Kathy Barthelt / Wednesday, December 16, 2020 / Categories: Infor LN & Baan Tips, Finance Infor LN & Baan Tip of the Week: Year End for Finance 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. Finance Specific Items: Set up the financial periods for 2021 Open period January in 2021 Finalize any outstanding transactions from the current year (2020) Soft-close any open periods in 2020 Issue any old sales invoices Fix any outstanding financial integration errors Set up new integration mapping for 2021 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 2021 Determine for cash-flow purposes, what purchase invoices won’t be paid until 2021 Previous Article Infor LN & Baan Tip of the Week: Year End Next Article Is Your Infor ERP System the Elephant in the Room? Print 62244 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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