Sage ERP X3 Fiscal Year End Closing
December 21, 2012 By Joe Noll 5 Comments
In Sage ERP X3 the Fiscal Year End Closing function FIYEND
(Financials > Period Processing > Fiscal Year End) closes a
Companys fiscal year and generates the corresponding accounting
entries with the document type of NEW. The fiscal year end
processing is done on a single screen. Specify the company for
which the fiscal year will be closed, the document type and the
journal on which the new journal/document/invoices must be
generated. The start date for the new fiscal year is automatically
displayed. After the process is launched, a log file will trace all
processed operations.
Prerequisites
Periods(Common Data > G/L Accounting Tables > Fiscal
Periods)
All the periods of the accounting fiscal year must be closed.
Automatic Journals (Setup > Financials > Accounting
Interface > Automatic Journals)
Automatic journal FIYEN and FIYRE must be parameterized.
Document Types(Setup > Financials > General > Document
Types)
NEW: Must be set to New Period (Default Journal = NEWPR)
Parameter Values
Definition: (Development > Data and Parameters > Parameter
Definitions expand CPT)
These parameter definitions are located under the CPT
Accounting parameter FIY End of Year.
Values: (Setup > General Parameters > Parameter Values)
These parameter values are located under the CPT Accounting
Parameter, right click on the FIY Group and select Detail to
view the assigned values:October 2009 Sage Page 2 of 5
FIYENDENT: Specify whether company or site will create the
carry-forward journal, document, or invoice.
ANOUVO: Indicates which suspense account to use for journal
entries created in new fiscal periods that result in an
unbalanced entry.
CPTRES: Indicates the retained earnings account.
FRWANA: Manages the Analytic Carry Forward processing.
FRWAXI1-9: Indicates, for each dimension (1-9), whether
analytical balances will be carried forward from one fiscal
period to the next.
Pre-Processing
Items that must be performed prior to closing a year:
1. Set SUP General Parameter ENDDAT to 12/31/xx, where xx is a
couple of years in the future.
2. The next fiscal year must be opened prior to closing the current
fiscal year.
3. Account classes must be setup correctly (i.e. Expenses and
Revenues Reset to zero, Assets NO)
4. Verify that NEW is a document type and that NEWPR is the
journal code. This should be in the standard X3 system and should
never be changed.
5. Execute the Dimension Balance Recovery function if necessary.
This function need only be run if the dimension views have changed
or new dimension views have been added.
6. All invoices must be validated.
7. All receipts and payments must be validated (Batch Posting).
8. All recurring journal entries must be generated and posted.
9. Final Validation must be performed on all journals prior to
closing. This is a batch function within G/L Accounting. This will turn
all Temporary journals to Final. Also note that if the company is
using Simulation journals, there may be other functions to execute
prior to Final Validation such as changing the status of Simulated
journals to Actual journals.
10. Price updates for the next year must be entered.
11. Cost transfers/cost calculations must be entered/updated for the
next fiscal year.
12. Close all periods for Current Fiscal Year (see Monthly Closing
document for items to be performed for monthly closes).
13. All users must be out of Sage ERP X3.
Note: There is a Pre-Closing verification report named CLOPER that
should be run before the year-end close is attempted. This report
will list out any open items that need to be addressed before a
successful year-end close can be performed.
Year End Process
The Year End Process will shut down the Journal Status Monitor.
Therefore, when executing Year End, the log displays 2 journals with
NEW document types. The first entry closes out the current fiscal
year (Rolls forward Balance Sheet account balances and posts the
Net Income/Loss to the New Period Suspense account ANOUVO).
The second entry clears out the New Period Suspense account and
DR/CR the Retained Earnings account. In order to view the closing
journals, the Journal Status Monitor must be restarted.
The two closing journals are referenced below:
For cases where the previous fiscal year must remain open for at
least a month into the current year, the Year End Simulation
function can be run. This function will roll forward the ending
balances for the Balance Sheet accounts without creating the closing
journal entries or permanently closing the Fiscal Year. By simulating
the close, the monthly statements will include the correct opening
balances until the previous Fiscal Year is ready to be closed and
retained earnings calculated.
