Microsoft Dynamics NAV – Year End Checklist 1. Post All Open Journals – Payments, Deposits, Cash Receipts, Payroll. 2. Post Recurring Entries for the year to be closed 3. INVENTORY RECONCILIATION – As of End of Fiscal Year Date a. Run the Adjust Cost Routine b. Run the Post Cost to G/L Routine c. Run the Inventory Reconcile to G/L Report – By Inventory Posting Group d. Tie the Received Not Invoiced Posted to G/L to your Inventory Accrual Account (Liability) e. Tie the Shipped Not Invoiced Posted to G/L to your Accrued COGS Account (Contra Asset) f. Tie the Net Inventory Interim Posted to G/L to your Inventory Interim Account (Asset) g. Tie the Inventory Posted to G/L to the Inventory Asset Account 4. INVENTORY REVALUATION - Depending on your Industry – or to correct errors, you may be able to re-value inventory as part of the year end process. Now is the time. 5. ACCOUNTS RECEIVABLE RECONCILIATION -Tie the Customer Trial Balance Report to the A/R Account – By Customer Posting Group (This report ties to the G/L – Aged A/R may not tie if you use Foreign Currency) 6. ACCOUNTS PAYABLE RECONCILIATION - Tie the Vendor Trial Balance Report to the A/P Account – By Vendor Posting Group (This report pies to the G/L – Aged A/P may not tie of you use Foreign Currency) 7. FIXED ASSETS - Calculate Depreciation and Post Depreciation to the G/L 8. MANUFACTURING - Complete all “Finished” Production Orders and reconcile WIP values 9. BANK ACCOUNTS - Reconcile each Bank Account using the Bank Reconciliation Module. Compare the Book Values to the Chart of Accounts for each Bank Account Posting Groups G/L Account 10. MULTI-CURRENCY a. Enter the Currency Conversion Rates that will be used for gain/loss valuation at the end of the fiscal year. b. Run the Gain / Loss conversion routines – One Currency at a time – for Customers, Vendors and Bank Accounts.
11. LOCK OUT POSTING TO YEAR THAT WILL BE CLOSED a. Change the Posting Dates in G/L Setup b. Check User Posting Setups – Only Set Values for users that are Exceptions12. YEAR END CLOSE a. Verify that the upcoming Fiscal Year calendar exists in the Accounting Periods setups, and that it is correct. If it is not there, or not correct- create the periods for the next year or two. b. Close the Accounting Periods for the Year to be closed c. Close the Income Statement – By Dimension d. Open the General Journal and Enter the Retained Earnings Account(s), Post the Closing Entry using a Closing Date e. Verify the P&L Accounts have zero balance for new Fiscal period.13. FINANCIAL STATEMENTS a. Run the Year End Balance Sheet b. Run the Year End Income Statement c. Run any Statements of Operations d. Run the Trial Balance Report and verify balances e. Run Statement of Cash Flows14. BUDGETS - Create the Budget for the upcoming Fiscal Year – following your organizations business rules.