Download pptx - Sage X3 Year End seminar 2015

Year-End Planning for Sage X3 To Join the Audio: 1-650-479-3207

Passcode 669 835 932

Tom HeinricherRKL eSolutions, LLC

December 17th, 2015

Focused. On you.

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About Our Presenters

Rachel Roselli, Customer Account Manager - WestRKL eSolutions

Rachel is your dedicated point-of-contact at RKL eSolutions for your Sage and complimentary software licenses.

Gia Lane, Customer Account Manager – East RKL eSolutions

Gia is your dedicated point-of-contact at RKL eSolutions for your Sage and complimentary software licenses.

Tom Heinricher, Senior X3 Consultant and Product Expert RKL eSolutions

Tom is our resident X3 Product Expert and brings fifteen years of X3 experience to the RKL team. Specializing in many business disciplines, finance and manufacturing are his specialties. He provides consulting and presales support to clients across multiple industries, and, is a noted author, speaker and blog contributor.


• General ledger Posting Controls – “Check List”• Year End Simulation Calculations for Ledger Balance Updating• Period and Year End Closing/Opening Process – “The Journals”• Financial Data Extraction and Reporting Considerations• 1099 Generation and Reporting• Fixed Asset Context Closing/Opening Process• Inventory Cost Transfers and Updates• General Parameter and User Configuration Settings

Today’s Agenda


• Verify that all transactions have been posted. Examples include:Shipments (FUNCFMDLV)Sales Invoices/Credit memos (FUNCFMINV, BPCVAL)Receipts/Stock (FUNSTOACC)Purchase Invoices/Credit memos (FUNPIH, BPSVAL)Bank Posting (REMBAN)Stock (Adjustments, Physical Inventory?)Work in Progress (WIP Validation, Closing, and Posting)Sub contract (SC Validation, Closing, and Posting)

Year end “check-list”


• Review/Audit General Ledger Entries including:Allocations (account and dimension)Accruals & ProvisionsReversalsFixed Assets – DepreciationCurrency (gain/loss)Inter-site and Inter-companyVariance, clearing, RNI, SNI, 99999 accounts, etc…

Year end “check-list” (continued)


• Final Validation of Journal EntriesRun the Final Validation entry (my month) (CPTVAL)Review the Pre-closing report for blocking errors (find in GESPAR)

• Close the PeriodStock closePeriod close (final month will notify on screen)Pre close report (CLOPER)

Year end “check-list” (continued)


Closing the Year• Preliminary setup considerations:

1) Verify that NEWPR Document Type is created.

2) Verify that NEWPR Journal Code is created.

3) Sequence numbers for “NP….”4) Account classes must be setup correctly

and subsequently each gl account be classified correctly.

5) Open the Journals for future periods and years.

• Run the Year End Simulation (SIMULFINEX - Financials > Utilities > Year End Simulation)


• Prior to closing the year perform the following:

1) Set SUP General Parameter ENDDAT to 12/31/xx, where xx is a couple of years in the future.

2) The next fiscal year & periods must be opened prior to closing the current fiscal year.

Closing the Year (Continued)


• Perform the following: (cont.)

3) Execute the Dimension Balance Recovery function if necessary. 4) All invoices must be validated.5) All receipts and payments must be validated (Batch Posting).6) All recurring journal entries must be generated and posted.7) Final Validation must be performed on all journals prior to closing.8) Price updates for the next year must be entered. 9) Cost transfers/cost calculations must be entered/updated for the next fiscal

year. 10) Close all periods for Current Fiscal Year.11) All users must be out of Sage ERP X3.



• Run the FYE closing utility. This will create the YE Journal entries (NEWPR).



• Journal entries are created that close P&L accounts to retained earnings and establish opening balances for BS accounts.



• Fixed Assets – Context (periods) must be opened/posted

• Budgets – New Budget Codes should be created. These can be copied.

• Operational Budgets – Carry-over budgets should be calculated if necessary.

• Update standard costs, BOM’s, Routings, etc…• Inventory Valuation – Copy cost and perform cost rollups with revaluations.

• Default Dates – update the date ranges for user access. (SUP/DEF)

Other Considerations…


• Verify report balances for all year end and future opening balances. Remember, X3 is “period” specific.

Financial Reporting Considerations


• 1099 functionality is found under “Declarations”. Follow the appropriate directions for setup.

• Run the “Calculate 1099 payments”, and

• Print the appropriate forms.

1099’s – Setup is required…


• Fixed Assets is a “True subsidiary ledger”. It must be closed separately from the GL. Monitor the context to determine what needs corrected…

Fixed Assets – “contexts”


• Change the SUP/DEF date ranges after the new year begins…

Default Date Parameters


• The Fiscal Year does not have to be closed immediately. In fact, it is recommended to keep the year open until the end of the final “audit”, or, the end of the 1st quarter of the new year.

• Simulated year end will update beginning balances for most reports and inquiry screens, however, make certain that the FYE flag is included or excluded as required for analysis purposes. An example is found in the “criteria” screen in the account balance inquiry.

• And, posting errors can be challenging. RKL eSolutions helpdesk is a great place to ask questions. Contact us: [email protected]

Finally…

Thank you and Happy Holidays!

Contact us for pricing, compatibility and consulting needs of your business

management solutions.

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