2017Year-End Planning for Sage X3

To Join the Audio: 1-650-479-3207Passcode: 663-621-027

Ed Halloran, Solution ArchitectRKL eSolutions, LLC

December 11th, 2017

FOCUSED. ON YOU.

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• General Ledger Postings – Check List before closing

• Run Managerial Reports - Agree to General Ledger Balance

• Closing Last Fiscal Period and Year

• Run Financial Data Extraction or SEI Reports

• Other Considerations

• 1099 Generation and Reporting

• Updating Default Parameters

• Q&A

AGENDA

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• Posting of operational transactions. Examples include:All shipments have been invoiced

All sales invoices/credit memos posted (FUNCFMINV, BPCVAL)

All purchase invoices/credit memos posted (FUNPIH, BPSVAL)

All payments posted (REMBAN)

Physical inventory completed

All subcontracting costs are calculated and posted

Stock accounting Interface posted with no errors (FUNSTOACC)

WIP accounting interface posted with no errors (FUNWIPACC)

Year-End Check List

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• Perform financial accounting processes including:Enter accrual entries & generate their reversal

Generate recurring entries

Enter depreciation entries if not using FAS

Confirm inter-company accounts balance

Invoices to receive – accrue non-inventory receipts

Match RNI account

Generate multi-currency revaluation entries

Consider dimensional allocations

Delete/Make actual any simulated journal entries

Year-End Check List

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• Close Fixed Assets:Confirm all periods are set to actual

Confirm all journal entries are posted

Monitor the context to determine what needs corrected

Perform period & year end close• Periods cannot be reopened

• Must be closed before GL is closed

• Reconcile bank accounts• No automatic reconciliation yet

Year-End Check List

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• Restrict postings by module• ACHXXXDAT - Purchase invoices

• CPTXXXDAT - Journal & batch entries

• TRSXXXDAT - Customer BP invoices, supplier BP invoices, entry of payments, entry of open item statements, entry of expenses lines and automatic payment proposal

• VENXXXDAT - Sales invoices

• Or restrict by Document Type date range or Journal Code date range

Year-End Check List

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• NA-BPATB Customer Aging

• NA-BPATB Supplier Aging

• NA-TRLBAL Trial Balance

• Matching detail for RNI account• Requestor ACH040 can be used with limitations

• Fixed Asset Listing

• Stock Valuation Report

• ZWIP requestor • RKL custom requestor to tie out WIP by work order

Managerial Reports

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• Final Validation of Journal EntriesRun Final Validation for all remaining unposted 2017

entries (CPTVAL)

Review the Pre-closing report for blocking errors (CLOPER)

• Close the PeriodStock close

Period close (final month will notify on screen)• Make sure January 2018 is open!

Closing the Year

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Closing the Year• All users to log out of X3

• Turn off accounting tasks

• NEWPR is the journal and document type used to create the closing entries

• Confirm miscellaneous accounts on the chart of accounts• Line 11 should be retained earnings• Other lines not used but may need values to avoid errors from generating

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Closing the Year

• Journal entries are created closing P&L accounts to retained earnings and establishing opening balances for Balance Sheet accounts

• If not ready to close year, Year End Simulation can be used• No entry but rolls balance forward

• Years can be re-opened to enter any audit adjustments

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• Use SEI or FDE to verify report balances at year end

• Confirm roll forward of ending balances to beginning balances for balance sheet accounts

Financial Reporting Considerations

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• Budgets – New budget codes can be created or 2018 balances can be imported to existing budgets.

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

• Update standard costs• System will use old standard until 2018 standard is created

• Copy current raw material standard to simulated

• Update raw material simulated standards

• Perform BOM cost rollup on finished good simulated costs

• Copy simulated 2018 cost to 2018 standard costs

Other Considerations…

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• 1099 functionality is found under “Declarations”

• Run the “Calculate 1099 payments”

• Payment amounts can be edited using “1099 payment summary”

• Print 1099 & 1096 forms.

• Electronic filing not supported

Printing 1099s

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• Change the date ranges after the new year begins

• These dates default to reports and inquiries

• Can be set by user too

Default Date Parameters

Any Questions

RKL eSolutions helpdesk is a great place to ask questions. Contact us: support@rklesolutions.com

Gia LaneCustomer Account Manager – East CoastGlane@rklesolutions.com717-735-1492

Mike ShareCustomer Account Manager – West Coast mshare@rklesolutions.com717-735-9131