Year-End Setup Configuration in Microsoft 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 Yes.
- Set the Create closing transactions during transfer option to Yes.
- Set the Fiscal year status to permanently closed option to Yes.
-> 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 Yes.
- 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?
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A. B.B.
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-closeThe solution presented appears to meet all of the requirements stated in the scenario.
The first requirement is to be able to post accounting adjustments received in the first quarter into the previous year's Period 13. This is achieved by configuring the "Create closing transactions during transfer" option in the General ledger parameters to Yes. This option creates a closing transaction during the transfer of opening transactions from the previous year to the current year, which allows for adjustments to be posted in the previous year's Period 13.
The second requirement is that the fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions. This is accomplished by setting the "Delete close of year transactions" option in the General ledger parameters to Yes. This option allows for the ability to rerun the fiscal year closing while keeping only the most recent closing entry.
The third requirement is that all dimensions from profit and loss must carry over into the retained earnings. This is addressed by configuring the Year-end close template. By designating a retained earnings main account for each legal entity and setting the "Financial dimensions will be used on the Opening transactions" option to Yes, all dimensions from the profit and loss statement will carry over into the retained earnings.
The fourth requirement is that all future and previous periods must have an On Hold status. This is achieved by setting all prior and future Ledger periods to a status of On Hold.
Therefore, the solution presented meets all of the requirements stated in the scenario, and the answer is A. Yes.
