Sage ERP X3: Processes for Year End Simulation and Fiscal Year End.
GL - Period CloseSage ERP X3 Tip: Period Close Procedure Identifier:GL006Procedure Owner:Revision Date:ActivityFunctionOwnerDescription/CommentsIntroductionA month-end close procedure must be performed in X3 for financial reporting and to close certain processes within X3. The following paths are recommended to close the period in X3.Run Shipment ValidationNavigation Path: Sales/Shipments/Shipment ValidationRun Sales Invoice ValidationNavigation Path: Sales/Invoices/Invoice Validation Run for the date range of month to be closed.Run Customer Invoice Validation (AR)Navigation Path: AP-AR Accounting/Invoicing/Validate Customer BP Invoicing Run for the date range of month to be closed.Run Purchase Invoice ValidationNavigation Path: Purchasing/Invoice/Invoice validation Run for the date range of month to be closed.Run Supplier Invoice Validation (AP)Navigation Path: AP-AR Accounting/Invoicing/Validate Supplier BP Invoicing Run for the date range of month to be closed.Receipt ValidationNavigation Path: Inventory/Periodic Processing/Valuation/Accounting Interface Run for the date range of month to be closed. This should be a recurring job but is recommended to be run manually at end of monthRun Bank PostingNavigation Path: AP-AR Accounting/Payments/Bank Postings Run for the date range of the month to be closed. Close Stock PeriodNavigation Path: Common Data/GL Accounting Tables/Fiscal Periods/Stock Status Stock status should be set to Balance Adjustment.Stock Valuation ReportNavigation Path: Inventory/Periodic Processing/Valuation/Stock Valuation Report This function is used to print a stock valuation report for a given company according to different calculation criteria or valuation methods of the inventory, standard, revised standard, FIFO, etc.RNI ReconciliationNavigation Path: Prints/Prints by Group/Financials/Financial Accounting/ Should be reconciled monthly. It is recommended to be reconciled weekly at Go Live. This report shows inventory that has been received but not invoiced.WIP Cost FinalizationNavigation Path: Costing/Production Costs/WIP Finalization This cost is used to determine the production cost for a completed work order and to calculate any variances between the actual cost and the standard cost or the cost based on the work order.WIP Accounting InterfaceNavigation Path: Costing/Accounting Control/WIP Accounting Interface This process is used to pass production tracking records and variances to the general ledger.Report Generation It is recommended that Aged Trail Balance, Trial Balance, and detail General Ledger reports are printedProcess ReversalsNavigation Path: Financials/Current Processings/Reversals Run for the period being closed for all applicable reversal journal codes This process can be done manually within the journal entry: Set the Reversing Flag to To Reverse and then enter the reversal date. When complete, go to the toolbar at the top of the screen, choose ZOOMS and then Reversing. Change description and reversing date (if applicable), choose OK. Process Batch Journal EntriesNavigation Path: Financials/Current Processings/Batches Run for the period being closed for all applicable batch entries.Run Recurring Journal Generation (if applicable)Navigation Path: Financials/Current Processings/Recurring Entries Run for the period being closed for all applicable recurring journal codes.Run Currency Conversion Variance (If Applicable)Navigation Path: Financials/Closing Processes/Conversion Variance This only applies if using multi-currency.Run Final ValidationNavigation Path: Financials/Current Processings/Final Validation This process changes the status flag from temporary to final An entry in final status can not be modified. All transactions associated with that transaction can not be modified. A final status of an entry indicates that a month is ready to be closed and reported Verify that all parameters are checked. The start and end dates should be the first and last day of the month to being closed.Print Pre-Closing Verification ReportNavigation Path: Prints/Prints by Group/Financials/Financial Accounting/CLOPER Pre-closing Verification (X3) for the month to be closed. This report will report any transactions is X3 that are not posted or in Final status.Open the following or next monthNavigation Path: Common Data/GL Accounting Tables/Fiscal Periods Verify that the following month is open.Run Period CloseNavigation Path: Common Data/GL Accounting Tables/Fiscal Periods Verify that the month being closed is the only month set to Yes. The month can only be closed if all appropriate month journal entries are in Final status.Run Financial Data ExtractorNavigation Path: Financials/Financials/Reporting/Financial Data ExtractionRun Management Reporter Run the Statements to verify results.Page: 1 of 4