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Infor LX & BPCS Tip of the Week: Year End
George Moroses

Infor LX & BPCS Tip of the Week: Year End

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.
  • Make sure to close out all purchase contracts and PO’s before year-end. Make sure no receipts are allowed against any of the contract line items after year-end.
  • 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.
  • Determine what new standard costs should be entered for the upcoming year.
  • Discuss cutoff dates for removing Archived BOMS and Closed/Canceled Mfg Orders
  • Run PRF900 to update performance measurements and purge closed shop orders

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