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Overview of Tasks to Close a Fiscal Year and Accounting Periods |
Outlines the tasks to close a fiscal year or accounting period, for example, making sure documents and journals are posted and verifying bank balances. |
jswymer |
dynamics-nav-2018 |
article |
na |
na |
na |
year closing, close accounting period, close fiscal year, bank account detailed trial balance |
06/07/2017 |
jswymer |
HT |
4fefaef7380ac10836fcac404eea006f55d8556f |
867def80de4cc83a6f27698c6ac79c40701245aa |
en-au |
10/16/2017 |
At the end of a fiscal year, there are a number of administrative tasks that you have to perform, like making sure all documents and journals are posted, making sure currency data are up-to-date, closing the books, and more. The actual tasks will depend your company.
The following table provides an overview of tasks that you typically perform to close a year and period.
| To | See |
|---|---|
| Specify system-wide and user-specific posting date ranges. Depending on your business needs, you may want to restrict user posting date ranges at the start of the period-end process or after it. | How to: Specify Posting Periods |
| Get an overview of activities that are commonly performed at the end of a period, such as posting all documents and journals, or running account schedules. | Closing Periods |
| Update currency exchange rates and adjust the exchange rates of posted customer, vendor, and bank account entries. | How to: Update Currency Exchange Rates |
| Allocate costs and income among accounts and dimensions. | Allocating Costs and Income |
| Prepare to report value-added tax amounts that you have collected for sales to the tax authorities' web service. | How To: Report VAT to Tax Authorities |
| Print reports to verify general ledger, customer, vendor and bank account balances before closing a period. | Preparing Pre-Closing Reports |
| Close accounting periods and fiscal year, transfer income statement balances to balance sheet accounts and post the year end closing entry. | Closing Books |
| Print reports that can assist you in creating financial statements. | Preparing Closing Statements |
How to: Open a New Fiscal Year
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