Microsoft Dynamics AX (AX7) Financials: Workspace for Period End Processing

Abstract: How Microsoft Dynamics AX workspace for period end processing can make closing more efficient.

Microsoft Dynamics AX Financials: Do you have specific tasks outlined for period end closing? Are your segregation of duties clearly defined during closing? If not, Microsoft Dynamics AX (AX7) new workspace for Period End process could help your business run more efficiently.

Previous versions of Microsoft Dynamics AX have already significantly helped companies speed up both the month-end and year-end closing process. But to have the ability to plan and view these processes in a single window, like Microsoft Dynamics AX’s workspace is allowing us to do, will give companies the ability to find their most efficient path to period end closing and apply it every time.

Microsoft Dynamics AX has introduced a new and efficient way of keeping track of your period end closing. This new workspace gives companies the ability to appropriately organize and follow all aspects of the closing process. Managers and executives will have the ability to log in Microsoft Dynamics AX and immediately view working and completed tasks in specific departments and areas.

How it works?

Managers can create templates with specific tasks associated with each department (Figure 1). All tasks within each template will need to be completed in order to close the month or year.  As each task is completed, employees can update the workspace to show their task has been completed (Figure 2). This will allow the shortening of idle time caused by delay in communication when employees are waiting for other tasks to be completed before they can start their own. Employees who are set up in Microsoft Dynamics AX can be attached to individual tasks so managers and team members can see who is responsible for those areas in order to refer back to those employees for follow-ups or any issues that may arise. A calendar tab is also accessible for managers to show the specific timeframe of the closing process so employees could reference what tasks they should be working on first and the time they have to complete them.

Figure 1: Template View

Figure 2: Employee workspace

Tasks and Templates are saved for future use, so if there is any change in management or position, that employee can reference the workspace and easily understand the process. Managers have the ability to delete or edit tasks and update the employee associated with them. This allows managers to modify any issues or problems that were caused in the previous close. The goal of this workspace is to assist companies in period end closings by providing them with a common area of documentation and real time view of the closing process. With this Microsoft Dynamics AX hopes to help companies find the most efficient way for them to process period closings and apply it to the future closings.

Written by: Cosmon Bylos