Q&A for Optimizing Financial Closing Process for IFRS Webonar

Hi all,
Q&A for the webinar #4 in the [IFRS@SAP Webinar series|http://bit.ly/HU1KY], focused on optimizing financial closing process for IFRS reprting will be available in the forum through [IFRS Q&A Wiki|https://wiki.sdn.sap.com/wiki/pages/viewpage.action?pageId=137954255] early next week. Sorry for the delay.

Hi All,
The Q&A for this webinar is now available in the wiki. See [Optimizing the Financial Closing Process for IFRS|http://wiki.sdn.sap.com/wiki/x/IQRiC].
Regards,
Audrey

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Letter of Credit for imports, openning amendment and closing process

Hi All,
Can any body explain the process for the letter of credit opening amendment and closing process for imports.
ur earliest response would be highly appreciated.
Thanks & Regards,
Althaf.

Hi Phani
Thank for your help
Please tell me step by step from creating a letter of credit to paying
I have a business below:
1. The Clearing agent ask for amount, the person who receive the product will give Letter of Authority to Clearing Agent. The clearing agent move to bank and take check.
For this purpose, we just issue LA.
2. Prepare Purchase for the Vendor from whom we are going to receive the product. There may be 2 or more Vendors.
1. Product cost to be transferred to Vendor A
2. Freight or Other Charges to Vendor B
3. Customs Duty and Others to Vendor C
3. First We have to pay Customs Duty to Commissioner of Customs after LA issued.
Entry : Customs Clearing a/c   Dr
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           Cess on CVD a/c       Dr
           Special CVD a/c        Dr
           Vendor C a/c             Cr.
4. Cenvat credit for the product will be taken by person who handling Excise in that company
Entry : Cenvat Clearing a/c Cr.
            RG23A Part II   a/c Dr.
5. Clearing of Cenvat Credit
Entry : Cenvat Clearing a/c Dr.
            CVD clearing a/c    Cr.
            Cess on CVD a/c     Cr.
            Special CVD a/c     Cr.
6. After Bank payment they will transfter to us
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           Bank   a/c - Cr.
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Step by step
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Steps for Financial Closing in SAP

Hello ,
I would like to know the steps to carry the financial closing in SAP , or may somebody have a manual to let me.
I would like to know also the steps for assets closing.
Some help would be very useful for me.
Thank you very much.

For now I will give you the guide on asset accounting closing. If I find the time later, I will add FI. For asset accounting, proceed as follows:
1. Tcode: AJRW ( Fiscal Year Change). Enter your company code and new fiscal year. For example 2009 + 1 = 2010
2. Tcode: AJAB close fiscal year. For example 2009.
Regards,
Elias

Period-end closing process for product cost collectors

Hi Friends
Please explain me step s involved in period-end closing process for product cost collectors.
Regards
Sandeep

Dear Mr.Sandeep,
Using CO88 - variance will be settled.
Please go through this link.
<u>http://help.sap.com/saphelp_470/helpdata/en/5f/1faba54aee11d189740000e8322d00/frameset.htm</u>
If useful reward points and close this thread.
Regards
Mangal

Financial Closing for Peru

Does anybody knows how to perform an entire financial closing fullfilling legal requirements for Peru, using standard SAP transactions?
Thanks,

I would like to seek for your advice as below question/problem.
a) User now is doing the year end closing. Normally the closing is up to the period 12 and for the purpose of track the adjustments made by the management and auditors user post to period 13 2008 from the pervious financial year. Our concern is when perform the GL Balance carry forward to new fiscal year which is 2009 does the system carry forward the GL adjustment figure from period 13 to the new fiscal year on top of that when we perform the GL balance carry forward to new fiscal year 2009 and later on find out there is an audit adjustment that need to done and user post in the period 13 fiscal year 2008 can the adjustment auto post to the new fiscal year?
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Kindly advice.

Year End Closing Process

for year end process:
1)I need to Post all these items (i.e; B/S and P/L a/c items) for November 2007 and December 2007. please help me how to post all these items*
2)after posting I need to carryforward AR, AP, GL Balances to January 2008
3)then I need to do year end closing process.
BalanceSheet items:
Liabilities: Capital, Other Loans, Account Payable, Income received in advance, Provision for bad debts,
Outstanding expenses: wages, salaries, rent, taxes
Assets: land n building, machinery, vehicles, furniture,Investment, Bills receivable, accounts receivable,
Prepaid expenses, cash at bank
Profit & Loss items:
Expenses:Salaries,travelling,rent,postage,insurance,interest,advertise,audit & legal fee,repairs, depreciation.
Income: gross profit b/d,interest earned,commission earned,other income
so i need to make all these items fresh postings then i should carry forward it to january, then year end process.please help me how to post all these items then i can proceed further.
thanks in advance. i'll award points..

hi,
SAP FI Month End and Year End Activities
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
if you want more details log on to following link.
http://help.sap.com/erp2005_ehp_02/helpdata/en/eb/1376b443c411d1896f0000e8322d00/content.htm
assign points if its useful

Automation of Closing Process

Hello
Our Client has a peculiar requirement of closing
To extract Account Balances Profit Centrewise example
Profit Centres                                                         P1                     P2                P3
Expenses in Profit & Loss     Grand Total              Rs.                    Rs.              Rs.
Rent                                         10,000                 2,000                  5,000          3,000
Electricity                                 50,000                10,000               30,000         10,000
Expenses above includes for Capital WIP also e.g. materials for buildings, etc (since business is construction of hotels, schools, etc)
After above process to bifurcate Capital & Revenue expenses & common expenses(eg. salary paid to administrative staff) for both Capital & Revenue projects.
Now the problems are following
1. How can Capital, Revenue & Common expense at Cost Centre or WBS level be bifurcated while at the time of making expense entry.
e.g. if we make rent expense entry, we can select Profit Centre, Cost Centre, WBS element but further require "whether it is for Capital Projects, Revenue Projects or Common Expenses".
which fields can be used for these 3 criteria?
2. Close all General Ledger Accounts at cost centre & wbs level & transfer to 2 accounts i.e. WIP & CWIP.
can we automate this process & transer all the GL account values to WIP or CWIP?
Since closing process takes upto 2-3 weeks. if it can be reduced, it would be commendable in SAP.
Please if someone just gives hint for some latest functions/options not explored yet, it is a very good opportunity to scratch brain.
Thanks & Regards

Hello,
Could you tell me how you created a java program to make the job, I am interested in knowing how it is possible?
Thanks for your help
Regards,
Jérôme

How shadow accounting for IFRS can be done

Hello all,
When cost of implementation of IFRS are huge and requires new G/L, Is it possible to have a shadow accounting practise.
Lets say we create a financial statement version based on IFRS accounting structure.
1. how the apc posting to be made for IFRS depreciation ares.
2. how the depreciation will be posted in this case if the IFRS depreciation area is made as real.
Regards,
Keith.

Hi Keith --- First a couple of points for you. I would not necessarily assume the cost of IFRS adoption will be "huge" as the cost and complexity of the project will be dependant on your own existing landscape and the industry and country where you will be adopting IFRS. Really the best way to scope the complexity and cost of the IFRS adoption project is to work closely with your audit/consulting partner and SAP to really determine what the best course of action should be. Basically, the sooner you engage the better as it will save time and money.
Regarding you second point regarding the SAP General Ledger (NewGL). Although it is the recommend solution it is not a requirement. There are other solutions available that utilize a single ledger approach. For example the use of the "Account Based" configuration approach for the GL and utilizing the reporting capabilities found within SAP BusinessObjects may be the best approach for your situation. See SAP and IFRS: FAQ document at https://www.sdn.sap.com/irj/scn/go/portal/prtroot/docs/library/uuid/60eecedc-7ff0-2b10-b2be-c329c1114298
As far a reporting from a "Shadow Accounting Practice" the SAP General Ledger does offer the ability to set up multiple ledgers which can be used for reporting on different accounting standards. For example set the Leading Ledger to report on IFRS and another non-leading ledger to report on Local GAAP. If it turns out that the adoption of the SAP General Ledger is not the best course of action at present then you could use the tools found within SAP BusinessObjects to report on the various legal options.
As far as IFRS reporting from the Depreciation Areas goes, this would require the set up of multiple deprecation areas tied to separate ledger or specific account groups within your Chart of Accounts. Again for more specific information regarding this questions I would suggest contacting your audit/consulting partner or SAP Field Services for further guidance

Reopening Closed Process Orders

Hi
I know that you can use CORM or other tcodes to do a Mass Close of process orders. My question is, is there a way to do a Mass Re Open of closed process order tcode in SAP?
thanks
dave

Hello Dave,
I assume this question should have been addressed to the ERP Manufacturing (PP) forum:
SAP ERP Manufacturing - Production Planning (SAP PP)
Please note that the current forum is for SAP Manufacturing Execution (ME) application.
Regards,
Alex.

Optimal value of processes parameter in AMS instance

Hi
If we have several database instances on single server which are accessing ASM instance. How can we calculate optimal value of PROCESSES parameter for ASM instance
Here, I would like to mention that we are using Goldengate also for replication and for this our ARCHIVE DG is on ASM
Rgds
Harvindr

I have seen systems with multiple database instances (4-6) and running very well with just the defaults. That being said, follow the recommendations. GG, IIRC, talks to the database which does all of the reads/writes for GG. Therefore, 50+50*n RDBMS INSTANCES.
http://docs.oracle.com/cd/E11882_01/server.112/e10803/config_gg.htm
"Oracle GoldenGate 11g introduces a new optimized method of reading log files stored in Oracle ASM. *This new method uses the database server to access the redo and archived redo log files, instead of connecting directly to the Oracle ASM instance*. The database must contain the libraries with the API modules. The libraries are currently included with Oracle Database release 10.2.0.5 and 11.2.0.2. For information for accessing the API modules for other releases, see "Optimized Access for Oracle GoldenGate to Redo Log Files in ASM - for Oracle Database Releases other than 10.2.0.5 and 11.2.0.2" in My Oracle Support Note 1333171.1 at https://support.oracle.com/CSP/main/article?cmd=show&type=NOT&id=1333171.1 "

Ledger specific transactions to be maintained for IFRS reporting

HI
We are involved in the implementation process and need to maintain the leading ledger as per US GAAP and also the ledger required for IFRS reporting. What will be the ledger specific transactions? Sharing same COA, do we need additianl account groups to identify them seperately or what is the procedure? Can a comparison report be generated?Also how is the material ledger maintained?
Please Help V_Shekhar

Hi,
Pls Check this thread
[leading ledger and non-leading ledger|leading ledger and non-leading ledger]
Check this links
[http://sapfico-answers.blogspot.com/2010/02/sap-ecc-60-new-new-gl.html|http://sapfico-answers.blogspot.com/2010/02/sap-ecc-60-new-new-gl.html]
Hope this will Help you!!

Additional Non-Leading Ledger for IFRS implementation

Hi
My client wants to implement IFRS accounting wef 1 April. They already have couple of non-Leading Ledgers operational. Please confirm if the creation of a new non-Leading Ledger for IFRS would serve the purpose. Is it in anyway different from creation of other non-Leading Ledgers for US-GAAP, UK-GAAP ? Also, I would like to know what are all the points to be taken care of while implementing IFRS accounting standard.
Any documentation which would augment for the IFRS implementation in SAP will be of help.
Thank you
RK

Hi Ravi,
Iam not sure about your question but can you tell me what are the activities you carry out now for non-leading ledgers..Do you need to carry out month end closing for that non-leading ledger also???
Thanks,
sai.

Fail to install starter kit for IFRS in BFC

Hi
I am trying to install the starter kit for IFRS in BFC following the installation guide step by step.
But during the installation i receive an error message.
the steps that i followed are:
i started the data source in exclusive mode
i configured the network from the transfer vectors selection
i created a scan task
i executed the started kit for IFRS.exe selecting the appropriate folder.
Now when i am trying to run the scan task that i have created i don't receive any new tasks
and in the log file i am viewing the following errors:
Archive processing 20081006@162115
Error when scanning the C:\......\business object\........
and if i click on the error the follow message appears
the 0000.CUSTOMIZE address of the archive is different from the current site 0000.TOP
the same error message is repeated again and again for each archive.
i need some help to install the starter kit for IFRS
Thanks in advance
Stavros

Thank you very much for your valuable help.
Following your instructions I manage to set up the IFRS Kit. Unfortunately there is not specify anywhere in the manual that the first database must set up as child and not as top.
Reading much of the documents coming with the version I am using, there is nowhere analyze what is the top or child script and what exactly that script is helping it.
Because I am quite new for BFC there is any manual or somewhere I can find what exactly are the differences for child and top?
Have in mind that I will have couple of installations that they are going to report their own data by having topical databases and from the installation manual the Head office database should be set as TOP.
Thanks again for your help.
Best regards
Stavros
P.S Sorry for posting this question in a wrong forum

Parallel Accounting Method for IFRS

Hello all,
My company would like to explore the parallel accounting method for IFRS. Currently we are on ECC 6.0 with classic GL.
Currently we have both US GAAP and local GAAP reporting running in the same ledger. We use a similar method (setting up additional H accounts which are used in local GAAP reporting only) to segregate local GAAP from US GAAP as recommended by SAP.
We set up 2 different depreciation areas: 01 (post to US GAAP accounts) and 02 (post to local GAAP accounts). The problem we ran into at year-end is pertaining to Retained Earnings. Because this a complete replacement method (US GAAP reporting will ignore all the H accounts which are set up for local GAAP and visa versa), we can't simply roll all the P/L accounts into one Retained Earnings account. We have to set up 3 Retained Earnings account (one for US GAAP only accounts, one for common accounts and another one for local GAAP accounts).
If we add IFRS into the mix, we will need to set up even more Retained Earnings accounts which is not ideal. Also, we plan on including more countries into our SAP environment which requires us to generate additional local GAAP reporting. So my thinking is that this will become very hard to manage.
Also, this method will fall apart if the common accounts are not the same for any of the reporting requirement (e.g. common accounts for US GAAP and local GAAP are different than IFRS).
My understanding is there are 2 ways to handle parallel accounting: replacement (which is what we are current using) or adjustment methods. Instead of completely replacing the US GAAP accounts, the adjustment method is to post the delta to the additional accounts.
My question is:
1. Giving current situation of my company, what is the best method to handle IFRS and also implement additional local GAAP reporting in the same environment?
2. What is the best practice to handle parallel accounting method? Replacement or adjustment method?
3. Since I'm already in the replacement method, can I easily switch to the adjustment method?
Any guidance will be greatly appreciated.
Regards,
Cassandra Wong

Cassandra,
Check out this blog which has info and process map for parallel accounting. Theer's also a link for a recent SAP webinar about how we implemented parallel reporting for our own use.
http://www.sdn.sap.com/irj/scn/weblogs;jsessionid=(J2EE3417400)ID2115139750DB10714505287783485243End?blog=/pub/wlg/15679
siva
Edited by: Siva Darivemula on Sep 25, 2009 7:37 PM

Parallel ledger configuaration for IFRS

Hi Guru,
Well I have to Implement IFRS for my canadian client using Parallel Ledger configuaration for this.
If anybody have any configuaration notes in this matter or the way I have to move forward for this.
Thanks in advance
Rahul

Hi,
You have to create a non-leading ledger for IFRS compliance.
1. Create a non leading ledger
2. define and activate non-leading ledger
3. Define the Accounting Principles of this non-leading ledger example
4. Assign this Acctg Principle to Non-leading ledger
5. Define doc types and number range for GL view
After you have established this, the system will simultaneously post to the non-leading ledger... and you can also create the particular financial statement for IFRS reporting. To adjust a particular ACCOUNT to comply with the IFRS adjustments, you can directly adjust them in the non-leading ledger without affecting the original books using FB50L.

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