Infor LN & Baan 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.
• Check for any applicable sales and purchase invoices/returns and post.
• 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.
• (Manufacturing)  Determine what new standard costs should be entered for the upcoming year.
• (Manufacturing)  Discuss cutoff dates for removing Archived BOMS and Closed/Canceled Mfg 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)
• Soft-close any open periods in 2020
• 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

Kathy BartheltKathy Barthelt

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