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The year-end for a system owner and a finance department is always full of preparations. Therefore, we have created a quick check list of five 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 after closing the year. Happy year end! 

1. Activate all periods

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 will not end up with errors of transactions without dates.

2. Define your number series

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

3. Check your number series

Check the voucher number series and other necessary number series, such as customer orders and purchase orders. This is done in order to ensure that you do not run out of those in the middle of the holiday season.

4. Synchronize and check your records 

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. Update the column templates

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.

Want to know more?

Read the next steps of preparations for year-end in Infor M3, you can also download our checklist that covers all preparations before, during and after closure.


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