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Closing procedures

hi gurus

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

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  • author's profile photo Former Member
    Former Member
    Posted on Oct 23, 2007 at 07:18 AM

    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

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  • author's profile photo Former Member
    Former Member
    Posted on Oct 23, 2007 at 07:28 AM

    hi

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

    thanks in advance

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  • Posted on Oct 23, 2007 at 07:31 AM

    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

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