Infor LN & Baan Period End & Fiscal Year End Processing Checklist
Year-end is always a busy time and it is easy to forget things that must be done in your ERP system to close out the year properly and also set you up for a good start to the following year. Here are some things that you should make sure 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.
_____ 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)
Finance Specific Items:
_____ Set up the financial periods for 2022 (fiscal, reporting, and tax, as applicable).
_____ Open period January in 2022.
_____ Finalize any outstanding transactions from the current year (2021).
_____ Soft-close any open periods in 2021.
General Baan/LN Tips:
_____ 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.
_____ Make sure that calendars are set up for the new year with holidays properly indicated.
_____ Check jobs to make sure any that are hard-coded with dates will point at the new year.
Want even more tips for year-end processing? See the following documents in the Infor Knowledge Base:
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KB
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Content
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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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1147023
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Step by step procedure description (Infor LN)
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1116239
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Step by step procedure description (Infor LN)
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1117334
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Step by step procedure description (Infor LN; Portuguese)
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1171300
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Step by step procedure description (Baan IV)
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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