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Draft Your Month End Close Checklist with Dynamics NAV


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Like most ERP systems, Dynamics NAV has its own unique way of helping businesses perform their regular month end duties. Leveraging what is unique to NAV, I’ve put together a series of 4 posts that outline how to perform a period-end close in NAV with the goal of helping to make it easy for you to draft your own month end close checklist.

Where applicable, I’ve also covered out of the box reports that you can leverage to help you gain better insights into your monthly activities.

 Month End Close Checklist with Dynamics NAV

1. The General Ledger

 

This initial post in the series outlines how to complete the month end close process with tasks related to the General Ledger, including:

  • How to set up standard and recurring journal entries
  • How to limit posting dates

 

Note: Microsoft Dynamics NAV is a real-time ERP and does not, technically, have “hard-close” for a period end. The only way a month gets hard-closed is when you perform the year-end closing. As a result, the procedures outlined in these posts will demonstrate how to use soft-closing to administer your accounting records appropriately.

2. Accounts Payable and Accounts Receivable

 

This post covers how to close the month from an Accounts Payable and Accounts Receivable standpoint, featuring the following:

  • How to process previous month payables
  • How to void and reissue stale-dated cheques from prior periods
  • How to record prior month items
  • How to perform bad debt write-offs
  • How to charge financing fees to delinquent accounts for late payments
  • Reports: Aged Accounts Payable, Aged Accounts Receivable, Reconcile AP/AR To GL.

 

3. Bank Reconciliation and Re-Evaluating Foreign Exchange Balances

 

This post covers how to tackle bank reconciliation  and re-evaluating foreign exchange balances as part of month end, including:

  • How to post bank fees and adjustments in the bank rec
  • How to calculate and post gains and losses on foreign currency exchange

 

4. Fixed Assets and Inventory

 

This fourth and final post covers Fixed Assets and Inventory in Dynamics NAV, including:

  • How to calculate depreciation
  • How to write down assets, how to write up assets
  • How to perform physical inventory counts and adjustments
  • How to run the Inventory to G/L reconciliation report

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by Catapult

 

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