Lab - Perform year-end close and a consolidation

15 minutes

Read this first - before you start the lab!

Important

For this lab, you CAN'T sign in with your own credentials. Use the following steps to sign in to your lab environment with the correct credentials.

Ensure that you're signed in to Microsoft Learn.
Select Launch VM mode or Sign in to launch VM mode in this unit.
In the Resources tab on the lab side bar, select the T icon next to Password in the Finance and Operations box, to have the administrator password for the Virtual Machine (VM) entered for you.
Select Enter. If you see a Your connection isn't private message, select Advanced, and then select Continue to usnconeboxax1aos.cloud.onebox.dynamics.com (unsafe).
Microsoft Edge opens. Wait for it to navigate to the Sign in page for finance and operations. If you experience an issue with the Sign in page loading, try to restart the browser in the VM.
On the Microsoft Sign in page in finance and operations, place your mouse cursor into the Username field.
On the Resources tab of the lab side bar, below the Azure portal heading, select the T icon next to Username, then press Enter.
Your mouse cursor is now in the Password page.
On the Resources tab of the lab side bar, below the Azure portal heading, select the T icon next to select Password, then press Enter.
In the Save password window, select Never.
Select Accept in the Permissions requested page.
To see the lab instructions, select the Instructions tab on the lab side bar.

You can now begin your work on this lab.

Scenario - Perform year-end close

A fiscal year is not closed in the demo data company USMF.

The Accounting manager must create a closing sheet and make the following adjustments:

2,500 US dollars (USD) from account number 110130 to account number 110110
USD 800 from account number 403150 to account number 110110
USD 1,250 from account number 140200 to account number 110110

When the adjustments are finished, the Accounting manager must post the closing sheet and create the opening balances for the next fiscal year.

Create and post a closing adjustment entry

In the USMF company, go to General ledger > Period close > Closing period adjustments.
In the Closing sheet field, enter your fiscal year, for example 2023.
In the Name field, enter Fiscal year - Closing Sheet.
In the Posting layer field, select the arrow and then select Current.
In the Type field, select the arrow and then select Closing.
Select the General tab.
In the From field, enter 1/1/Fiscal year.
In the To field, enter 12/31/Fiscal year.
In the Post field, enter 12/31/Fiscal year.
Select Save.
Select the Closing accounts button.
Select the Load balances button.
Set the Delete existing accounts option to Yes.
Select OK.
Select Account number 110130.
Select the Transfers button.
In the Description field, enter 2020 close.
In the Offset account field, select the arrow and then select Account number 110110. Select values for BusinessUnit and for Department such as 001 Home and 024 Finance.
In the Amount field, enter 2500.
Close the page.
In the quick filter, enter 403150 and then press Enter.
Select the Transfers button.
In the Description field, enter 2020 close.
In the Offset account field, select the arrow and then select Account number 110110. Select values for BusinessUnit and for Department such as 001 Home and 024 Finance.
In the Amount field, enter 800.
Close the page.
In the quick filter, enter 140200 and then press Enter.
Select the Transfers button.
In the Description field, enter 2020 close.
In the Offset account field, select the arrow and then select Account number 110110. Select values for BusinessUnit and for Department such as 001 Home and 024 Finance.
In the Amount field, enter 1250.
Close the page.
Select Post. If this step fails for you, go to General Ledger > Ledger setup > Ledger calendars and ensure that your current fiscal year is open and if not, update it to be so or select an open year.
Close all the pages.

Perform the year-end close

Go to General ledger > Period close > Year end close.
Select US companies.
Select Run year-end close, and then select USMF.
Select OK.
In the Fiscal year, select your current fiscal year.
In the Voucher field, enter GTL-Fiscal year.
Select OK.
Close all the pages.

Scenario - Perform a consolidation

The Chief financial officer has asked the Controller to consolidate the activity for Contoso Entertainment USA (USMF) from January 1, 2018 through December 31, 2020 into the Contoso Entertainment Consolidation (GLMF) company. The Controller is also asked to review the balance of account 110110 Cash in USMF-OPER to verify the accuracy of the consolidation.

In the GLMF company, go to Consolidations > Consolidate online.
Select Consolidation online template setup in the Action Pane.
Select New on the Consolidation online templates page.
In the Name field, enter GTL - Consolidation.
In the Description field, enter GTL-Consolidation.
Enter 110110 as the main account in the From field, and 199999 in the To field.
Select Yes for Include budget amounts.
Select the Legal entities tab.
Select New.
For the Source legal entity, select USMF.
Select the Currency translation tab.
Select the New button to add a new record.
In the Source legal entity field, use the arrow to select USMF.
In the From account field, select 110110 and in the To account field, select account 199999.
The Exchange rate type field at the bottom of the page is disabled because USMF and GLMF use USD as their currency.
Select OK.
Select Perform consolidation in the Action Pane on the Consolidate online page.
In the From field, enter the 1 January 2018.
In the To field, enter 31 December 2020.
Select the GLT – Consolidations template in the Template field.
Select OK.
Go to the Consolidations > Consolidation transactions page.
Select the row for USMF and then select Transactions > Budget.
Close all pages.

Close the lab environment

Select Done in the Instructions pane in the lab side bar.
In the Lab is complete window, select Continue, and then select Leave to return to the next unit in the module.