Before closing the year, all Sage X3 operational transactions need to be completed and posted. This list includes invoicing all 2017 shipments, posting all sales and customer invoices, posting all purchase and supplier invoices and posting all payments and batched remittances to the bank. There are batch posting functions in Sage X3 which allow date ranges to be entered when posting transactions so all 2017 open transactions of the same type can be posted together at once.
The View Queries function has the Shipped Not Invoiced, Invoices Not Posted, etc. inquires which can be reviewed to facilitate an open items listing. Search the query description field for the word “not” and most of these queries will appear.
The advanced selection of each function can also be used and filtered by the status field so the left list shows only open items.
If a physical inventory is taking place, all stock count sessions must be closed.
All subcontracting orders and work orders need to be completed and closed.
Both the stock and WIP accounting interfaces should be run manually to confirm there are no errors.
Sage X3 financial close includes posting all manual accruals, generating reversals, generating recurring entries, tying out intercompany balances, accruing non-inventory receipts using Invoices to Receive and revaluating multi-currency transactions.
Simulated entries generated by the system need to be deleted or changed to actual entries.
Bank account ending statement balances should be reconciled to the general ledger account balance.
The status of each Sage X3 fixed asset period must be closed and the posting type must be changed from simulation to actual. All fixed asset journal entries must be posted. The depreciation status of contexts window will show a red circle if any errors or unposted transactions need to be addressed. The fixed asset year can be closed once this is done.
Fixed asset periods cannot be re-opened and must be closed before the general ledger can be closed.
The customer and supplier aging report (NA-BPATB) is used to support the balance in the AR and AP accounts. The unmatched balance in the RNI account will tie to the balance in the account. Requestor ACH040 can also be used to support this balance, but it has some limitations. The Stock Valuation report is used to support the balances in the inventory accounts. There is a fixed asset listing inquiry which can be used to tie to the fixed asset account balances.
RKL eSolutions has developed a WIP inquiry to assist with reconciling the balance in the WIP account by work order number. Work orders with balances can be reviewed and adjusted if needed. Contact us if you do not have the WIP inquiry functionality.
All temporary entries must be made final and all blocking errors must be identified and addressed. The CLOPER report will show any period close blocking errors.
The stock periods and all fiscal periods of the year must be closed. The first period of the next year must be open.
All user must log out of Sage X3 and the accounting tasks status must be inactive.
The accounts on the Miscellaneous Accounts tab of the Chart of Accounts should be reviewed to verify year-end postings. Some of the accounts must be filled in to avoid errors during the close even though no adjustments are posted to these accounts.
To close the year, select the company and ledger to close. Journal entries are created closing profit and loss accounts to retained earnings and establishing opening balances in the balance sheet accounts. In the screen below, 2016 is being closed.
If the fiscal year is not ready to be closed, but beginning balances are needed for reporting purposes, Sage X3 Year-End Simulation can be run under Financials>Utilities. The process is run for the year beginning not the year ending. For more detailed instructions read How to Use Year-End Simulation in Sage ERP X3
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