Year End Closing

Finance and Operations/AX User Forum
1

Hi Experts,

First year of AX implementation user has not bank reconcile through AX, they reconciled out of the system. But balances are matching with bank accounts and GL accounts.

During year end consultant come to know bank reconciliation has not been done complete year.

What is best solution for above scenario?

What would be consequences if user run year end closing without bank reconciliation?

Thanks in advance.

2

Hi Experts,

Is any suggestion on this?

3

Hi Ahmed,

In our country we post the bank statements in the journals and are used to check the balance of the bank directly. Using the bank reconciliation would be double work. So we are not using it and we are able to do the year end closing without any problems.

But please check first if the bank reconciliation should be part of your procedures and possible legislations.

4

Many Thanks for promt response.

5

Hi Ahmad,

Though you didn’t do the reconciliation process from the day you implemented the system, you can start doing this from today. As long as your bank balance matching with you AX bank balance, it will be easy to start the reconciliation.

Create a bank statement based on the last statement received from bank…input the bank date, ending balance and then go on with reconciliation. You will be able to reconcile all unreconciled transactions.

Going forward, your reconciliation process will be easy as you would be reconciling only the transaction that appear in the statements.