As we’ve finished opening our Christmas gifts and shoveling snow (depending upon the zip code in which you reside) it’s time to start thinking about the year-end close process in Dynamics 365 for Finance.
The Microsoft Finance product team just published this new FAQ that is loaded with tips and tricks to ensure a seamless and efficient year end close process. The FAQ pertains to General Ledger and Accounts Payable specifically. It includes several suggestions for improving performance of the closing process, from removing no longer used dimension sets to rebuilding the ones you need within the consolidation and close period. There’s also some interesting help for tweaking your closing template configurations. On the AP side, several regulatory features have been added for 1099 year-end changes to accommodate tax law changes that were made in 2020.
Don’t forget to use the Financial Period Close Workspace to generate and assign the list of period end tasks. Then you can use the tasks and statuses to view the assignments and follow the process in a visual format.
As always, if you run into issues and need support, we are here to help.