I think that all Accountants have some mixed feelings when it comes down to year end- same for me! All of the hard work, money, training, and many nights spent on closing months and quarters: they will be all gone and new fresh book comes up. Maybe I am too emotional.
Anyways, I get lots of questions from my clients about year-end in Microsoft Dynamics NAV and I thought that I should share some of those with you so you can be prepared for your next upcoming year-end.
What are these C entries and what are my options?
When you run Close Income Statement batch in Dynamics NAV, you will get bunch of lines to close your income statement. But you see that there are bunch of letter “C” in front of the posting date? For example, if your year-end date is 12/31/2014, NAV will give you C12/31/2014.
C indicates that these are your year-end Closing entries. How nice is this? But my customers experience some confusion when it comes to running trial balance reports. For example, if you run two trial balance reports (one with date range of 1/1/2014..12/31/2014 and the other with date range of 1/1/2014..C12/31/2014), you will get reports where some of the numbers on your income statement accounts and your retained earnings account are slightly off. This is because of these C entries; one report will include the closing entries and the other report will not.
Can I close month-end in Microsoft Dynamics NAV?
There is no month end or quarter end function in Dynamics NAV. Instead, what I usually recommend is to block the posting date. This can be done either in your General Ledger Setup or User Setup, depending on your configuration.
Can I reopen my year once it’s closed?
My answer is “No”, but the good news is that you can run the Close Income Statement Batch as many times as you want. If, for example, you have already closed this year in NAV.
OR if you have already completed your Close Income Statement Batch…
OR if you have realized that you forgot to post something that should have gone to last year. Maybe you have some adjusting entries that your year-end best friends (i.e. auditors) have requested to post.
All you need to do is to post those entries and run your Close Income Statement Batch again.
I hope my post helped you run your year-end in Microsoft Dynamics NAV! Happy New Year!
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