Configuring Year-End Setup in Dynamics 365 Finance
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You are configuring the year-end setup in Dynamics 365 Finance.
You need to configure the year-end setup to meet the following requirements: -> The accounting adjustments that are received in the first quarter must be able to be posted into the previous year's Period 13
-> The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions.
-> All dimensions from profit and loss must carry over into the retained earnings.
-> All future and previous periods must have an On Hold status.
Solution: -> Configure General ledger parameters.
- Set the Delete close of year transactions option to No.
- Set the Create closing transactions during transfer option to No.
- Set the Fiscal year status to permanently closed option to No.
-> Define the Year-end close template.
- Designate a retained earnings main account for each legal entity.
- Set the Financial dimensions will be used on the Opening transactions option to No.
- Set the Transfer profit and loss dimensions to Close All.
-> Set all prior and future Ledger periods to a status of On Hold.
Does the solution meet the goal?
Answers
Explanations
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A. B.B.
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-closeBased on the stated requirements, let's evaluate each step of the proposed solution and check if it meets the goals:
-> Accounting adjustments in Q1 can be posted into the previous year's Period 13
- Setting the "Delete close of year transactions" option to No will prevent the system from deleting Period 13 after the year-end closing.
- Setting the "Create closing transactions during transfer" option to No will allow posting of transactions into the previous year's Period 13 without creating new year-end closing transactions.
- Overall, these settings will enable the posting of Q1 adjustments into the previous year's Period 13.
-> The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions.
- Setting the "Fiscal year status to permanently closed" option to No will allow rerunning the year-end closing.
- However, since the "Delete close of year transactions" option is set to No, previous closing transactions will remain in the system. Therefore, this requirement is not fully met.
-> All dimensions from profit and loss must carry over into the retained earnings.
- Designating a retained earnings main account for each legal entity in the year-end close template will enable the posting of profit and loss into the retained earnings account.
- Setting the "Financial dimensions will be used on the Opening transactions" option to No will prevent the system from using financial dimensions on opening transactions.
- Setting the "Transfer profit and loss dimensions to Close All" option will transfer all profit and loss dimensions to the retained earnings account. Therefore, this requirement is met.
-> All future and previous periods must have an On Hold status.
- Setting all prior and future Ledger periods to a status of On Hold will meet this requirement.
Overall, based on the evaluation of each step, the proposed solution partially meets the goals. Therefore, the answer is B. No.
