Steps for Period end closing
Hi All,
Can any one please provide me with the actual steps towards Period end Closing and year end closing for Financial Closing.By step I mean steps in order i.e which step will be followed by which one.
This is urgent
Pinee
Hi
http://www.sap-basis-abap.com/fico/sap-fi-month-end-and-year-end-activities.htm
First you will have to close the Posting period in the Materials Management side. To do this use the T.Code MMPV and give the period that needs to be Opened. Once this is done you will not be able to Post any Material Documents in the previous period.
Now at the Financial side you need to open the next period and at the same time you need to close the Previous period. This can be done in T.Code OB52
here is the list for FI/CO year end closing check list:
now i am sending one document with T.codes
CLOSING ACTIVITIES
1 Execute Report for Inter Company Activity & Journal Entries
2 Open posting period for next yr (T.Code: OB52)
3 Run Business Area's Assignment report. (T.Code: F.50)
4 Review list of recurring journal entries (T.Code: FBD3)
5 Execute Recurring Entries for A/R, A/P, G/L (T. Code: F.14)
6 Process Parked A/R, A/P, G/L accounting documents (T.Code: FBV0)
7 Final Cutoff for the Maintenance of Fixed Asset- Add Transfer and Retire (T.Code: ABUMN)
8 Run Depreciation in Test Run and post (T.Code: AFAB)
9 Verify Display Log for Depreciation Test Run (T.Code: AFBP)
10 Capitalize AUC Assets if needed (T.Code: AIAB, AIBU)
11 Enter Payroll Data to SAP (T.Code: CAT2)
12 Verify Depreciation Balances with GL balances (T.Code: ABST2)
13 Post Depreciation (T.Code: AFAB)
14 Execute Asset History Report, and retire assets if needed (T.Code: S_ALR_87011963, ABAVN)
15 Adjust specific depreciation areas if necessary (T.Code: ABCO)
16 Reconcile AM sub ledger with GL (T.Code: ABST2)
17 Check Bank Data (T.Code: S_P99_41000212)
18 Review AR Open Items (T.Code: FBL5N)
19 Review AP Open Items (FBL1N)
20 Execute Pending Invoices(T.Code: MRBP)
21 Clear Open Item for GRIR, freight (T.Code: F.13)
22 Reconciliation of Financial Documents and transactional figures (F.03)
23 Open new CO Posting Period: (T.Code: OKP1)
24 Compare current (cost estimates) with last current price (Moving Avg) (T.Code: OKBH)
25 Update current cost price to material master price field (T.Code: CK11N, CK24)
26 Process Freight charges, Match SD freight to actual (T.Code: V-31)
27 Review Internal Order Postings(T.Code: OKSA)
28 Settle All Orders (T.Code: KO88)
29 Verify All Post Goods Issue have been Invoiced (Billing Due List) (T.Code: VF04)
30 Review SD Billing Doc from prior month that have not yet been released to accounting (T.Code: F.2D)
31 Reconciliation of MM movements in Transit Intra-SAP to Non SAP
32 Reconcile PI Inventory with SAP (T.Code: MI07)
33 Perform Manual Adjustment if needed (T.Code: F-02, FB50)
34 Verify balance of the GR/IR account (T.Code: MB5S)
35 Post Accruals and Deferrals (T.Code: FBS1)
36 Clearing of Cancelled Documents (T.Code: F-03, F-32, F-44)
37 Check Profitability Segment Adjustment (T.Code: KISR)
38 Aging Report-Reconcile GL balances with sub ledger balances AP (T.code: FBL1N, FBL5N, FBL3N)
39 Check the check run numbers (T.Code: FCH1, FCHI)
40 Bank reconciliation Data (T.Code: FF67 & FEBA)
41 Enter Tax Journal Entry (T.Code: FB41)
42 Reconcile GL balances with sub ledger balances AR/MM/AP (T.Code: F.03)
43 Display Balance Sheet Adjustments (T.Code: F.5F)
44 Post Balance Sheet Adjustments (T.Code: F.5E)
45 Post Foreign Currency Valuation (foreign exchange) (T.Code: F.05)
46 Check generic cost centers for posting with wrong accounts
47 Correct wrong postings on generic cost centers
48 Check Validation dates for Cost Centers, Cost Elements, CO area (T.Code: GGB0)
49 Check COGI--for both month end and year end
50 Doubtful receivables (T.Code: F104)
51 Verify In-transit Inventory
52 Reconcile PA to G/L (T.Code: KE5U)
53 Post Cost Center Assessments and Distributions (T.Code: KSU5 & KSV5)
54 Run CO-FI Reconciliation to balance (T.Code: KALC)
55 Run BW reports P&L and Balance Sheet
56 Maintain CO yr variant (T.Code: KCRQ)
57 Fiscal Yr Balance carry forward AP/AR/AM (T.Code: F.07,
58 Fiscal Yr Balance carry forward CO (T.Code: CXS1)
59 Fiscal Yr balance carry forward FI (T.Code: F.16)
60 Fiscal Yr balance carry forward PCA (T.Code: 2KES)
61 Set Document number ranges - FI - new year (T.Code: OBH2, OBA7)
62 Set Document number ranges AP/AR - new year (OBA7)
63 Generate Financial statement Reports (T.Code:OB58) OR (T.Code: FSE2)
64 Change Fiscal Year For Assets (T.Code: AJRW)
65 Year end Closing-- Asset Accounting--final for year end (T.Code: AJAB)
66 Close CO Posting Period : (T.Code: OKP1)
67 Close Prior A/R Posting Period (T.Code: OB52)
68 Close Prior A/P Posting Period (T.Code: OB52)
69 Close Prior MM Posting Period (T.Code: OMSY)
70 Reverse accruals and deferrals for the new month (T.Code: F.81)
71 Reconciliation of Financial Documents from old fiscal year and new fiscal year (T.Code: FNSL)
72 Load Balances, Budget Data for Cost centers, sales
73 Update Retained Earning Account , balance carry fwd (T.Code: F.16)
Month end closing Activities
1. All the expenses including amortization, prepaid expenses, Preliminary expenses and accruals have been booked.
2. Complete Bank Reconciliation (T.Code: FF67)
3. Make sure that Sum of Inter company balances is Zero
4. Suspense Accounts should be cleared regularly.
5. Ensure that all documents related to MM & SD have been entered in system. (T.Code:F-22 & F-43)
6. Ensure that all billing documents are released to accounting.
7. Calculate Overheads on all process Orders (CO43)
8. Technically complete all process orders which are fully processed (CORM).
9. Calculate Variance (KKS1)à (Relevant only if Standard cost is calculated).
10. Settle all process orders which are technically complete (CO88).
11. Close All settled Process Orders
12. Close MM period (Transaction Code: MMPV).
13. Carry out GR/IR clearing (F.13) transaction
14. Depreciation Run (AFAB) has been carried out for the month
15. Close FI Posting period after the month end closing activity is over (T.Code:OB52)
Year end closing Activities:
1. Calculate production work in progress on process orders which are not technically complete. (CO88).
2. Carry out Assessment cycle for Cost Centers.(T.Code: KSUB)
3. All month end closing Activities should be carried out.
4. Carry Forward Balances to next year
(With TC: F.16 we can carry forward the balance to next year.
With TC: OBH2 copy the number ranges to next year
Open next year periods by selecting the Posting Period Variant.
then test by posting the transaction in F-02)
Hope ths helps
Please reward points
Sunil
Similar Messages
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Enhancement Request for Period End Closing
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When using Segmented Chart of Accounts, the Period End Closing procedure does not allow you to select different GLs from various companies.
The Trial Balance for example, does allow you to select the different GL sets by pressing Find in the Selection Criteria.
In cases where there is a different Retained Earnings accounts for each company on the same Chart of Accounts, you are forced to perform the Period End Closing on a single Retained Earnings account for ALL the companies.
Please can this be enhanced much like the Trial Balance.
Kind Regards
TanveerTanveer,
you could try use more than one retained earning account. But in the report, there is expanded button where you can choose the posting various date. I also suggest to post your message to the other forum within business one forum as suggested in the note but I am not sure it will be fulfilled quickly. Maybe in the 2 or 3 or even 5 years later who knows.
Submit a ticket to SAP support to know the work around.
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Period-End Closing Checklist are :
Period-end activities take place at the end of the month or the end of the quarter, or both, depending on how your financial accounting processes work. In either case, the checklist at the end of the period is much the same.
Make sure that all transactions for the period were posted properly, including adjustments and accruals
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You can Visit :
https://websmp201.sap-ag.de/~sapidb/011000358700001209192007E/EoP_YE_2007.pdf
https://websmp201.sap-ag.de/~sapidb/011000358700001196942007E/FIN_CW50_Year_end_closing.wrf
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PAPIL -
Hi Experts
I have one doupt some customer or vendor bill wise balances
Examble:. Invoice No 1001, Dated 20-3-09, Amount = Rs.1000
Invoice No 1002, Dated 22-03-09, Amount = Rs.2000
That Customer invoices i should pay 20-04-09
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[https://websmp201.sap-ag.de/~sapidb/011000358700001196942007E/FIN_CW50_Year_end_closing.wrf]
[https://websmp201.sap-ag.de/~sapidb/011000358700001209192007E/EoP_YE_2007.pdf]
[https://websmp201.sap-ag.de/~sapdownload/011000358700001111052006E/Year_End_Closing_V20_EN.pdf] -
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Hello.
Currently I've been trying to test and review SAP 8.8 Preview version.
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Scenario
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Curent Status
There's no way to select each account segmentation automatically. That is why I need to select each account segmentation manually.
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Thanks and regards,Hello Seung-Kyoo Lee,
could you please provide some more detail example of the issue you described. In particular I would like to understand what is meant by "...I need to select each account segmentation manually". My understanding is that account segmentation should be selected at the begining of the use of the database before any transaction is posted.
On the other side End Year Closing provides a possibility to select accounts however the segmentation should be already selected in the setup of the company. Do you mean something like the following example:
Setup of account segmentation: account code: segment1-segment2-segment3.
Then selection in the End Year Closing functionality is:
when segment2 is selected then all accounts with segment2 are selected regardless what is in segment3. Is it something like this?
Best Regards,
Martin Slavik
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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.
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Period end closing for production orders
Dear all,
what is period end closing???
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Just see below the example of a production and costing entries. Thi8s may be helpful to understand the concept.
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Actual Material cost = 7456.55 USD
Actual Activity cost = 2USD
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Actual Material cost = 7456.55 USD
Actual Activity cost = 2USD
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stock a/c +
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Material ledger period-end closing - material selection based period status
Dear SAP Experts,
The OSS note 980475 describes functionality of excluding materials without inventory and postings from the period-end closing of the material ledger. The system assigns a new period status for materials without inventory and postings (05 "Period opened without inventory"). This period status is set by the dynamic period-closing program for the new period (instead of "Period opened") if the material does not have any inventory.
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How to automate FI period end closing?
Hi,
Is there a way to automate FI period end closing?
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Period end closing procedure - B1
Hi,
Could any body clarify me on the below.
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2. When I opted both as Retained Earnings A/C, and excuted (given Due Date & Document Date as 31.3.08) it is throwing an error as ---"Posting period is not defined"
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VinayCheck this document on, Tips for Year End Closing 6.5, 2004, 2005, 2005 A SP01_EN
https://websmp201.sap-ag.de/~sapdownload/011000358700001111052006E/Year_End_Closing_V20_EN.pdf
You may also register for the EES on the same on 17 December, 2008.
Troubleshooting issues that may arise during the year-end closing process with SAP Business One
December 17, 2008; 10:00 am - 11:00 am CET
(GMT+01:00) Amsterdam,Berlin,Paris,Rome,Stockholm
Session held in English, Registration
Troubleshooting issues that may arise during the year-end closing process with SAP Business One
December 17, 2008; 5:00 pm - 6:00 pm CET
(GMT+01:00) Amsterdam,Berlin,Paris,Rome,Stockholm
Session held in English, Registration
Check this Thread for registration -
Xl reporter shows different result before and after Period-End Closing.
Hi SAP experts,
We have an issue with XL Reporter. When we ran Period-End closing and ran XL - PL Period & YTD (with the same parameters), XLR shows nil in the Actual YTD column and the monthly figures are out by a big difference (example pre-rollover it was $110K after rollover it shows negative $12M).
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Didy ArfionoHi Julie,
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Hello,
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Halb...
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No suitable settlement rule found for object OR000100812538. Message number KV206. (the explanation doesn't ring a bell for me??)
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Luc -
Dear all,
Did anyone tell me the period end closing in CO?
i.e. what accounting entries required to pass for inventory valuation???
how variences are settled in FI etc???Hi Ranjeet,,
The period end closing activities:
Open new CO Posting Period: (T.Code: OKP1)
Settle All Orders (T.Code: KO88)
Review Internal Order Postings(T.Code: OKSA)
Compare current (cost estimates) with last current price (Moving Avg) (T.Code: OKBH)
Update current cost price to material master price field (T.Code: CK11N, CK24)
Check Profitability Segment Adjustment (T.Code: KISR)
Correct wrong postings on generic cost centers
Check Validation dates for Cost Centers, Cost Elements, CO area (T.Code: GGB0)
Calculate Overheads on all process Orders (CO43)
Technically complete all process orders which are fully processed (CORM).
Calculate Variance (KKS1)à (Relevant only if Standard cost is calculated).
Settle all process orders which are technically complete (CO88).
Close All settled Process Orders
Check COGI--for both month end and year end
Verify In-transit Inventory
Post Cost Center Assessments and Distributions (T.Code: KSU5 & KSV5)
Run CO-FI Reconciliation to balance (T.Code: KALC)
Maintain CO yr variant (T.Code: KCRQ)
Calculate production work in progress on process orders which are not technically complete. (CO88).
Carry out Assessment cycle for Cost Centers.(T.Code: KSUB)
Fiscal Yr Balance carry forward CO (T.Code: CXS1)
Fiscal Yr balance carry forward PCA (T.Code: 2KES)
Close CO Posting Period : (T.Code: OKP1)
For futher info; http://www.sap-img.com/sap-fi.htm
Thanks and regards,
Sri
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