Microsoft Dynamics NAV
Year End Checklist
Post All Open Journals
Payments, Deposits, Cash Receipts, Payroll.2.
Post Recurring Entries for the year to be closed3.
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.
Complete all “Finished” Production Orders and reconcile WIP values
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.
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.