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Infor LX & BPCS Tip of the Week: Year-End for Finance
George Moroses

Infor LX & BPCS Tip of the Week: Year-End for Finance

Year-End is always a busy time!

So busy that it's easy to forget things that must be done in your ERP system to close out the year properly and set you up for a good start to the following year. Here are some things to add to your to-do checklist.

The year-end close process provides an opportunity to:

  • Remove discontinued items.
  • Remove sold purchase receipts.
  • Remove lot attributes for sold lots.
  • Update standard cost based on current cost field. (for environments without Manufacturing only)
     

Prepare for Year-End Close

  • Conduct full physical inventory and update quantities before actual year-end or establish a strong cycle-counting program.
  • Make sure to close out all purchase contracts and PO’s before year-end. Make sure no receipts are allowed against any of the contract line items after year-end.
  • Prepare users for a year-end push to complete all year to date inventory adjustments, receipts, and invoicing.
  • Determine how to handle new year transactions without posting.
  • Determine what new standard costs should be entered for the upcoming year.
  • Discuss cutoff dates for removing Archived BOMS and Closed/Canceled Mfg Orders
  • Run PRF900 to update performance measurements and purge closed shop orders


Finance Specific Items:

  • Set up the financial periods for 2021.
  • Open period January in 2021.
  • Finalize any outstanding transactions from the current year (2020).
  • Remember to run ACP920 (1099 Report) before running ACP910 (Year End Close), as the Close Program clears the 1099 Payments History.
  • Issue any old sales invoices.
  • Fix any outstanding financial integration errors.
  • Set up new integration mapping for 2021 as needed.
  • Test the mapping in a test environment prior to the new year.
  • Review & update jobs as needed to ensure they will process in 2021.
  • Determine for cash-flow purposes, what purchase invoices won’t be paid until 2021.

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Tips:  LX | BPCS | M3

This is a simple way to go from the customer order to making the order and shipping the order. It involves a few simple steps:

  1. Receive and enter the customer order
  2. Automatic credit review
  3. Automatic release of the shop order tied to the customer order
  4. Issue material, report labor to the production order receipt
  5. Pick the order, ship the order, invoice the customer


With lean, you can skip processing the demand through MRP. You can go directly from the customer order to the shop order creation.

Define Inventory transactions for issuing components to the shop and receiving finished items. See the Inventory help text for examples of transactions.

  • Transaction type I - Single Issue to Shop Order. Use this transaction type to issue one component at a time. Use this for high-value items that are marked as Must Single Issue on the Item Master file.
  • Transaction type M - Multiple Issue to Shop Order. Use this transaction type to issue all the components as listed in the Shop Order, in one transaction. Note that this transaction type does not issue Must Single Issue items.
  • Transaction type S - Receipt from shop. Use this transaction type to receive the finished item into stock and update the shop order accordingly. 

The Shop Order Lot/Location Allocation program is an alternative to using the above Inventory transactions. Use this when the item is finished, and you want to review exactly what was used to make it. You can review the components as allocated, make any changes, and finally accept the finished order.

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Tips: LN | Baan

All actions required for converting, validating, matching, and posting electronically received bank statements can be performed within a single session:

  • Bank Statement Workbench (tfcmg5610m100)
  • Bank Statement (tfcmg5610m000)

Alternatively, you can use the sequence of electronic bank statement sessions outlined below.

Steps to Process Electronic Bank Statements:

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