If your finance team are using Infor M3 to prepare for Year End, there are several tips and tricks that could make life easier for this vital annual task.
We have put together a simple checklist comprising 6-steps to help your team prepare, after of-course, you have closed the final Month!
Closing the Year
1. Check
for any suspended, incomplete, or erroneous records in the system. For example, in the modules (MNS320, CAS300, GLS047, GLS037) that need to be cleared and any releases posted to the general and subledgers.
2. Transfer
Annual Profit / Loss transfer, via GLS995, should be finished after all financial adjustments for the year have been completed.
3. Close
When transactions are finalised ensure you close the periods, via GLS990, this ensures that no transactions are posted to the past year.
Preparing for the New Year
4. Run the Opening Balance
Ensure opening balance programs are executed, especially for the General Ledger GLS905 and Fixed Assets FAS190 modules.
5. Check Calendar Creation
Check calendars have been created for the New Year and periods are defined properly (CRS900 and CRS910).
6. Check relevant number series
Check if any number series need to be created such as for invoices, journals, and vouchers (MFS165, CRS400, CRS410) and for any number series that are exhausted (CRS165).
Whether you are looking for training or starting a Finance project, Anthesis has expert M3 consultants readily available and equipped to provide services remotely to help you get the most from your system.
Speak to us today, email M3@anthesis.co.uk or call us on +44 (0)1260 296530.
