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!

Month End- Checks & Validations Pt. 3

Today we’ll look at 3 more ways to verify that all entries have been posted.

  1. Conversion Variance
    • This function creates entries to offset variances due to exchange rates so that accounts will balance
      1. Navigate to Financials > Closing processes > Conversion variance (ACCCURCNV)
      2. Choose the Company group for which to preform the conversion
      3. Check ‘All Sites’
      4. Check ‘All Control Accounts’ or define the accounts
      5. Set the date range for the fiscal period
      6. Choose one BP or a range
      7. Ensure ‘Generate entries’ is marked, generation type is ‘Actual’ and Entry status is ‘Temporary’
      8. This function is most commonly run for BP type Customer and BP type Supplier
      9. Click OK
  2. Stock Accounting Interface
    • Use this function to create entries for stock movements/transactions and update values of stock. When sales deliveries, purchase receipts, stock movements and similar transactions are created, the GL is not updated until this function is run.
      1. Navigate to Stock > Periodic processing >Account Interface (FUNSTKACC)
      2. Selection Criteria should be set to ‘Allocation Date’
      3. Financial site can be left blank to run this for all companies
      4. Click OK
  3. Stock Valuation Report
    • Run this report to use a check to confirm stock values are what you are expecting
      1. Navigate to Stock > Periodic processing > Stock valuation report (FUNSTVA)
      2. Choose the Company to run the report for
      3. You may define other parameters but it is not necessary
      4. Click OK. This will bring you to a screen from which you can print the report

Tune in next time to read about the final step in validating and checking for month end closing!