Accounting Shcedules in Finance Management of Navision Classic

Dear All,

Hi, i am Pavani. currently learing navision classic… Can anyone help me what is the procedure for accounting schedules for finance management (Period Closing) in Navision classic.

i dont have any meterial or could’nt find any post relating to this topic

thanks in advance

regards

Pavani

Hi Pavani garu,

you can go to financial management → general ledger → periodic activities -->Fiscal Year → Accounting periods.

here you can define your accounting period for each year… opening year and closing year.

if you want financial management material i share with you…

Thanks,

Anil.

thanks for reply Anil garu…

i have material for year end closing schedule… but i want for MONTH CLOSING reconciliations procedures and schedule preparations

How we have to do the reconciliations for each accounts…

how we have to pass rectifiation entries etc.,

can you help me…

Are you looking for bank account reconcilations…? or any periodic recurring journals.?

Anil.

Hi,

As i am new to the Navision… i am trying to learn how a month closing will happen…

during this process when i am trying to close one perticular month the system is throughing an error " The inventory period cannot be closed because there is at least one item where the cost has not been adjusted"

for rectification of above entry and to close the period of one month what am i suppose to do…

kindly help

pavani

you need to run adjust cost batch job for all items.!

go to Financial management–> Inventory → costing → Post–>Adjust Cost - Item Entries

after that you can close inventory period.

Let me know how it goes

Anil.

Thanks a lot Anil… its worked… i could able to close the period for monthend…

am actually trying to learn how Costing methods are effecting our GL accounts…

first i had tried using FIFO Method and close the month end…

next i had use another method for testing…

give me some inputs on how to learn about costing methods

pavani

Hi Anil …

i have another doubt in month closing activity …

you suggested to run adjust cost batch job for all items.! but while doing this it is allowing me to run adjustment cost item wise…

but in big companies we have many item code… do we need to run the cost adjustment item wise or is there any option to run cost adjustment for all the items at time??

kindly clarify

Hi Pavani garu,

costing methods are completely based on your GL posting only … they define how the item cost shud be calcultated based on your transaction history… they work only if your inventory is psoted to GL…

FIFO changes the item cost based on the posting date of each entry,…

LIFO is reverse of FIFO… last posted entry will first effect the unit cost of the item

Average uses the average cost of all transactions for the inventory period…

standard is more or less the same…

specific is based on lot no specific costing method…

so first golden rule is inventory shud be posted to GL if you want costing to be working…

Hi Anil …

i have another doubt in month closing activity …

you suggested to run adjust cost batch job for all items.! but while doing this it is allowing me to run adjustment cost item wise…

but in big companies we have many item code… do we need to run the cost adjustment item wise or is there any option to run cost adjustment for all the items at time??

kindly clarify

Well. in the same batch job … remove the item number filter… make the item no filter blank

that will do the work for you for all items…

if this answers your question i am glad…otherwise i need to look at what your are asking for…

my skype ID anilinecta…

Anil.

Hope all purchases have been closed before running Adjust cost batch job

Amol sir…

What do you mean by closing the purchases… is it payment after purcahses…

Regards

Pavani

All purchases haven been posted and invoice is generated.

It will give you exact cost and profit for sales.

Hi Amol,

i have a doubt in this regard, in many companies there will be a chance that only PO’s will be generation for the required purchases… how can we make sure for all the PO’s materails has been received by us before month closing… there will some open PO’s also

and same in the case of sales also…

kindly clarify

Regards

Pavani

Hence only goods affecting the inventory should be taken care of… only PO received an sales shipped will be posted to GL fo that period…

after some time when you receive the older POs and Ship the sales then you need to run the adjust cost batch job again for that period.

That will update the unit cost.

i think logically this is correct… you can only declare teh price of the item after receiving the goods… it is perfect :slight_smile:

Anil.

Hi Anil,

Thanks for the reply…

  1. can you tell me what is the procedure for posting the GL of that period when i receive the goods and shipment is done for a perticular period.?

  2. Also need clarity where and how i need to compare the effected costs in GL Accounts by using Costing methods?

Kindly explain

Pavani

Navision does the costing only if the invenotry is effected… if PO’s are not posted or SO are not shipped then that is not correct to cost your items based on the open POS and SO…

so when they are posted after the inventory period then… you need to run the batch job again…for the past inventory period as well.

first job should be Post inventory cost to gl and then Adjust Item Costs/Prices…

this will then update your items unit cost…

Anil.

Hi Pavani,

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