Financial Close

Closing operations are periodic tasks and can be subdivided in FI as follows:

  • Day-end closing
  • Month-end closing
  • Year-end closing

The closing operations component helps you prepare and carry out the activities required for day-end, month-end, and year-end closing. For this purpose, the system provides a series of standard reports that you can use to generate evaluations and analyses directly from all of the posted account balances.

The reporting tools and existing reports can be used to satisfy reporting requirements in most cases. In the area of Accounting, various reports can be used to obtain information about all fields of Financial Accounting.

Closing Activities

G/L Accounting

  • Postings incl. (new posting, displaying single documents, changes in documents (what is allowed))
  • Post Parked Documents
  • Display GL documents, values and balances.
  • Document reversals (single, mass)
  • Recurring entries – maintenance
  • Period End (Day End, Period End, Year-End)
  • Update exchange rates
  • Enter Accrural/Deferral Journal Entries
  • Reverse Accrual/Deferral Document
  • Account maintenance – clearing
  • Controlling of integrity:
    •        Gaps in document numbers
    •        Invoice numbers allocated
  • Recurring entries
  • Automatic Clearing of GR/IR Account special process
  • Manual Clearing
  • Assets Depreciation Run
  • Settlement Of Assets Under Construction - AIBU
  • Closing the Asset Year and Change the New Year - AJAB
  • Post Adjustment Entries
  • Update Exchange Rates
  • Foreign Currency Revaluation
  • Run interest Calculation
  • Run Dunning for customers
  • Bank Statement Reconciliation
  • Post Saved transaction in Cash Journal
  • Post Tax Payable
  • Record of Sales and Use Taxes Report
  • Controlling:
    • Run Assessment and Distribution
    • Run Overhead Costing sheet
    • Calculate WIP
    • Order Settlement
  • Close Previous Accounting Period
  • Carry Forward for Balances
  • Create Factory Calendar for New Year
  • Carry Forward for Fixed Assets – Reference
  • Carry Forward AP/AR Balances
  • Final Close and Release Financial Reporting
  • Close Previous Accounting Period FI & CO
  • Carry Forward for Balances
  • Create Factory Calendar for New Year

 

Roles:

Assign the following business roles to your individual test users.

 

Business Role Name

Business Role ID as Delivered by SAP

General Ledger Accountant

SAP_BR_GL_ACCOUNTANT

Accounts Receivable Accountant

SAP_BR_AR_ACCOUNTANT

Controller

SAP_BR_CONTROLLER

Accounts Payable Manager

SAP_BR_AP_MANAGER

 

 

 

 

 

 

 

 

 

Reference: Accounting and Financial Close (J58_US)