Year end Issues

Hi I would like to know can we close a Financial Year, immidiatedly and then reopen when there is Audit adjustments, and then close it again. if yes How to do that ? Thanks in anticipation

Hi Why do you want to reopen a financial year? You can post entries on any date in the closed year. Soya

If the FY is closed once and I update the P&L acount to the last year can it update automatically to the BS or do I have to Do a Year End.

Don’t close the financial year until the audit is compleated. You can run the close income statements one or more times, that does not matter. If you want to make sure that nobody posts in that year set the posting date restrictions in ‘General Ledger setup’. I would suggest you should should do this on a monthly basis any way. When the audit is adjustments are posted then close the year. Paul Baxter

To expand on what Paul said: a) You can’t close a year more than once b) You can post entries to a closed year, but if they are entries to P&L accounts, you are then going to have unclosed entries in a closed year. I believe entries posted to a closed year are in some way specially tagged. c) You should post all year end adjustments before closing the year d) There is really very little penalty to leaving the year open for a long time. It does leave the Profit amount accumulating across the year end. Someone else here may know how to handle that issue. e) It is a good idea to use the posting date range limits (found in G/L Setup) to limit normal posting to the current fiscal year. Dave Studebaker Liberty Grove Software A Navision Services Partner

and also some comments from my side… 1) A closed year can not be “re-opened”. 2) There is no need to re-open the closed period. You can book adjustments into the closed year but they get marked in a special way (Field Prior-Year Entry is set to TRUE in T17 G/L Entry). I also think the Posting date gets marked in a special way with a leading “C” for Close, e.g. C123102. 3) You can re-run the process “Close income statement…” as many times as you need to have your post-close adjustments transferred correctly to the opening balance of your new financial year. In fact, you can only run this process once the financial year is closed. Saludos Nils

Hi all, Thank you very much.