General ledger year-end enhancements - specify balance sheet dimensions and year-end close service

Important

This content is archived and is not being updated. For the latest documentation, go to What's new or changed in Dynamics 365 Finance. For the latest release plans, go to Dynamics 365 and Microsoft Power Platform release plans.

Enabled for	Public preview	General availability
Users by admins, makers, or analysts	-	Feb 28, 2023

Business value

This feature comprises a number of enhancements that improve performance during the year-end close process.

The enhancements to the year-end close process include the following:

Ability to specify balance sheet financial dimensions in detail when you close a year. This functionality now parallels the capability that's available for profit and loss accounts.
Improved overall performance so that the year-end close process runs more efficiently.

The following enhancements were added in the July 2022 release:

The year-end closing templates are now created on a new setup page. The existing year-end close page will change in a way that’s similar to general ledger foreign currency revaluation—a list will indicate each of the times the year-end close has been run or reversed. An accounting manager can initiate the year-end close from the new page.
You can reverse a year-end close by selecting the most recent fiscal year and selecting the Reverse year-end close button. The reversal will delete the accounting entries for the previous year-end close but won't rerun the year-end close automatically.
Requires voucher numbers when closing a year. This was optional (based on a parameter setting in general ledger) in previous versions.
Maintains the history and audit trail of previously closed years by company and year.