In the last blog, I wrote a checklist of what preparations you need to do before closing your fiscal year. Below is part two of three in the blog series "Preparations for year end
in Infor M3" - during the actual closing period. Enjoy!
Check that night jobs on all transactions have been completed. Sometimes an extra run is required for internal transactions and it could also be required for invoice transactions.
A final run of all cost calculations should be made. After this run, you can also make necessary changes in your costing models (elements and components). Many purchase agreements change at the beginning of a new year. Based on the accounting principles that you follow, your inventory will be revaluated. The important thing is that these revaluations are not made before the calculations has been run.
If a final closing rate is used, make sure that these currencies are updated. 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 additional booking should also be considered.
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.
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.
Read the final steps of preparations for year end in Infor M3, you can also download our checklist that covers all preparations before, during and after closure.