Summary
In this module, you learned that after the reconciliation of accounts and valuation of inventory, you might have to enter year-end transactions. You can enter these transactions in a simple closing adjustment entry, and also use a closing sheet to post and report year-end transactions separately from everyday business transactions.
Additionally, you can use the Opening transactions option to perform the following tasks:
- Reset the profit/loss accounts.
- Transfer balances on the balance sheet accounts into the new fiscal year.
If opening balances are already created and additional updates of the previous fiscal year are necessary, repeat the opening transactions job as many times as needed.
As parts of periodic tasks, companies perform the following tasks:
- Perform bank reconciliations
- Configure financial period close
- Prepare periodic filings
- Run foreign currency revaluation processes
- Perform financial consolidations
- Process end of year tax reporting
Links to related modules for specific topics
| Topic | Link |
|---|---|
| Information about financial reporting | Financial reporting |
| Information about configuring the General ledger module | Configure and use the General ledger in Dynamics 365 Finance |