The fiscal year end is the one of the most important and tedious process in ERP. Let us see, how to close a fiscal year in Sage X3 in three simple steps.
Before we go ahead with the closing, following are some of the elements that are to be checked:
- Closure of all the periods.
- Settling of the balance.
- Balance/General ledger equality (including validation of temporary GLs).
- Settling of open items.
- Settling of uppercase matchings.
- Existence of at least one matched posting on an account parameterized as “matchable”.
- Existence of the posted accounts and dimensions.
- Entered accounts and dimensions (on those dimension views for which posting is mandatory).
- Depreciation expenses process already launched.
- Go to ‘Financials -> Closing processing -> Fiscal year end’.
- Enter the company for which the financial year is to be closed.
- Now, enter the entry type and the journal in which the carry forward entries must be generated.
(note: the carry forward journals can be specified at Parameters -> General Parameters -> Parameter Values [CPT -> Legislation])
It is highly recommended to run the process in simulation first and on successful simulation, proceed with the actual year-end closing process.
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