3 Tips to Remedying Common Journal Entry Issues at Year-End in Microsoft Dynamics NAV

Recently I had a few Dynamics NAV  customers experiencing some difficulties with their year-end process  and wanted to share some tips for those having similar issues.

1. Check Your Chart of Accounts Setup

When I get a call and the issue is about the retained earnings amount not being correct, first thing I check is the chart of accounts. Make sure your G/L cards are setup correctly. Check your Income/Balance field and make sure it’s showing the right account type.

NAV Chart of Accounts Setup 1  

2.  Check your currency setup and adjustment history

If you are using multiple currencies or additional reporting currencies, make sure your currency is up to date and gains/losses are adjusted fully before the year-end.

3.  Make sure your dimension option is correct on the Close Income Statements function screen

Close income statement will create journal entries with your dimension on if you choose to do so.

NAV Close Income Statement2

Hope this helped; happy year-end!


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