Fiscal year opening and closing periods

Finance and Operations/AX User Forum
1

Hi,

When a fiscal year is created in Ax 2012, there are 14 periods created which includes one additional opening and closing periods. Can you please tell me what is the purpose of these two periods?

Thanks,

Sandeep

2

Dear Sandeep,

practically it is 12 only if you see closely then Period 0 is for the opening and period 13 is for closing.

if this is not clear then please provide me the detail with screen shot may be i can help you.

thanks & Regards.

Husain.N.G

Skype ID hacker_ng

3

Having more than 12 months has posting periods is common among several ERP’s.

When you start a new Financial Period, opening balances must be transferred from the previous period. Initial balances and closing entries are managed in those extra periods.

4

The period type:

  • Opening – The period can be used to record opening balances from the previous fiscal period.

  • Operating – The period can be used to record accounting transactions.

  • Closing – The period can be used to record general ledger transactions that are created when a fiscal year is closed.

Reference: http://technet.microsoft.com/en-us/library/hh209283.aspx

5

Thank you all. It helped a lot.

Regards,

Sandeep

6

Hi ,

I have two problems in Ax , Need ur Help.

1)I have Closed the Fiscal Year through Opening Transaction in AX 2012, but i didn’t found opening Balances in new year.

2)My retained earning is showing “0”. the Profit of this year is showing in next year.

Thanks,

Usman Ali

7

Hi Usman,

I guess you have not closed the year as per standard procedure for closing financial year.

If its closed properly, then its carry forward all balances to new year and shows amount in retained earning account.

Kindly check your closed journal.

Regards,

Mohammed

ma@asiatechsoft.com