The document provides an agenda and checklist for tasks to complete year-end planning and closing for Sage X3, including running managerial reports, closing the fiscal period and year, updating default date parameters, generating 1099 forms, and other considerations. It discusses running a year-end simulation, closing procedures, financial reporting, updating budgets and standard costs, and default date parameters. Contact information is provided for questions.
1. Year-End Planning
for Sage X3
To Join the Audio: 1-253-215-8782
Passcode: 931 2017 0272
Doug Hart & Ed Halloran, Solution Architects
RKL eSolutions, LLC
Decemeber 8, 2020
2. AGENDA
Year-end checklist of tasks to perform before closing
Managerial Reports to run at YE & tie to the GL
Closing the last Fiscal Period and Year
Run Financial Data Extraction or SEI Reports
Other Considerations
1099 Generation and Reporting
Updating Default Date Parameters
Q&A
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The Fiscal Year does not have to be closed immediately.
It is recommended you keep the year open until the
end of the final audit.
Take note!
Run the Year-end Simulation function before closing the current year
No journals are created
Fiscal year is not closed
Balance Sheet balances are rolled forward
Allows you to run a Trial Balance for 2021 without formally closing
2020
Updates beginning balances for most reports and inquiry screens,
however, make certain that the FYE flag is included or excluded as
required for analysis purposes. An example is found in the Criteria
screen in the Account Balance inquiry.
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Posting of operational transactions. Examples include:
All Receipts and deliveries validated and invoiced
All Sales Invoices/Credit Memos posted (FUNCFMINV, BPCVAL)
All Purchase Invoices/Credit Memos posted (FUNPIH, BPSVAL)
All Payments posted (REMBAN)
Physical inventory completed
All subcontracting costs calculated and posted
Stock accounting Interface posted with no errors (FUNSTOACC)
WIP accounting interface posted with no errors (FUNWIPACC)
Year-end Checklist
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Perform financial accounting
processes including:
Accrual entries created & their reversals
generated
Recurring entries generated
Depreciation entries generated if not
using FAS
Inter-company accounts balance
confirmed
Variances, Clearing Accounts, RNI, 99999
account
Non-inventory receipts accrued
RNI account matched
Multi-currency revaluation entries
generated
Consider dimensional allocations
Simulated journal entries deleted or made
Actual
Year-end Checklist (cont’d)
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Close Fixed Assets:
Confirm the Posting Type for all periods = Actual
Confirm all journal entries are posted
Monitor the Depreciation Context for corrections
Perform period & year-end close
FA must be closed before GL is closed
FA periods cannot be reopened
Reconcile bank accounts
Year-end Checklist (cont’d)
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Restrict postings, either:
By Module
ACHXXXDAT - Purchase invoices
CPTXXXDAT - Journal & batch entries
TRSXXXDAT - Customer BP invoices, supplier BP invoices,
entry of payments, entry of open item statements, entry of
expenses lines and automatic payment proposal
VENXXXDAT - Sales invoices
By Document Type date range or Journal Code date
range
Year-end Checklist (cont’d)
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BALAGEGRP Customer or Supplier Aging
BALGRPDEV Trial Balance
Matching detail for RNI account
Requestor ACH040 can be used with limitations
FASLISTDEP Fixed Asset Listing
Stock Valuation Report
ZWIP requestor
RKL’s custom requestor to tie out WIP by Work Order
Managerial Reports
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Final Validation of Journal Entries
Run Final Validation for all remaining temporary 2020
entries (CPTVAL)
Review the Pre-closing report for blocking errors
(CLOPER)
Close the Period
Stock close
Period close (final month will notify on screen)
Make sure January 2021 is open!
Closing the Year
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Have all users log out of Sage X3 (Journal Monitor, EDI Monitor, and ADC
Monitor must be stopped as they are considered ‘users’)
Turn off accounting tasks
Confirm the NEWPR journal and document type exist – these are used to
create the closing entries
Verify the RTZ level for Sequence Numbers
Verify Parameters for Analytical Balance Forward (FRWANA) & General
Ledger Balance Forward (FRWGAC) are both set to Yes
Confirm the Miscellaneous accounts tab in the Chart of accounts function
Line 11 should be Retained Earnings
Other lines are not used but may need values to avoid generating errors
Closing the Year (cont’d)
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Closing the Year (cont’d)
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Years can be re-opened to enter any audit adjustments
Financials > Closing processings > Fiscal Year End function
Run Simulation first to identify potential errors
Journal entries
are created,
closing P&L
accounts to R/E
and establishing
beginning
balances for
Balance Sheet
accounts
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Use SEI or Financial Data
Extractor to verify report
balances at year end
Confirm roll-forward of ending
balances to beginning balances
for balance sheet accounts
Financial Reporting Considerations
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Budgets – New budget codes can be created or 2021 budget amounts can
be imported to existing budgets
Operational Budgets – Carry-over budgets should be calculated if
necessary
Update Price Lists (Sales & Purchasing)
Update standard costs
System will use old standard until 2021 standard is created
Copy current Raw Material standard to simulated
Update Raw Material simulated standards
Perform BOM cost rollup on Finished Goods simulated costs
Copy simulated 2021 cost to 2021 standard costs
Other Considerations…
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Fee Declaration > United States > Processings
Payment amounts can be edited using the 1099 payment
summary function
Run the Calculate 1099 payments function
Print forms 1099-MISC, 1099-NEC (with the application of the
2020 1099 patch for v11 and v12), & 1096
Electronic filing is not supported within X3 but several 3rd-
party applications exist
Printing 1099s
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Change the date ranges after the new
year begins
These dates default into reports and
inquiries
Verify the ENDDAT value is at least
one year in the future – X3 will not
allow transactions to be posted
beyond this date
Default Date Parameters
16. Thank you and Happy Holidays!
RKL eSolutions helpdesk is a great place to ask questions.
Contact us: support@rklesolutions.com
Gia Lane
Customer Account Manager
East Coast
Glane@rklesolutions.com
717-735-1492
Mike Share
Customer Account Manager
West Coast
mshare@rklesolutions.com
717-735-9131