Step 1: Create a new fiscal year

Path: Dynamics Ax > General Ledger > Setup > Ledger

Right click on 'Fiscal calendar' and select View details

Choose the corresponding calendar and click ‘New fiscal year’, enter the ‘End of fiscal year’ and ‘Fiscal year name’.
Set 1 month per period as below and click Create

12 monthly lines get created with opening and closing period.

Step 2: Transfer Opening Balances & Setup Fiscal year close parameters

Enable GL Parameters:

Path: Dynamics Ax > General Ledger > Setup > General ledger parameters > Ledger tab
(un-tick those four options under Fiscal year close)

Fiscal year close:

Delete close-of-year transactions during transfer : If this check box is selected, opening transactions and system-
generated closing transactions that exist for the year to be closed are deleted when the transfer is processed again.
Create closing transactions during transfer : By enabling this option, have the system create closing transactions
when running the opening transactions job.
Set period status to year closed : Select this check box to display a status of Year closed for all fiscal periods for
the year that is being closed.
Voucher number must be filled in : If this check box is selected, a voucher number must be entered when opening
transactions are created for a new fiscal year.

Note: If a period is closed, adjustments, which may be required by the auditor, are not possible.
Transfer opening balances procedure:

Path: Dynamics Ax > General Ledger > Periodic > Fiscal year close > Opening transactions

Enter the End date, retained earning account and the voucher number for the year end voucher. Tick print created
transactions.
Click tab 'Financial dimension'
Tick transfer financial dimensions and all Dimension are ticked

Click button 'OK'

Please find the report of Closing transactions & Opening transactions

This completes the Year-End Closing process.

Step 3: Control transactions in a closing period

Path: Dynamics Ax > General Ledger > Setup > Ledger > click Ledger calendar button

Select 'On hold' from list and this prevents transactions posting in the system for that period, perform same operation
for 12 monthly periods.

* A closed period cannot be reopened. The permission to close periods and years should be highly restricted.
* The period can be change back to Open if any adjustment is needed