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    December 16, 2020

    Year-end closing best practices part 3: Dynamics SL – flexible billings, order management and accounts receivable modules

    This is Part 3 in a series for Microsoft Dynamics SL year-end closing best practices. This post outlines the year-end closing for the Flexible Billings, Order Management and Accounts Receivable modules in Dynamics SL. It contains checklists of steps and detailed information for each.

    The series covers the following (Click hyperlinks below to read the blog for all other parts):

    Note: Year end is a good time to test the Dynamics SL Database Backups to make sure they work. You don’t want to discover your backups are not working when you need them. After testing, perform backups of the Application and System databases before starting the year-end closing process.

    Year-end Closing for Flexible Billings, Order Management and Accounts Receivable Modules

    Closing Accounts Receivable includes reviewing Accounts Receivable data along with Flexible Billings and Order Management. We will begin with the review of Flexible Billings because the close of Accounts Receivable also closes Flexible Billings.

    Flexible Billings Checklist

    checklist for enavate blog

    Here are the necessary reports to review Flexible Billings, and a tip to assist with the process:

    • Flexible Billing Invoice in Process Report (BI.430.00): Users can view a summary of all unposted invoices and ensure all transactions and invoices are processed. The report separates the invoices by status (Approved, Completed, In Process, Printed and Rejected).
    • Unbilled Detail Report (BI.410.00): This report gives detailed transactions against each project. Perform a cleanup as needed.

    Expert Tip: Make sure Allocator has been run and all invoices have been processed.

     

    Order Management Checklist

    checklist for enavate blog

    To review Order Management, follow these steps:

    1. Review the following open Sales Order reports prior to closing Accounts Receivable:
    • Sales Orders by Order Number (No.) (40.740.00)
    • Sales Orders by Customer (40.741.00)
    • Sales Orders by Inventory (40.742.00)
    • Sales Orders by Sales Person (40.743.00)

    Only valid OPEN Sales Orders should remain. Others should be processed or cancelled.

    1. Run the Sales Journal Report (40.690.00) prior to closing Accounts Receivable, Inventory and General Ledger.
    2. Delete old inactive orders.

    Accounts Receivable Checklist

    checklist for enavate blog

    To review Accounts Receivable(AR) and confirm all documents for the year have been entered, follow these steps:

    1. Print/review the AR Batch Register-Summary Report (08.800.00) to verify there are no open batches for the periods 01 through 12. Research and resolve any unprocessed batches.
    2. Post the AR batches in the General Ledger > Post Transactions screen (01.520.00).
    3. Print/review the Customer Trial Balance Report (08.620.00) and General Ledger Trial Balance Report (01.610.00) for the Accounts Receivable accounts. If the numbers equal, you are ready to close the Accounts Receivable Module for the year.

    If the Customer Trial Balance Report and the General Ledger Trial Balance Report for the Accounts Receivable accounts do not agree, perform these steps:

    1. Review the beginning Accounts Receivable balances on the General Ledger (GL) Trial Balance Report (01.610.00) for the year and compare it to the ending account balance in last year’s General Ledger Trial Balance Report to confirm no entries were processed to prior years.
    2. Review the Detail General Ledger Report (01.620.00) to confirm the Journal Type = “AR’” for any entries to the Accounts Receivable Accounts/Subaccounts.
    3. Review the GL Transactions > Unposted report (01.680.00) to confirm no transactions for the current or future periods exist that may affect the General Ledger or Customer balances.
    4. Review the Account Distribution Report (08.630.00) to confirm the Accounts Receivable Default Account was properly debited for invoices and debit memos and properly credited for credit memos and payments.
    5. Review the AR Transactions report (08.640.00) for any batch detail that you may need to answer questions as a result of reviewing the other reports.
    6. If corrections are made, reprint the AR Customer Trial Balance and the GL Trial Balance and file the reports. If the numbers equal, you are ready to close the Accounts Receivable Module for the year.
    7. Print the Aged AR Report to an electronic file.
    8. Log off Dynamics SL and back up the database.
    9. Login into Dynamics SL. Go to General Ledger > Processes > Closing (01.560.00) and close the Accounts Receivable Module for the Closing Type: Year

    Part 4 covers the Project Controller Module.

    Click below to read these articles in the series:

    If you have questions or need additional information, please contact our Dynamics SL Team of experts.

    About the Author

    Jane Nygren HeadshotJane Nygren is a Senior Consultant with the Customer Care SL Team, for Enavate Managed Services, a DXC Services Partner. She is a CPA with certifications in the States of Texas and Wyoming. Her MBA Degree is from the University of Tulsa. In additional to her Dynamics SL experience, Jane uses her Accounting knowledge and experience to resolve financial cases in the Customer Care SL Queue. She enjoys the simple things like going to the local Whataburger every Saturday (drive thru during the pandemic) and just hanging out with her husband and cat named ‘Little Girl’. Jane stays involved at her church. Her Hometown is Tulsa, Oklahoma. She currently lives in the Houston area.

    Jane Nygren

    Jane Nygren is a Senior Consultant with the Customer Care SL Team, for Enavate Managed Services, a DXC Services Partner. She is a CPA with certifications in the States of Texas and Wyoming. Her MBA Degree is from the University of Tulsa. In additional to her Dynamics SL experience, Jane uses her Accounting knowledge and experience to resolve financial cases in the Customer Care SL Queue. She enjoys the simple things like going to the local Whataburger every Saturday (drive thru during the pandemic) and just hanging out with her husband and cat named ‘Little Girl’. Jane stays involved at her church. Her Hometown is Tulsa, Oklahoma. She currently lives in the Houston area.

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