Fiscal Year End Process in Sage X3

By | October 29, 2012

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.

Once all the above-mentioned elements are taken care off, let’s go ahead with the closing:

  1. Go to ‘Financials -> Closing processing -> Fiscal year end’.
  2. Enter the company for which the financial year is to be closed.
  3. 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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