In our NAV 5 application, we had setup a new company from a copy of the other company we access in NAV, and just learned the 2011 and 2012 Fiscal Year along with the Monthly Accounting and Inventory periods have never been configured! 2011 FY has not yet been closed out as well and the problem is we have been posting sales orders etc basically within 2011 since it was never locked.
This being said- we were previously having issues with the open sales order report showing released orders that had been shipped and invoiced. The Inventory Value to our Inventory General Ledger Account is way off as well. I have a feeling this is all related to the above not being setup along with how the New Company in NAV was just copied from our old Company and not configured properly.
Can someone help shed some light on what will happen once I setup the new 2012 fiscal year and periods, close 2011 and close the accounting periods? Do we need to close all open orders as well? Any help is greatly appreciated!!!
Ok well I have my test database and test company (copy of live data) ready. Anyone, please help. It looks the inventory period and the accounting periods are not at the same spot. In other words, the last date closed in Acct Prds is 8/1/11 and last inventory period closing was 4/1/11. Do these need to being on same date?
Also, what are the procedures for closing out a fiscal year and starting a new one? Like I said 2012 was never set up and they have been posting to 2011. Acct/inventory periods for 2012 were never setup either…
Navision allows to enter transactions WITHOUT setting Acc & Inv periods, but you can set those up easily later.
Closing of Acc and Inv periods need not to be in Sync.
Closing FY is simple procedure - close the period and run a batch job which balances out all profit/loss accounts to earnings account - it creates GL Journal for you to revise and post, OR, if Additional Reporting Currency is set up, posts the generated entries directly to GL
Regarding costs - have you ever run ACIE (Adjust Cost Item Entries) batch job? This MUST be done on regular basis --daily, weekly, at least monthly, depending on your transaction amount-- otherwise GL will never be in sync with Inventory. Remember, that direct (manual) postings to GL Inventory accounts should NEVER be done!!
Details on ACIE you can find here - search forum for ACIE, there are many threads about it.
Travis- we’ve never run that and THANK YOU SO MUCH for this recommendation! Maybe you can shed some insight in to this other HUGE problem we are having as no one is able to figure out why this is happening: We are still seeing orders which have been closed (shipped and invoiced) in the Sales List- and we can not figure out why there are still showing up!!! Aren’t these supposed to hid themselves from view and/or auto archive or something like that?
Usually they will delete themselves automatically, but occasionally they don’t. There is a report under Administration → IT Administration → Data Deletion → Sales Documents called Delete Invoiced Sales Orders. Check it out in a test system first to make sure it does what you need it to. You can also manually delete the orders if they have been fully shipped and invoiced.
Thanks for your valuable time…
can i start doing entry in new FY without closing previous FY. My client has not yet prepared mind to close previous FY ,since many entries are pending. As Navision have such great advantage of doing the entry in closed FY also so whats the problem if i do not close instantly. Also the no. series needs to be generated for new FY for every forms.?