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Year End Checklist for Microsoft Dynamics NAV (Navision)

Year End Checklist for Microsoft Dynamics NAV (Navision)

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Published by Mark Chinsky
A Concise step by step checklist to Close Microsoft Dynamics NAV at year end
A Concise step by step checklist to Close Microsoft Dynamics NAV at year end

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Published by: Mark Chinsky on Oct 24, 2012
Copyright:Attribution Non-commercial

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10/19/2013

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Microsoft Dynamics NAV
 –
Year End Checklist
1.
 
Post All Open Journals
 –
Payments, Deposits, Cash Receipts, Payroll.2.
 
Post Recurring Entries for the year to be closed3.
 
INVENTORY RECONCILIATION
 –
As of End of Fiscal Year Datea.
 
Run the Adjust Cost Routineb.
 
Run the Post Cost to G/L Routinec.
 
Run the Inventory Reconcile to G/L Report
 –
By Inventory Posting Groupd.
 
Tie the Received Not Invoiced Posted to G/L to your Inventory Accrual Account (Liability)e.
 
Tie the Shipped Not Invoiced Posted to G/L to your Accrued COGS Account (ContraAsset)f.
 
Tie the Net Inventory Interim Posted to G/L to your Inventory Interim Account (Asset)g.
 
Tie the Inventory Posted to G/L to the Inventory Asset Account4.
 
INVENTORY REVALUATION - Depending on your Industry
 –
or to correct errors, you may be ableto re-value inventory as part of the year end process. Now is the time.5.
 
ACCOUNTS RECEIVABLE RECONCILIATION -Tie the Customer Trial Balance Report to the A/RAccount
 –
By Customer Posting Group (This report ties to the G/L
 –
Aged A/R may not tie if youuse Foreign Currency)6.
 
ACCOUNTS PAYABLE RECONCILIATION - Tie the Vendor Trial Balance Report to the A/P Account
 –
By Vendor Posting Group (This report pies to the G/L
 –
Aged A/P may not tie of you useForeign Currency)7.
 
FIXED ASSETS - Calculate Depreciation and Post Depreciation to the G/L8.
 
MANUFACTURING -
Complete all “Finished” Production Orders and reconcile WIP values
 9.
 
BANK ACCOUNTS - Reconcile each Bank Account using the Bank Reconciliation Module.Compare the Book Values to the Chart of Accounts for each Bank Account Posting Groups G/LAccount10.
 
MULTI-CURRENCYa.
 
Enter the Currency Conversion Rates that will be used for gain/loss valuation at the endof the fiscal year.b.
 
Run the Gain / Loss conversion routines
 –
One Currency at a time
 –
for Customers,Vendors and Bank Accounts.

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