Kathy Barthelt / Tuesday, December 15, 2020 / Categories: Infor ERP Tips, Infor LN & Baan Tips Infor LN & Baan 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. Check for any applicable sales and purchase invoices/returns and post. 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. (Manufacturing) 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. Previous Article Infor LX & BPCS Tip of the Week: Year-End for Finance Next Article Infor LN & Baan Tip of the Week: Year End for Finance Print 63467 Rate this article: 5.0 Kathy BartheltKathy Barthelt Other posts by Kathy Barthelt Contact author Facebook page Twitter Linked In YouTube Website
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