Closing procedures

[Former Member]

hi gurus

pls explain what are the month end and year end process, what we can do

[saikrishna_vallurupalli]

hi,

Month end closing Activities

1. All the expenses including amortization, prepaid expenses, Preliminary expenses and accruals have been booked.

2. Complete Bank Reconciliation

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.

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.

Year end closing Activities:

1. Calculate production work in progress on process orders which are not technically complete.

2. Carry out Assessment cycle for Cost Centers.

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)

Check out the following link

http://www.sap-img.com/financial/check-list-for-fi-year-end-closing.htm

http://help.sap.com/printdocu/core/Print46c/en/data/pdf/FIGLCR/FIGLCR.pdf

Assign points if useful

thanks

sai krishna

[Former Member]

hi

give me the detailed configuration setting for each month and year end process

thanks in advance

[Former Member]

Hi,

Month end process and year end process depend upon u r client settings.

general month end process are

1. Run the depreciation

2.Run the intereset calculation

3.Posting of recurring entries

4.Posting of parked documents

5.Close and open periods

year end process is same, in addition to that one

carryforward vendor balances

carryforward customer balances

carryforward gl balances

asset accounting year close

open&close new fiscal year

Thanks & REgards

Sunitha