The report CLOPER can be run, to help identify any potential problems beforehand.
To review the configuration of the next financial year in Sage X3 head into the Common Data > G/L Accounting Tables > Fiscal Years option. Select the Company and Ledger from the left list and click the Fiscal Year button (in the bottom right).
The following screen appears from where you can click OK to confirm the details and set up the next year(s).
Before closing the year you’ll need to close of all of the periods from within the Common Data > G/L Accounting Tables > Fiscal Periods option. Select the company, ledger and year from the left list and click Close.
The following window pops up where you can select the period(s) to close along with the ledgers to
close it for.
When closing period 12, the following warning appears.
Click OK to continue.
If you haven’t ran the CLOPER report and resolved any errors then you’ll be advised that there have been errors and then receive a log file detailing the reason(s) why the period can’t be closed.
In this example there are a number of journals that haven’t been fully validated (status = Temporary).
Journals can be validated en masse using the option: Financials > Current Processings > Final Validation
If all periods are now closed and the first period in next year is open we’re ready to run the Year End Close process.
This is simply a case of using option Financials > Closing Processings > Fiscal Year End (FIYEND).
Select the company & ledger/reference along with the document type & journal code to be used for the carry forward postings. There are also document type and journal code fields for closing journals
but closing journals are not generally used in the UK.
Note the Simulation option at the bottom – this process produces a log file with the accounts involved and their carry forward values calculated by the Year End program, without actually performing the year end.
An optional Detailed log file is produced showing the carry forward postings made by the Year End process and detailing any errors.
Check the status of the year is now closed in the Fiscal Years option.
Checking/Configuring the carry forward document type and journal code.
Check that the following document type exists or ensure that there is a document type setup that has Period = New. This is done from Parameters > Financials > Document types (GESGTE)
Check that the NEW journal code exists in Common data > G/L Accounting Tables > General > Journal Codes (GESJOU).
Ensure that Type is set to New Period.
Parameters > General Parameters > Parameter Values
CPT Accounting > Financial Year End.
Also check the setup of Automatic journal parameters:
Note: if Closing document is used, then we also need to consider parameter GAUFIYCL
Chart of Accounts YE Accounts:
This account must be completed by an account from the chart of accounts and it is used in two contexts:
the FIYEN journal, available by currency and possibly by site, saves the opening balances of the real accounts with the counterpart on this carry-forward account.
the FIYRE journal, possibly available by site, balances the carry-forward account by the profit and loss account
this carry-forward account represents the account for which the accumulated balance of the profit and loss accounts is balanced, said balance being calculated at the end of the period preceding the extraction date. This calculation is carried out if the Earlier Balances option is selected and if the period required crosses over two fiscal years.
Parameters > Organisational Structure > Charts of Accounts (GESCOA)
Parameters > Financials > Accounting Interface >Automatic journals
The FIYEN automatic journal, available by currency and possibly by site, saves the opening balances of the real accounts with the counterpart on this carry-forward account.
The FIYRE automatic journal, possibly available by site, balances the carry-forward account by the profit and loss account.
Checking the C/F flag against the account classes.
Parameters > Financials > Account Classes
The C/Fwd flag determines whether or not to create a carry forward (opening balance) posting into the new year.
Traditionally P&L type accounts would have C/fwd = NO and Balance Sheet accounts would have C/fwd = Yes
If you're encountering any issues or require additional support when running the fiscal year end in Sage X3 make sure to get in touch with our support team.
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