<img src="https://secure.leadforensics.com/133892.png" alt="" style="display:none;">

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.

3. Currencies

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.

Get in touch with me


Discuss this post

Recommended posts

Your ERP go-live is a huge milestone and major victory, but it's by no means the final step in your ERP investment journey. While going live on-time and on-budget is a measure of success, it’s just one part of the ERP realization puzzle—not the finish line.
In this blog post I describe how to get your item names in the language connected to the user when using custom lists in Infor M3.
Many companies mistakenly believe that disruption is about being on the cutting edge of technology. However, disruption is about ambitions and the power of action.
If you are running Infor OS/H5 you have the possibility to create really nice homepages for your users. The homepages are the starting points for all roles, and one of the widgets you probably want to have on your homepage is the menu-widget. On the menu widget you can add links to M3 programs for example, but by using bookmarks you can make the links smart, and let them open the programs with predefined selections and searches.
In this blog post I'm describing how to create bookmarks in M3. Since we are moving towards Infor OS and H5, we need to handle that there are some differences in how you manage bookmarks in the different user interfaces for M3.
right-arrow share search phone phone-filled menu filter envelope envelope-filled close checkmark caret-down arrow-up arrow-right arrow-left arrow-down