Tip of the Week #9 – Prior-Year Entries

Tip of the Week #9: Prior-Year Entries

This week’s tip comes from Birthe Brøndum Jacobsen, chief financial officer here at PrintVis, who has a helpful recommendation for others in her field:

When you close your fiscal year – you get an extra day in the Navision system. You get a “U” date: U31-12-2015, or in English systems a “C” date: C31-12-2015

Many manuals and accountants suggest you to use this date to do all the Prior-Year Entries you have regarding the fiscal year.

My tip is: Don´t do that – use only this date to close the fiscal year.

If you do all your Prior-Year Entries on the last day in the fiscal year (311215), then you have the possibility to make a new balance, with all your Prior-Year Entries in the balance.

If you use the U/C date, the balance will always be zero because you have ended the fiscal year on this date.

Thank you Birthe!

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Birthe Brøndum Jacobsen