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Year end for a system owner and a Finance department is always full of preparations. Therefore, we have created a quick check list of 5 steps with important things to prepare for the new fiscal year. In the two following blogs, I will take you through the checklists of what to do during and then after closing the year. Happy year end! 

1. Open next year by activating all periods and make sure the system calendar and the system periods exist as far as your bookkeeping requires. This is an important procedure to be able to start your new fiscal year, while still in your current, so you won’t end up with errors of transactions without dates.

2. To be able to create transactions in the new fiscal year, you need to define a journal number series and invoice number series. This is a system requirement to be able to sort order the transactions chronologically.

3. Check the vouchers number series and other necessary number series such as customer orders and purchase orders to ensure you don’t run out of those in the middle of the holiday season.

4. When the system calendar is set up to run transactions for the next fiscal year, you should check the records for multiple time zones, if applicable. This is needed to synchronize with planning tools and resource planning throughout the year.

5. Lastly, for those of you who create the budget within M3, you need to update the Column Templates for the Balance files to be able to run the budget.

Good luck and see you in the next year.

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