Overview

The document will provide a step-by-step end of year process

Before Starting the Year End Process

• Review the Chart of Accounts and make sure that the Income/Balance field is set up correctly for each account. Whatever is meant to be a Balance Sheet Account should be set as Balance Sheet and whatever is meant to be set as an Income Statement Account must be set as Income Statement:

• Note that when a company is set up with an Additional Reporting Currency, NAV/ Business Central will automatically post the entries when the Close Income Statement is run. If the Additional Reporting Currency is blank, the entries will be created in a journal and the user would then need to post the journal manually.

Closing Financial Year

• Go to accounting Period

• Click on Close Year Button

Running the Year-End Procedure

• From the Search Box, type Close Income Statement and select the loaded link.

• A window will be loaded with a number of fields that need to be populated:

  

  • Fiscal Year Ending Date is usually loaded automatically

  • Fill in the General Journal Details (Template and Batch)

  • Fill in the other Details as per Company agreed setup:

    • Document No.

    • Posting Description

    • Retained Earnings Account

  • Select the Dimensions being utilised

• Click OK

• If the Additional Reporting Currency is populated, NAV will automatically post the entries. In this case, go to the Retained Earnings account in the Chart of Accounts and verify that new entries have been posted:

• If the Additional Reporting Currency is blank, then the below additional steps are required:

  • Go to the journal template and batch which was previously chosen when running the Close Income Statement Report

  • Post the entries found in the batch

• Go back to the Account Periods screen and Create the Year. If the year was already created, then skip this step.