At the end of a fiscal year, there are a number of administrative tasks that you have to perform, like making sure all documents and journals are posted, making sure currency data are up-to-date, closing the books, and more. The actual tasks will depend your company.
The following table provides an overview of tasks that you typically perform to close a year and period. These tasks are listed in the order in which they are generally performed.
|Specify system-wide and user-specific posting date ranges. Depending on your business needs, you may want to restrict user posting date ranges at the start of the period-end process or after it.
|How to: Specify Posting Periods
|Get an overview of activities that are commonly performed at the end of a period, such as posting all documents and journals, or running account schedules.
|Update currency exchange rates and adjust the exchange rates of posted customer, vendor, and bank account entries.
|How to: Update Currency Exchange Rates
|Allocate costs and income among accounts and dimensions.
|Allocating Costs and Income
|Print reports to verify general ledger, customer, vendor and bank account balances before closing a period.
|Preparing Pre-Closing Reports
|Close accounting periods and fiscal year, transfer income statement balances to balance sheet accounts and post the year end closing entry.
|Print reports that can assist you in creating financial statements.
|Preparing Closing Statements
Please visit https://docs.microsoft.com/en-us/dynamics365/financials/ for the complete information!