The document provides an agenda and checklist for tasks to complete year-end planning and closing for Sage X3, including running managerial reports, closing the fiscal period and year, updating default date parameters, generating 1099 forms, and other considerations. It discusses running a year-end simulation, closing procedures, financial reporting, updating budgets and standard costs, and default date parameters. Contact information is provided for questions.

1. Year-End Planning
for Sage X3
To Join the Audio: 1-253-215-8782
Passcode: 931 2017 0272
Doug Hart & Ed Halloran, Solution Architects
RKL eSolutions, LLC
Decemeber 8, 2020

2. AGENDA
 Year-end checklist of tasks to perform before closing
 Managerial Reports to run at YE & tie to the GL
 Closing the last Fiscal Period and Year
 Run Financial Data Extraction or SEI Reports
 Other Considerations
 1099 Generation and Reporting
 Updating Default Date Parameters
 Q&A

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 The Fiscal Year does not have to be closed immediately.
It is recommended you keep the year open until the
end of the final audit.
Take note!
 Run the Year-end Simulation function before closing the current year
 No journals are created
 Fiscal year is not closed
 Balance Sheet balances are rolled forward
 Allows you to run a Trial Balance for 2021 without formally closing
2020
 Updates beginning balances for most reports and inquiry screens,
however, make certain that the FYE flag is included or excluded as
required for analysis purposes. An example is found in the Criteria
screen in the Account Balance inquiry.

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 Posting of operational transactions. Examples include:
 All Receipts and deliveries validated and invoiced
 All Sales Invoices/Credit Memos posted (FUNCFMINV, BPCVAL)
 All Purchase Invoices/Credit Memos posted (FUNPIH, BPSVAL)
 All Payments posted (REMBAN)
 Physical inventory completed
 All subcontracting costs calculated and posted
 Stock accounting Interface posted with no errors (FUNSTOACC)
 WIP accounting interface posted with no errors (FUNWIPACC)
Year-end Checklist
4

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 Perform financial accounting
processes including:
 Accrual entries created & their reversals
generated
 Recurring entries generated
 Depreciation entries generated if not
using FAS
 Inter-company accounts balance
confirmed
 Variances, Clearing Accounts, RNI, 99999
account
 Non-inventory receipts accrued
 RNI account matched
 Multi-currency revaluation entries
generated
 Consider dimensional allocations
 Simulated journal entries deleted or made
Actual
Year-end Checklist (cont’d)
5

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 Close Fixed Assets:
 Confirm the Posting Type for all periods = Actual
 Confirm all journal entries are posted
 Monitor the Depreciation Context for corrections
 Perform period & year-end close
 FA must be closed before GL is closed
 FA periods cannot be reopened
 Reconcile bank accounts
Year-end Checklist (cont’d)
6

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 Restrict postings, either:
 By Module
 ACHXXXDAT - Purchase invoices
 CPTXXXDAT - Journal & batch entries
 TRSXXXDAT - Customer BP invoices, supplier BP invoices,
entry of payments, entry of open item statements, entry of
expenses lines and automatic payment proposal
 VENXXXDAT - Sales invoices
 By Document Type date range or Journal Code date
range
Year-end Checklist (cont’d)
7

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 BALAGEGRP Customer or Supplier Aging
 BALGRPDEV Trial Balance
 Matching detail for RNI account
 Requestor ACH040 can be used with limitations
 FASLISTDEP Fixed Asset Listing
 Stock Valuation Report
 ZWIP requestor
 RKL’s custom requestor to tie out WIP by Work Order
Managerial Reports
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 Final Validation of Journal Entries
 Run Final Validation for all remaining temporary 2020
entries (CPTVAL)
 Review the Pre-closing report for blocking errors
(CLOPER)
 Close the Period
 Stock close
 Period close (final month will notify on screen)
 Make sure January 2021 is open!
Closing the Year
9

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 Have all users log out of Sage X3 (Journal Monitor, EDI Monitor, and ADC
Monitor must be stopped as they are considered ‘users’)
 Turn off accounting tasks
 Confirm the NEWPR journal and document type exist – these are used to
create the closing entries
 Verify the RTZ level for Sequence Numbers
 Verify Parameters for Analytical Balance Forward (FRWANA) & General
Ledger Balance Forward (FRWGAC) are both set to Yes
 Confirm the Miscellaneous accounts tab in the Chart of accounts function
 Line 11 should be Retained Earnings
 Other lines are not used but may need values to avoid generating errors
Closing the Year (cont’d)
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Closing the Year (cont’d)
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 Years can be re-opened to enter any audit adjustments
 Financials > Closing processings > Fiscal Year End function
 Run Simulation first to identify potential errors
 Journal entries
are created,
closing P&L
accounts to R/E
and establishing
beginning
balances for
Balance Sheet
accounts

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 Use SEI or Financial Data
Extractor to verify report
balances at year end
 Confirm roll-forward of ending
balances to beginning balances
for balance sheet accounts
Financial Reporting Considerations

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 Budgets – New budget codes can be created or 2021 budget amounts can
be imported to existing budgets
 Operational Budgets – Carry-over budgets should be calculated if
necessary
 Update Price Lists (Sales & Purchasing)
 Update standard costs
 System will use old standard until 2021 standard is created
 Copy current Raw Material standard to simulated
 Update Raw Material simulated standards
 Perform BOM cost rollup on Finished Goods simulated costs
 Copy simulated 2021 cost to 2021 standard costs
Other Considerations…

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 Fee Declaration > United States > Processings
 Payment amounts can be edited using the 1099 payment
summary function
 Run the Calculate 1099 payments function
 Print forms 1099-MISC, 1099-NEC (with the application of the
2020 1099 patch for v11 and v12), & 1096
 Electronic filing is not supported within X3 but several 3rd-
party applications exist
Printing 1099s

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 Change the date ranges after the new
year begins
 These dates default into reports and
inquiries
 Verify the ENDDAT value is at least
one year in the future – X3 will not
allow transactions to be posted
beyond this date
Default Date Parameters

16. Thank you and Happy Holidays!
RKL eSolutions helpdesk is a great place to ask questions.
Contact us: support@rklesolutions.com
Gia Lane
Customer Account Manager
East Coast
Glane@rklesolutions.com
717-735-1492
Mike Share
Customer Account Manager
West Coast
mshare@rklesolutions.com
717-735-9131