Closing Financial Year

Dear All
I am trying to develope an accounting program in Oracle Developer 6i client/server environment.I have certain confusions in it.Can someone please tell me that what happened when we end the financial year?
What happened to the previous year balances? What happened to the Revenues/expenses balances how they will goto the next year?
Can we see the previous years income statements or balance sheets?
I will really appreciate if someone will tell me tips about that.
Thanks

Hi there,
ok when you do a year end close , the revenue accounts( that is you Income and expense get set off and update your retained earnings account , based on your balancing segement value(Mostly it will be your company in KAFF segment values in terms of Oracle Financials).
All other balances will be tarnsfered to the next year,It would be advisable to take your Fiscal reports before doing a year end close for an legal entity.
You can always look up your previous trial balance and fiscal reports , by giving a date range correct , so I blv you can view it , but while designing your system,
keep in mind have a seperate table which stores the date,year, natural account segemnts, balancing segments and the amount against each of them , so that when you do an year end close , this table gets updated , and you can always use this table to take future fisvcal reports any time.
Thanks and regards,
Gopal

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Go to T code = SAP1 in SAP Easy Access screenselect financial accounting-Asset Reports
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Reversal of Depreciation posted already in a closed financial year

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I met with a scenario , where in a financial year 2009 ( Apr to Mar) I acquired an asset on 01.04.2009. The whole year depreciation was run and posted. How to reverse the posted depreciation, a) for the entire year b) for a selected period.
Thanks and Regards
Jaswanth Kumar

Hello,
Reversal of depreciation is not possible. You could refer below post which would address the same:
Re: Depreciation Reversal
In the same link, you would able to find further links which would explain in depth.
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Jaymin R. Bhatt

Credit memo on asset in closed financial year

Hi,
Is there any standard solution for the following case.
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- Now I need to credit this asset and have depreciation recalculated to 0 for both years (current and previous closed one)
- If I use ABGF (using asset value date 1.1.2008 - first day of current year) it is not possible to credit the whole acquisition amount as there was posted some depreciation in the previous year and NBV would be negative
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Many thanks!
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Hi,
Thanks for your reply.
That is exactly what I tried. However this will recalculate only depreciation for current open fiscal year. It will not recalculate depreciation for the closed year.
Is there any other idea how to handle this?
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Closing and opening new financial year activities

Hi everybody
I want to know step by step process to close financial year and open new financial year with transaction codes in MM prospective only. i know only number ranges to be changed. i want to know what all the things to be done in step wise with T-code.

Hai Rakesh,
Month End Closing Activities in Finance
1. Recurring Documents.
a) Create Recurring documents
b) Create Batch Input for Posting Recurring Documents
c) Run the Batch Input Session
2. Posting Accruals or Provisions entries at month end
3. Managing the GR/IR Account-Run the GR/Ir Automatic Clearing
4. Foreign Currency Open Item Revaluation-Revalue Open Items in
AR.AP
5. Maintain Exchange Rates
6. Run Balance Sheets u2013Run Financial Statement Version
7. Reclassify Payables and Receivables if necessary
8. Run the Depreciation Calculation
9. Fiscal Year Change of Asset Accounting if it is year end
10. Run the Bank Reconciliation
11. Open Next Accounting Period
Period End Closing Activities in
Controlling:
What are the period end closing activities in controlling ?
The following are the period end closing activities in Controlling:
Repost CO Documents that was incorrectly posted
Run Distribution or Assessment Cycles
Run the Overhead Calculation in Product Costing
Run the WIP Calculation in Product Costing
Run the Variance Calculation in Product Costing
Run the Settlement Calculation in Product Costing which will post all the
WIP and variance to Finance and PA.
Calculate FI Data for Transfer to Profit Center
Transfer Balance Sheet Items like Recievables, Payables, Assets and
Stock
Run Results Analysis for Sales Order if applicable
Run Settlement of Sales Orders to PA.
Regards
Madhu I

Reg : Financial Year end closing

Hello Gurus,
I am new & I want to know what is the procedure for closing FI financial year & which T-code should be used.
Regards
Reshma

hi rashma,
Pls follow the step...
Check List for FI Year End Closing
Moderator: this is useful but it belongs in the Wiki. you'll get more points there too.
Rohit agrawal

Posting in Asset Accounting in closed fiscal year

Hi
We are in the fiscal year 2009 and my client wants to open the closed fiscal year 2008 in both Asset accounting and Finance.
Point 1 : The requirement is they want to post some correction entries in April 2008 -Let me know what needs to be done in terms of depreciation posting etc to do a 2008 yearend again.
Point 2 : Any specific steps to do a full year end in 2008 now to balance Asset Accounting and Financial .And to carry forward balances as to where we are now in period 10.
Please advice.

Hi,
if you open 2008 and post, you have to process the full fiscal year end close procedure. AFAB, ASKB, the whole story.
You don´t have to worry about the carry forward, this will be done automatically by the system.
Regards,
Markus

SYST Period 012 is not valid in financial year variant R2 Msg no;FGV003

Hi SAP Gurus,
I have encountered with an error as following :
SYST: Period 012 is not valid in financial year variant R2
Message no. FGV003
Our client following calendar year till December 2009. They want to change to April to March , from April 2010 . So we need to define a shortened fiscal year for January to March 2010 for 3 months.
One important thing is Depreciation should be calculated only for 3 months ie., from January 2010 to March 2010 for year 2010. For year 2011 u2013 April 2010 to March 2011 be calculated.
I have done the following settings :
Current fiscal year variant = K4, i.e. the standard variant with 12 periods (calendar year)
-the current fiscal year must be closed on 31.12.2009
-this change have to be done in the next month, i.e. on 01.01.2010
-on 1.1..2010 starts the new fiscal year 2010
-the fiscal year 2010 ends on 31.03.2010 and have 3 posting periods
1) Create a new Fiscal Year Variant for the shortened fiscal year u2013 e.g. "R2" (OB29).
2) R2 to be made Year Dependent. Current Period Configuration
Month Days Period Year Shift
1 31 1 0
2 28 2 0
3 31 3 0
4 30 4 0
5 31 5 0
6 30 6 0
7 31 7 0
8 31 8 0
9 30 9 0
10 31 1 +1
11 30 2 +1
12 31 3 +1
3) Company Code assignment (OB37): K4 to be replaced with R2 .
4) Controlling Area (OKKP): K4 to be replaced with R2.
5) Fiscal Year to be shortened for Depreciation Areas in Asset Accounting customization (OAYP).
6) Table T093C to be viewed to check whether the field XRUMPF (Shortened Fiscal Year) has been activated with u201CXu201D..(SE 11 Check Table) Done manually
Other Problem : 1. The system calculates deprecation for period 3 ( Full year deprecation) as seen from AW01n for one asset.
2. When I run AFAB for 2010 period 1 the error is displayed
SYST: Period 012 is not valid in financial year variant R2
Message no. FGV003
Please anybody help me in this issue .
Subbu

Have you maintained the Year Shift Properly in OB29
For e.g if Financial Year is from July to June, year shift will be as follows:
Month      Days        Period       Year Shift
1     31     7     0
2     29     8     0
3     31     9     0
4     30     10     0
5     31     11     0
6     30     12     0
7     31     1     +1
8     31     2     +1
9     30     3     +1
10     31     4     +1
11     30     5     +1
12     31     6     +1
Check also FI period and aseet periods are open through OB52 and AJAB

Change of Financial Year End

Hi Experts
We have been advised that we will be changing our financial year (currently July to June) to tie in with our new acqusition companies fiscal year, which runs from January to December.This will be done with effect from end June 2012.
Consequently, we will be running a 6 month 2012 fin year (July to December 2012) and then properly aligning with the 2013 fin year from January 2013.
We have SAP version ECC6 without Flex General Ledger.
Two approaches have been identified by our consulting company :
One approach is to make use of the shortened fiscal year functionality. This would allow us to create a shortened FY2013 of only 6 months, which would run from July 2012 to December 2012.The next Fiscal Year would then start in January 2013 and run to December, as required.The only drawback is that the shortened fiscal year would have to be FY2013, although it ends in December 2012, and that going forward, the FY would always be 1 year ahead of the actual calendar year. There is a further impact, in Fixed Assets, the shortened fiscal year will need to maintain a small bit of config, (OAYP) where we stipulate that the depreciation for the shortened year needs to be reduced to match the shortened length of the year. Also in using the shortened fiscal year approach there is also apparently a couple of SAP notes that they will need to apply to ensure that the asset depreciation is correctly calculated during the shortened year.
In the other alternative the u201Cnew and correctu201D Fiscal years are created and linked to new Company Codes. All financial transactions are then posted in the new companies from period one of the new Fiscal year.
The closing balances of old companies are posted as opening balances for the new Companies.
Some of the other implications are:
The Profit Centers must be opened in the new companies.
The stock must be transferred to the new companies.
The open Purchase orders must be u201Cconvertedu201D to the new companies or new Purchase Orders must be created.
The Fixed Assets must be transferred to new companies.
The Controlling Area might be impacted.
To be able to do Comparison reports we should do a history take on. (This can only be monthly movements per profit center per GL-Account, converted to the new Fiscal periods.)
Experts, are there any other options that are worth persueing with the least business impact ? Please help, your advise will be highly appreciated.

If you do not prefer to create new company codes and undergo a conversion effort, you can go with the first alternative and then engage SAP SLO services to replace the shortened fiscal year 2013 in your system to the correct fiscal year. That way, your next fiscal will remain 2013, and your fiscal year will not be always 1 year ahead of your actual fiscal year.
Please also read the following SAP note. There is a lot of material to read in the attachments to this note, but the time that you spend reading it is time well spent.
https://service.sap.com/sap/support/notes/672255

Depreciation values in previous closed fiscal year

Hi,
I want to apply new depreciation key for an asset, acquired previous year. Previous financial year is closed where prior fiscal year for fixed assets is still open. How should I apply changes.
Thanks in advance.

Changing the depreciation key will recalculate the depreciation for the current year.
if you have previous year open, then it will also recalculate for the previous year. if it recalculates you might have to open FI posting periods and run the repeat depreciation for the last period so that it posts the recalculated depreciation.
If not close the prior year and change the depreciation key, this will recalculate only for the current year and the catchup will be posted in the following depreciation run.

Financial Year Change

Dear Sir,
Our company is presently following Financial Year Oct to Sep . Current Financial Year 2010 , started on Oct-2009 . Comapny has decided to change the Finacial Year from April To March . As per the decision , the Current Financial Year 2010 , will be of period Oct-2009 to March-2010 (6 month period) and will be closed on 31-Mar-2010 .
From April-2010 , new Finacial Year 2011 will start .
We are presently on ECC-6.0 and have Fixed Asset also implemented .
We request you to kindly guide us , as how should we go ahead to make these changes possible and what steps we need to follow to make the desired changes .
Kindly pl note that March-2010 closing will take some days and hence in April there will be situation when transaction are posted in FY-2010 and FY-2011 both .
We request you to pl help us .
Rgds
B Mittal

Hello,
Adding further, check these also.
1 Maintain Activity prices - KP26
2 - Release of Standard Cost Estimate - CK40N
3 - MM period close and open - MMPV
4 - FI period open
5 - Parked documents to be posted - FBV0, MIRO
6 - Reposting of Inter Office CC - KB61
7 - Bank Reconciliation
8 - Update Section Code where missing - J1INPP
9 - Maintain GRIR clearing - F.13
10 - Provision for current month - FB50
11 - Depreciation entry - FB50
12 - Exchange rate - To be Updated
13 - Revaluation of foreign currency open items - F.05
14 - Recognition of Inventory at Bonded warehouse - FB50
15 - Maintain Statistical Key Figures - KB31N/KP46
16 - Variance Calculation of Process Orders - KKS1
17 - Settlement of variances - CO88
18 - Assessment cycles - Aux/WH CC to Main CC - KSU5
19 - Assessment cycles - Functional CC to SBU CC - KSU5
20 - Assessment cycles - SBU CC to COPA - KEU5
21 - Profit Center Reposting - 9KE0
22 - Balance Sheet Adjustment calculation - F.5D
23 - Transfer Profit Center to AR & AP - 1KEK
24 - Transfer Inventory to PCA - 1KEH
25 - Assessment Cycle - Dummy PC to SBU PC - 3KE5
26 - Check for "Delivery made, not Invoiced" - VF03
27 - Match GL and PCA - KE5T
28 - Match PCA and PA
29 - Top Down Distribution in COPA - KE28
30 - Reclassification of GL balances
31 - Balance Carry forward (Year End Only) - F.16
32 - PCA Balance Carry forward (Year End Only) - 2KES
33 - Transfer to FI - 1KE8
assign points if useful

Planned dep in closed fiscal year

Hi
We have done a change(reduced the useful life) in the useful life of the asset in the Fiscal year 2009 in the month of June,which impacted the previous year depreciation amount.The planned dep value got increased in december 2008 .In the posted value tab in asset explorer for year 2008 it displays the planned dep in dec 2008 which is not yet posted.We donot need this depreciation to be posted.We need to delete the planned dep.Financial year and Asset year till 2009 are closed.
Please advice how to get the planned dep line removed from year 2008 which effects the net book value.

Hi,
Are you absolutely sure the changes were made when the fiscal year was closed. Maybe you need to also check if the depreciation area(s) affected was/were open at the time (OAAR). It should not be possible: if the fiscal year and all depreciation areas are closed, changing the useful life should not affect these closed years/depr.areas.
Changes to depreciation conditions (e.g.useful life, dep.key) only affect the planned depreciation in open fiscal years. There is no specific transaction.
The adjustment for the depreciation of the closed fiscal year will be reflected in an adjustment posting in the next period due for depreciation posting in a catch-up posting (or smoothing if indicated). For the open fiscal years the newly calculated depreciation will be distributed equally over the remaining useful life.
Therefore it sound to me very peculiar that planned depreciation should have been created in your closed fiscal year due to a change of useful life. Please review your change documents to ensure depreciation areas and fiscal years were closed at time of change u2013 and have not been reopened either via OAAR or OAAQ.
To answer your last question regarding if change of useful life will affect deprecation in 2010: provided that it is the only open fiscal year and is in fact the current fiscal year, then yes, it will affect the planned depreciation in 2010 and in the remaining useful life.
Kind regards,
Brigitte

How to shift to new financial year

Hi All,
I would like to know the process to shift to new fiscal year, as from April new financial year is starting.
so what i hav to do, is there any way in B1.
Artee

You may check these documents:
Tips in Year End Closing (Documentation Resource Centre)
[https://websmp205.sap-ag.de/~form/sapnet?_FRAME=CONTAINER&_HIER_KEY=701100035871000437965&_OBJECT=011000358700001111052006E&_SCENARIO=01100035870000000183&]
Expert Empowerment Session
[https://websmp102.sap-ag.de/~sapidb/011000358700001209192007E/EoP_YE_2007.pdf]
The link provides tip and tricks when doing a Year End Closing (using the Period End Closing function).

Require two different Financial Reports for the Same Financial Year - 2011

Hi Experts,
The financial Year of the client is from jan-Dec.The client needs different financial reports (P&L , B/S), one from Jan-Aug and another from Sept-Dec for the FY 2011 since the management of the company has changed from Sept-2011 onwards. So when tried to generate the financial reports from Sept-Dec , system shows the carry forward opening balances of income and expenses from Aug 2011 which they do not want. Since we have not done any closing activities at the end of aug-2011 this figure is bound to come. So in this scenario is there any possibilities to get a fresh financial reports from Sept to Dec 2011 where there should not be any opening balances of expenses and incomes for Sept 2011.
Since transferring of balances from income and expenses to retained earnings accounts has done yearly basis , how can we do this for the periods also or any other method to sort out this issue.
Hope my question is clear. if not pls revert with the queries.
Thanks in Advance,
Arabinda

Hi RP,
I have checked F.54 . Everything is ok in that report expect the Profit and Loss which are two differnt line item in that report and also calculated fields do not display in this report. But anyway this report meets most of the requirements.
Thank you very much.
regards,
Arabinda

Document numbering for new financial year

Hi
i cant update assign first starting number 1 for new financial year. when i make any document its starting from last number of last year. like last year last number is 125. but i want this FY (2011-2012) staring number 1 for any document. but its starting from 126
How can i do this???
Regards,
Mizan

how can i close No. series??
"Also please be sure that you have closed the previous no. series with last no. and lock it."
your note
please see below link and open attachment. what i have done you can understand.
http://www.sendspace.com/file/diojs5
regards,
Mizan
Edited by: mizan700 on Aug 2, 2011 11:26 AM

Closing Financial Year

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