In the last blog, I wrote a checklist of what preparations you need to do before closing your fiscal year. Below is part 2 of 3 in the blog series Preparations for year end in Infor M3 - during the actual closing period. Enjoy!
1. Night jobs
Check that night jobs on all transactions have been completed. Sometimes an extra run is required for internal transactions and sometimes also an extra run is required on invoice transactions.
2. Cost calculation
A final run of all cost calculations should be made. After this run, you can also update any changes in your costing models (elements and components). Many purchasing agreements change at the beginning of the year. Based on the accounting principles that you work in, your stocks will be re-evaluated. The important thing is that these revaluations are not made before the calculations run.
currencies updated with a final closing rate are to be maintained. After this, a process of revaluation of the claims and liabilities in foreign currency can be made. Reservations in the general ledger are made based on the needs. Reservations that have been made during the year should be reviewed, any bookings that need reversals or an extra booking perhaps?
4. Check all the last time
Checks on all records and verifications are done through different controls. Any incorrect jobs and interrupted jobs are to be found in these controls. When the checks are completed, there should be nothing that has not been transferred to the general ledger.
5. Print reconciliation lists
Once everything is booked, you can start with your reconciliation lists. Accounts Receivables, Accounts Payables, Goods received not invoiced , inventory lists etc. After this job, you can start closing the periods of the year and start printing reports.
Good luck with all the preparations! Look out for the third and last part of the blog series after the New Year.