Tips for a Smooth Year-End Closing in Dynamics NAV
As the end of the year rapidly approaches, many companies start thinking about doing their ‘year-end closing’ in Dynamics NAV. We know that many companies do not actually perform the year-end close until several months into the year, after an account has reviewed the books and made any necessary adjustments. However, we wanted to give you this now so you can set yourselves up for a smooth year-end close when the time is right for your company.
Dynamics NAV Year-End Check List
- 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.
- Accounting Calendar: Make sure your accounting calendar is set to 2018 with all the appropriate accounting periods for 2018.
- 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.
- Processing Year-End Close: While it is 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.
- 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 2018 information.
- Be Aware of Posting Dates: Be sure your posting dates are set for 2018. Remember, NAV automatically defaults to the current year. And, the current year will be 2018 on January 1. So if you are not careful, entries for 12/31/2017 will be posted to 12/31/2018. This happens more than you would image, so take the time to ensure all posting dates reflect the new year, 2018.
Complete this checklist and your Dynamics NAV-related transition to the new year should be as painless as possible.
Other Online Resources for Year-End Closing
As every year we are faced with this issue of conducting a year-end close, there have been many posts written, questions asked, and answers shared online. The Microsoft Community has a plethora of resources including: