Microsoft Dynamics 365 Business Central (formerly know as Dynamics NAV) has a three steps Fiscal Year End closing procedure. Once the closing procedure has been completed, you may still record new GL transaction into the closed Fiscal Year, however, and Profit & Loss items will cause you to re-close the Fiscal year to retained earnings. For assistance with this process, please feel free to contact our Consulting Team at Tel. (855) 227-0700 or via e-mail at Sales@CBRTechnology.com .
Please note that this process cannot be reversed, so please be certain that you are ready to proceed. We typically recommend that you prepare a COPY of your production company file. Also, if this is the first time you are completing this process, you might want to test it in your Sandbox copy.
If you are using Dimensions in your setup, please make sure to complete the proper section of the “Close Income Statement” wizard in accordance with your setup.
- Use the Accounting Periods Setup page to CLOSE the Fiscal Year
- Use the “Close Income Statement” to prepare a GL Journal entry by Dimension (i.a.)
- Post the General Ledger Journal Batch with the YE Closing Entries