2014 Year end closing for Sage ERP X3

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Sage ERP X3 Year End Closing Webinar

Experts in Business and Financial SystemsThe PresentersExperts in Financial and Business Systems with Over 26 Years Experience Providing Complex Technology Solutions

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About TGO3Pre-year end checklistYear end simulation and closingPost-year end verificationsRe-open a closed yearAgendaClose the last period of the fiscal yearMake sure the first period of the new fiscal year is openAll subledger documents, including invoices, payments, and stock transactions, must be validatedRecurring journals for the period must be generatedReversing transactions for the period must be generatedRun Final Validation for all GL journalsRun Pre-Close verification (CLOPER) reportClose the periodPre-Year End ChecklistRun a GL Trial Balance for the year endMake necessary updates to the new year such as standard costs, price sheets, or exchange rates, etc..Account Classes must be set up correctly Setup -> Financials -> Account ClassesAccounts must be assigned to the proper Account Class in order for Retained Earnings to be updated correctlyCarry Forward in Currency should be marked for all balance sheet accounts if foreign currency balances should be brought to the new yearIt is recommended the all users log out of X3

Pre-Year End ChecklistThe Year End Simulation function under Financials -> Utilities -> Closures can be run to simulate what the fiscal year end function will doIt can be used for cases where the previous fiscal year must remain open for a period of time into the current yearThere are no journals created nor is the fiscal year closed but it will roll the balances forward for any asset or liability accountsYear End Simulation (Optional)The below example will simulate the year end closing of fiscal year 1, and roll the balances forward to fiscal year 2.Year End Simulation (Optional)

Run the Year End Closing Process- Financials > Closing Processings > Fiscal Year End

Year End Closing

Mark the Simulation checkbox in the Year End Closing window to generate a log file only without closing the year (Optional). The log file will show new year journals to be created.Unlike the Year End Simulation function under Financial Utilities, marking the Simulation checkbox here will NOT bring the balance forward to the new year.Year End ClosingWhen executing Year End, multiple journals dated the first day of the new year are created with NEWPR document types. All entries except the last close out the current fiscal year (Roll forward Balance Sheet account balances and post the Net Income/Loss to the New Period Suspense account). The last entry clears out the New Period Suspense account and DR/CR the Retained Earnings account. Year End ClosingCheck the NEWPR journals created in the Journal Entry windowCheck that the year is closedCommon Data > GL Accounting Table > Fiscal YearsRun GL trial Balance for year end and for opening balances (first day of new year) and verify the resultsPost-year end VerificationsRe-opening fiscal yearFinancials->Utilities->Closing->Reopen fiscal yearThis will delete the NEWPR journals in the new year if they have not been finalized and set the old year back to Open statusUse the regular year end process to close the year againRe-opening fiscal periodsFinancials->Utilities->Closing->Reopen periodUse the regular period end process to close the period again

Re-opening Year and PeriodsTGO Consulting

905-470-68301 866 239 1113info@TGO.cawww.TGO.caThank you14