At the end of each month, your accounting department is required to run its month-end close process. This takes a lot of time and effort if done manually and provides more room for error however automating this process in would help prevent costly mistakes.
Month End Close Process in Microsoft Dynamics gives your Finance department all the Accounting tools they need to close periods faster and more accurately and allows your accountants to generate the financial reports they need at the click of a button.
How Accountants can optimize the Month End Close Process in Microsoft Dynamics 365 Finance ERP.
- Set up month end closing activities across companies, areas, and people using the Financial Period Close Workspace in the General Ledger module. Create tasks and dependencies, assign closing roles, set target time for the closing period, and email alerts upon completion of each task.
- Monitor month end progress status with a quick summary view of all outstanding tasks.
- Perform automated reconciliations and compare and match entries in your books against transactions. Moreover, discover and resolve discrepancies like missing payments and bookkeeping errors.
- Increase compliance by using the Dynamics 365 Tax Engine for tax calculation, tax administration and tax applicability. Further, generate Tax file using the templates available and subsequently upload directly to the Tax authority websites.
- Create different templates such as month-end template or quarterly template that can serve as default checklists for future period closing activities.
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If we perform all of these correctly, then the fiscal close should be a breeze as well. Read our blog on
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