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Dynamics NAV Year-End Wrap Up To-Dos

Happy New Year - Dynamics NAV Year End To-Do's

Are you looking forward to the New Year? Or feeling stressed about everything you need to get done before year’s end? Fortunately, there’s still time to end the year on a high note, and set yourself up for a successful 2017. And, we can help. (At least as far as Dynamics NAV is concerned.) To help you start 2017 with your best NAV foot forward, we’ve compiled a list of “to dos” for year-end Dynamics NAV wrap up.

Dynamics NAV Year-End Check List:

  1. Transaction Dates: Be sure your transaction posting dates are set to the correct year in the General Ledger. You can change dates in the General Ledger Setup and User Setup sections of NAV.
  2. Accounting Calendar: Make sure your accounting calendar is set to 2017 with all the appropriate accounting periods for 2017.
  3. Budgets and Financial Statements: If you use Financial Budgets, they should be updated for the new year before you print financial statements containing any budget information.
  4. Processing Year-End Close: While it’s a fairly simple process, most of us only process the year-end close once per year and often forget the steps involved. Gwen Britt has created a short video entitled Processing the Year-End Close in Dynamics NAV which walks through all the steps.
  5. 1099 Vendors: Be sure to review your vendor setups for 1099 Reporting.  Confirm that all of your vendors that require 1099s are set up appropriately so you can start capturing 2017 information.
  6. Be Aware of Posting Dates: Be sure your posting dates are set for 2017. Remember, NAV automatically defaults to the current year. And, the current year will be 2017 on January 1. So if you’re not careful, entries for 12/31/2016 will be posted to 12/31/2017. This happens more than you’d image, so take the time to ensure all posting dates reflect the new year, 2017.

Complete this checklist and your Dynamics NAV-related transition to the new year should be as painless as possible.

For more information on this or other Microsoft Dynamics NAV topics, please be sure to visit our resource center. And, be sure to subscribe to our blog so you’ll never miss another update.

 

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