Sage X3 Year End seminar 2015

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Year-End Planning for Sage X3 To Join the Audio: 1-650-479-3207Passcode 669 835 932

Tom HeinricherRKL eSolutions, LLCDecember 17th, 2015

Focused. On you.

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About Our PresentersRachel 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.

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To edit footer choose Insert > Header & Footer and Apply to All3General ledger Posting Controls Check ListYear End Simulation Calculations for Ledger Balance UpdatingPeriod and Year End Closing/Opening Process The JournalsFinancial Data Extraction and Reporting Considerations1099 Generation and ReportingFixed Asset Context Closing/Opening ProcessInventory Cost Transfers and UpdatesGeneral Parameter and User Configuration Settings

Todays Agenda

To edit footer choose Insert > Header & Footer and Apply to All4Verify 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

To edit footer choose Insert > Header & Footer and Apply to All5Review/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)

To edit footer choose Insert > Header & Footer and Apply to All6Final 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)

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Closing the Year

Preliminary setup considerations:Verify that NEWPR Document Type is created.Verify that NEWPR Journal Code is created.Sequence numbers for NP.Account classes must be setup correctly and subsequently each gl account be classified correctly.Open the Journals for future periods and years.

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

To edit footer choose Insert > Header & Footer and Apply to All8Prior to closing the year perform the following:Set SUP General Parameter ENDDAT to 12/31/xx, where xx is a couple of years in the future.The next fiscal year & periods must be opened prior to closing the current fiscal year.

Closing the Year (Continued)

To edit footer choose Insert > Header & Footer and Apply to All9Perform the following: (cont.)Execute the Dimension Balance Recovery function if necessary. All invoices must be validated.All receipts and payments must be validated (Batch Posting).All recurring journal entries must be generated and posted.Final Validation must be performed on all journals prior to closing.Price updates for the next year must be entered. Cost transfers/cost calculations must be entered/updated for the next fiscal year. Close all periods for Current Fiscal Year.All users must be out of Sage ERP X3.

Closing the Year (Continued)

To edit footer choose Insert > Header & Footer and Apply to All10Run the FYE closing utility. This will create the YE Journal entries (NEWPR).

Closing the Year (Continued)

To edit footer choose Insert > Header & Footer and Apply to All11Journal entries are created that close P&L accounts to retained earnings and establish opening balances for BS accounts.

Closing the Year (Continued)

To edit footer choose Insert > Header & Footer and Apply to All12Fixed Assets Context (periods) must be opened/postedBudgets New Budget Codes should be created. These can be copied.Operational Budgets Carry-over budgets should be calculated if necessary.Update standard costs, BOMs, Routings, etcInventory Valuation Copy cost and perform cost rollups with revaluations.Default Dates update the date ranges for user access. (SUP/DEF)

Other Considerations

To edit footer choose Insert > Header & Footer and Apply to All13Verify report balances for all year end and future opening balances. Remember, X3 is period specific.

Financial Reporting Considerations

To edit footer choose Insert > Header & Footer and Apply to All141099 functionality is found under Declarations. Follow the appropriate directions for setup.Run the Calculate 1099 payments, andPrint the appropriate forms.

1099s Setup is required

To edit footer choose Insert > Header & Footer and Apply to All15Fixed 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

To edit footer choose Insert > Header & Footer and Apply to All16Change the SUP/DEF date ranges after the new year begins

Default Date Parameters

To edit footer choose Insert > Header & Footer and Apply to All17The 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: support@rklesolutions.com

Finally

Thank you and Happy Holidays! Contact us for pricing, compatibility and consulting needs of your business management solutions.

Sales@rklesolutions.com717.735.9109

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