Tag: accounting

Year-end: Closing a Fiscal Year

In the last post we walked through how to run a year end simulation and it’s benefits(Read it here if you missed it). The other option to close a fiscal year is using the Fiscal Year End function.

A year end simulation is noncommittal – it creates no entries, nor does it close the year – allowing entries to still be made. When you are ready to formally close a fiscal year, the process is slightly different.

Begin by navigating to Financials > Closing processes > Fiscal Year End

On the following screen, enter the company for which you will be closing the year. Beside it, in the All ledgers column, the default value is yes. Change this to No.

Tab through the remaining fields. The earliest open fiscal year will populate the New Fiscal Year field and not necessarily the current year. ANX document / journal and ledger fields will automatically populate.

Lastly, make sure the Simulation box is not checked, and press OK from the right hand menu.

If any errors occur, X3 will produce a log file detailing what needs resolved before the year can be closed. If there are no errors, the file will list all of the entries made and close out the year. Adjustments can no longer be made to this fiscal year.

Example of an error log

Common Accounting Issues In X3

We’ve collected a list of 3 of the top accounting issue we see in X3.

  1. Period needs to be closed

Periods in your X3 system need to be closed to ensure past balances aren’t affected and it’s a good organizational practice. If you are making entries to a reopened period navigate to the Periods function under Common Data> General Accounting tables and close your period here.

Otherwise, if no new entries were made, navigate to Period Closing under Financials> Utilities> Closing and close your period here.

2. Accounting Tasks

If you receive errors while closing a period or year, but are certain all entries have been posted and validated, make sure that Accounting Tasks is running. Navigate to Usage > batch Server > Accounting Tasks. If the status on the line is not ‘Active’, and journals are on hold, press Run now and try closing the period again.

3. Missing Opening Balances

If you have simulated but not closed a year end, and have later then utilized one of the resynchronizations under Financials > Utilities > Resynchronizations, you may find that your opening balances in X3 seem to have disappeared. This is due to the fact that simulations do not create actual journal entries – a resynch can reset this data. To bring your opening balances back, simply run another year-end simulation.

To finalize the opening balances, run the standard year end closing processes

Month-End- Checks & Validations Pt. 4

Welcome to the final instalment in our month end mini-series! In this post we’ll walk through the final step for all of the validations and checks you’ve previously completed – the final validation.

  1. All Journals including other modules with a Final/Actual Status
    • This function changes all of the entries from ‘Temporary’ to ‘Final’ or ‘Actual’
      1. Navigate to Financials > Current processes> Final validation (CPTVAL)
      2. Ensure all check boxes are marked
      3. Choose a valid date range
      4. Click OK

The is the last step in your validations and check. If the previous steps have all run successfully, you are now ready to close your period!

To do this, lets start by navigating to Common Data > General Accounting Tables > Periods

If there is more than one company, ensure you are on the correct set of period records. You can choose companies from the left side of the screen

Use the carrot on the left side to expand and see fiscal years. Choose the fiscal year the period you need to close is in

Once on the correct set of periods, click the ‘Closing’ button on the right hand menu

This will bring up a screen where you can check the Y/N box for every period you want to close(up to 20). Ideally you should be closing each period at its end so you should only need to do one at a time.

Lastly, click ok! This will generate a log file indicating either that the period(s) have successfully closed, or printing a list of outstanding transactions that need processed first.

Check back for the next post where we look at the top most common issues people see while trying to close periods and how to resolve them!

Month End- Checks & Validations Pt. 2

In the previous blog we looked at 4 ways to validate the posting of invoices as part of the month end closing process. X3 will not allow a period to be closed if there are non-validated invoices or unposted journal entries so today we’ll look at 4 ways to ensure all entries have been posted.

  1. Payments and Receipts
    • This function posts payments on invoices from sales & purchases
      1. Navigate to A/P-A/R accounting > Payments > Bank posting (REMBAN)
      2. Ensure all check boxes are marked
      3. Click OK
  2. Recurring Entries
    • Use this function to generate accounting entries relating to one or more defined recurring entry tasks
      1. Navigate to Financials > Current processes > Recurring entries > Recurring entries (VALABT)
      2. Ensure all check boxes are marked
      3. Generation Type should be marked as ‘Actual’
      4. Entry status should be ‘Temporary’
      5. Click OK
  3. Journals Created in Batch
    • Use this function to preform a mass validation of accounting batch tasks. Validated batches are then posted.
      1. Navigate to Financials > Current processes > Batches (CPTLOT)
      2. Ensure all check boxes are marked
      3. Generation Type should be marked as ‘Actual’
      4. Entry status should be ‘Temporary’
      5. Click OK
  4. Completed and Closed Work Orders
    • This function is usually set up as a recurring task. It calculates the cost variance and creates cost variance record, the adjustment and WIP balance.
      1. Navigate to Costing > Production costs > WIP finalization (FUNWIPMFC)
      2. Ensure that ‘Cost Calculation’ is check
      3. Define a site
      4. Variance source should be ‘Standard’

Next time we’ll discuss 4 more checks you can do to ensure entries are posted. Stay tuned!