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