Month-End Closing with Dynamics 365 Business Central

John Ellis
Aug 26, 2024
2 min read

Updated: Aug 29

For new users of Microsoft Dynamics 365 Business Central one of the most frequently asked questions is, “Does Business Central have a list of month end closing tasks?”

Not only is this a very good question raised by many accountants, but these accountants are hoping that Business Central houses month end tasks in one centralized location.

Developed by ASQiT Ltd., Finance Month End Dashboard is a free tool that accomplishes exactly this.

Month-End Closing with Dynamics 365 Business Central Steps

The Main Display

The tool’s display on the Role Center maintains screens for the following activities:

Journal Lines to Post
Recurring Jnl. Lines to Post
Fixed Assets to Depreciate
Bank Entries to Reconcile
Tax Entries to Settle
Currencies to Adjust

For the Period End date to appear accurately in the main dashboard, Allow Posting From and Allow Posting To in the General Ledger Setup and User Setup screens must be properly updated.

Clicking the numbered hyperlink located to the right of each month end activity will launch the screen where such activity will be performed.

Journal Lines to Post

Clicking the hyperlink to the right of either Journal Lines to Post or Recurring Jnl. Lines to Post displays Journals to Post, where you may click the “Edit Journal” button to review unposted journal entries and post them to close the month:

Journals to Post screen showing "GENERAL" journal template, "DEFAULT" name, 2 unposted lines. Background is white with a blue highlight.

Fixed Assets to Depreciate

Since a fixed asset is typically depreciated for each fiscal month, Month End Fixed Assets is used to run this activity by clicking the “Calculate Depreciation” button:

Month End Fixed Assets screen showing a table with fixed asset details: FA No. FA0001100, Depreciation Method: Straight-Line, Book Value: 5,000.00.

Bank Entries to Reconcile

Reconciling the bank statement monthly is a hallmark of a good accounting. Viewing Month End Bank Reconciliation, choosing the listed bank account, and clicking the “Bank Account Reconciliations” button takes care of a major monthly task:

Bank reconciliation interface showing two accounts: CHECKING and SAVINGS, both from World Wide Bank. SAVINGS row highlighted in blue.

Tax Entries to Settle

Prior to clicking the “Calc. and Post Tax Settlement” button in Month End Tax Entries, you should click the hyperlink for Amount to Settle:

Tax software interface with tabs for Calc. and Post Tax Settlement, Tax Statement, and Tax Entries. Amount to Settle shows -9,658.87 in blue.

This drilldown provides very valuable data. in the way of journal entries that you can audit:

Spreadsheet showing invoice details with entries, posting dates, amounts, and VAT. Highlighted row in blue, visually organized columns.

Currencies to Adjust

Reviewing any necessary currency reporting and clicking the “Update Exchange Rates” button is a necessary monthly step, in any multicurrency environment:

Exchange rates screen with tabs for adjusting and updating rates. Columns labeled Code, Description, and Last Date Adjusted. Simple design.

Why is Business Central Valuable?

Having month end tasks readily available makes Business Central the most valuable ERP application on the market, for accounting managers and controllers.

As a Microsoft Dynamics controller once said, “Having no surprises makes the accountant happy!”

Questions?

Speak with an Expert