Ideal Processes and Practices for Your AX Year End

Users of Microsoft Dynamics AX need to approach Year End Closing of their books with a specific strategy and plan.  In order to successfully complete your Year End Closing, you’ll need to follow a series of steps.  These steps ensure that your data is accurate and that your books are closed properly.

See our Quick Guide to Microsoft Dynamics AX Year End Closing!

With Microsoft Dynamics AX, there is an ideal sequence for closing out at year end. First, you’ll need to Prepare and close transactions for your Accounts Receivable, Accounts Payable, Fixed Assets, Production, Project Accounting, and Inventory modules of your Dynamics AX solution. Next, you’ll need to create a new fiscal year and set up periods for the new year.  After the new year is set up, you can close your General Ledger for the current year.  Then you should transfer open balances to the new fiscal year. The final step to your closing process should be printing your financial statements. We’ve put together a Quick Guide to walk you through each of these steps.  The Guide will tell you how to:

  • Close Your Inventory
  • Complete month-end and other period closings in both the GL and all other modules
  • Complete any year-end closing activities that create ledger postings
  • Create the new fiscal calendar and year
  • Set the appropriate period status to “On Hold” for current fiscal year in the Ledger Calendar form
  • Make adjusting entries
  • Print financial statements and 1099 statements for vendors
  • Transfer opening balances for ledger accounts to new fiscal year using the Opening Transactions form
  • Print final reports for the fiscal year

Dowload the Guide Here or contact us with any additional questions that you may have about your Dynamics AX Year End Closing!