to the general ledger, and your inventory period is closed. You are ready to get that income statement rolled up and close the year. Now where were those instructions? It’s not unusual to be a little unsure about the year end close process – we only get to do it annually, so no one will blame you if you can’t remember exactly what you did last year, and in what order. Here are a couple of resources to help you out.
It’s that time of the year again. Close out the year! Most companies align their fiscal year to the calendar year so right around this time, we usually get a ton of support calls from people that forgot how to close the year end and need a quick refresher.