Tips for year-end processing in Infor M3
May 29 2020
Year-end can be a stressful time in finance. Lars Nilsson, who is a global expert in Infor M3 Finance, has put together a valuable, practical 15 minute presentation which details what you need to think about before, during and after year-end.
Here is a brief summary or you can link straight to the webinar here.
Financial Year-End Processing In Infor M3
Year-end processing in M3 is simple, if you know what needs to be done. There are no particular roll-over jobs, and GL balances are brought across automatically. There is a requirement for posting the year’s profit/loss. There are a few optional and mandatory actions to be completed in Infor M3:
Actions you need to take before the year-end including
- managing date limits
- do-ahead actions that can be done well in advance like updating the journal number series, invoice number series, system calendar, system periods,
- managing fiscal year periods
After the year end, there are some optional and mandatory actions:
- posting the year’s profit/loss – mandatory
- annual run of GL, CA, AR & AP to improve performance
- annual run of Fixed Assets
There are other things to consider related to year-end:
- budgets in templates and reports
- commitment accounting
- fixed asset depreciation plans for non-standard monthly periods
Other regular checks
- voucher number series
- number series
Non-finance programs to think about including
- time zones, shift patterns and work schedules
To learn more details about all of the above – Check out Lars’ presentation.