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

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.

Get in touch with me

Topics

Discuss this post

Recommended posts

Having been involved with ERP over a number of years from a customer perspective, I’ve seen how the right ERP solution can help transform the way a business performs and brings all the relevant data and processes together under ‘one roof’. 
Microsoft’s ever-popular Dynamics 365 (D365) platform brings ERP, CRM and BI (Enterprise Resource Planning, Customer Relationship Management and Business Intelligence, respectively) into one system. This means your people, processes and systems can be unified, giving you the visibility you need to drive your business forward.
ERP implementations (or any kind of system implementations for that matter) are tricky, time-consuming projects that require a lot of highly skilled manpower. That’s the main reason why business leaders, like yourself, may be wondering whether you should outsource your implementation project. Here are four signs to suggest you should work with an ERP implementation partner.
Whenever your business undergoes any kind of change or transformation, it’s important to not only choose the right tools but ensure your employees understand why the change is happening. Let’s say you’re moving to a new ERP system. It’s not just about finding and implementing the right system.
Organizations that have not yet moved to the Cloud are concerned about security and accessibility. The bigger issue—and one that isn't as obvious as the other two—is a lack of clarity about the ownership costs of on-premises versus the cloud.
right-arrow share search phone phone-filled menu filter envelope envelope-filled close checkmark caret-down arrow-up arrow-right arrow-left arrow-down