Infor LN & Baan Year-End Processing Checklist for Period and Fiscal Year Closure
The conclusion of the fiscal year is inevitably a hectic period, making it crucial not to overlook essential tasks within your ERP system to ensure a seamless year-end close and set the stage for a successful start to the upcoming year. Below are critical items to include in your comprehensive checklist:
Year-End Close Process:
- Remove discontinued items.
- Eliminate sold purchase receipts.
- Clear lot attributes for sold lots.
- Update standard cost based on the current cost field (for environments without Manufacturing only).
Prepare for Year-End Close:
- Conduct a comprehensive physical inventory and update quantities before the actual year-end or establish a robust cycle-counting program.
- Review and post any applicable sales and purchase invoices/returns.
- Prepare users for a year-end push to complete all year-to-date inventory adjustments, receipts, and invoicing.
- Determine procedures for handling new year transactions without immediate posting.
- Establish new standard costs for the upcoming year (Manufacturing).
- Discuss cutoff dates for removing Archived BOMs and Closed/Canceled Mfg Orders (Manufacturing).
Finance Specific Items:
- Set up financial periods for 2024 (fiscal, reporting, and tax, as applicable).
- Open January period in 2024.
- Finalize any outstanding transactions from the current year (2023).
- Perform a soft-close for any open periods in 2023.
General Baan/LN Tips:
- Issue any pending old sales invoices.
- Resolve outstanding financial integration errors.
- Establish new integration mapping for 2024 as needed.
- Test the mapping in a controlled environment before the new year.
- Review and update jobs to ensure they will process in 2024.
- Determine, for cash-flow purposes, which purchase invoices won’t be paid until 2024.
- Verify that calendars are set up for the new year with holidays correctly indicated.
- Check jobs to ensure that any with hard-coded dates will point at the new year.
For additional insights and tips on year-end processing, refer to the relevant documents in the Infor Knowledge Base.
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1879191
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Document including step by step procedure, possible error/warning messages, and more (Infor LN)
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Step by step procedure description (Infor LN)
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Step by step procedure description (Infor LN)
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Step by step procedure description (Infor LN; Portuguese)
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Step by step procedure description (Baan IV)
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If you require assistance or have any questions, feel free to reach out to us, and we'll gladly guide you through the necessary steps to ensure a thorough and accurate completion of your year-end processes. Contact us at 1.800.762.2077 or via email at solutions@crossroadsrmc.com. Your success is our priority, and we're here to help.