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George Moroses
/ Categories: ERP Utilization Review & Process Improvement Consulting, Support, Training & Workshops, Consulting

Infor LX & BPCS Period End & Fiscal Year End Processing Checklist

Infor LX & BPCS Year-End Close Checklist

Year-end is always a busy time and it is easy to forget all the things that must be done in your Infor ERP system to close out the year properly and set you up for success the following year. Here are some things you should have on your 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 (only for environments without Manufacturing).


Preparing 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. Make sure no receipts are allowed against any of the contract line items.

_____ 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. (Manufacturing)

_____ Discuss cutoff dates for removing Archived BOMS and Closed/Canceled Mfg Orders. (Manufacturing)

_____ Run PRF900 to update performance measurements and purge closed shop orders.

Finance Specific Items:

_____ Set up the financial periods for 2022. Do this before the new year begins.

_____ Open period January in 2022. 

_____ Finalize any outstanding transactions from the current year - 2021.

_____ COPY the CEA Book for the new year. Creating the Book requires the user to set up all the Journal Sources, while Copying ensures that every needed record is in place.

General LX & BPCS Items:

_____ Run ACP920 (1099 Report) before running ACP910 (Year End Close), as the Close Program clears the 1099 Payments History.

_____ Issue any old sales invoices.

_____ Fix any outstanding financial integration errors.

_____ Set up new integration mapping for 2022 as needed.

_____ Test the mapping in a test environment prior to the new year.

_____ Review & update jobs as needed to ensure they will process in 2022.

_____ Determine for cash-flow purposes, what purchase invoices won’t be paid until 2022.


Want even more tips for month-end and year-end processing? See the attached document that covers LX and BPCS Period End and Fiscal Year-End Processing and provides details regarding what each program does and what files are updated.
LX & BPCS Period End & Fiscal Year End Processing Document>

Need help? Contact us and we’ll be happy to walk you through what needs to be done to ensure that everything is done correctly and completely. 1.800.762.2077 or solutions@crossroadsrmc.com
 

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Tips:  LX | BPCS | M3

Came across an article online from Lauber CFO’s, and thought I would share. Here is a checklist for things to consider in order to finish out the year and help you plan for 2016:

 

  • Are your accounting records up to date so that you can make a projection of how the current year will turn out?
  • Are all account reconciliations currently up to date to facilitate the closing of the books after year end?
  • Are there accounts receivable that should be reserved for or written off prior to the end of the year?
  • If your business carries inventory, do you need to plan a physical count as of the end of the year?
  • Has depreciation on your fixed assets been recorded during the year? Have you considered depreciation on current year additions?
  • Have all new asset purchases and bank loans been recorded on your books?
  • Are there any liabilities, for example, pending legal actions or warranty issues, which will need to be recorded prior to year end? 
  • Do you have a plan in place to properly “cut-off” revenue at year end to properly match revenue and expense?
  • Will there be bonuses, profit sharing contributions or discretionary retirement plan contributions paid prior to the end of the year? How will these payments affect cash f
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Some items in the manufacturing process may require a lot number. A quick and easy way to release the Shop Orders with lot numbers is by using the Multi-Level Shop Order Release.

Simply select the end item from the selection screen and use action 10 for the multi-level order release. At the bottom of the release screen is the field “Pre-Assign a Lot Number to Shop Orders”. Select 1 for the pre-assigned lot number assignment option.

This option will use the pre-assigned lot number on the shop order, if the lot number exists. If the lot number does not exist, the system will automatically create a lot number and assign it to the shop order for all items that are lot-controlled.

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Tips: LN | Baan

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