Fiscal Period is the period of time reflected in financial statements. Usually, the fiscal period is either the calendar year or a quarter. Fiscal period is also known as an accounting period.
The fiscal year is the consecutive 12-month period during which a business or organization plans its budget. It does not have to be from January to December.
In Sage X3, sometimes we may find difficulties like while running accounting task error comes for closing a period. So, for solving these Sage X3 has a some in build functionality. Kindly follow below steps for closing a period for particular month and for country.
Just follow the periodic tasks in the sequential order:
Step1:
- Run accounting interface before closing the fiscal period: This is to check all the stock journals are posted properly and no error is pending.
Navigate to : Stock -> Periodic Processing -> Valuation -> Accounting Interface
Refer above screen shot, just open the accounting interface screen . Enter processing date and then click on OK button. This will show, the journals are posted properly or not.
Step2: This step is important for only those companies which are manufacturing company. For non manufacturing companies we can skip this step:
Run WIP posting for all the Work Orders which are closed: Make sure all the work order journals are posted properly.
Navigate to: Costing -> WIP -> WIP Posting
Refer above screen shot, open the WIP Posting screen.
Mark the ‘All Sites’ and ‘All transactions ’checkbox as checked then click on OK button. This will show, all the WO’s journals are posted properly or not.
Step3:
To check accounting task, all the task status should always be ‘Active’ and also check no journals are o hold status.
Navigate to: Usage -> Batch Server -> Accounting task
Step4:
Final Validation: This process is used to finalize all accounting journals. Select all the mandatory fields and then click on OK button in the Final Validation screen.
Navigate to: Financial -> Current Processings -> Final Validation
Step5:
Period Closing Process: For period closing process, just open the fiscal period screen. Follow below path:
Navigate to : Common Data -> G/L accounting tables -> General -> Fiscal Period.
Now here as you can see the above screen shot, all the stock status are open. Close them first from the drill down.
Now for closing accounting period, follow below path.
Navigate to: Common Data -> G/L accounting tables -> General -> Fiscal Period -> Closing button.
Now in this screen, select the period month for which we have to close the period status and then click on the OK button.
After clicking on the Okay button, the period status of all the selected period months gets closed.
Hence, after doing all the above steps we can close the fiscal period for particular month or year.