Need or Not..Year End Closing

[Former Member]

Hi all,

I want to do Year End Closing this year, but I considered it to apply in my current database. What is the meaning of Year End Closing in SBO because unless to do it, in SBO, we still look at some reports as Financial Report (Profit n Loss, etc). This is an integrated real time processing.

I think this menu Year End Processing is not a must to do, don,t I?

Please somebody can explain the meaning of above....

Regards,

Agung

[former_member186095]

Dear Agung,

This link is a general info about year end closing that is really needed in a company and that's why in B1, they also provided the steps and tips in the year end closing :

http://putra-finance-accounting-taxation.blogspot.com/2008/04/alur-akuntansi-prosedur-jurnal-tutup.h...

sorry for all forum members that I provided an Indonesian link.

you could use google to find out more about year end closing in international language.

you need to do that because you want to know your one year total profit, close the period so that no more backdated transactions in the new year and so on. To find out more, just read tips in year end closing pdf file that can be download from this link:

https://websmp108.sap-ag.de/smb/sbo/documentation

Rgds,

[former_member583013]

The purpose of year-end closing is to determine the final balances of appropriations, revenues, expenditures, assets, liabilities and fund balances needed to prepare financial statements and other reports on the results of operations and the financial condition.

You might be able to run reports for any period but for auditing purposes and legal requirement, you have to perform year end.

Suda

[Former Member]

Hi Agung,

The Year End Closing is normal business practice for accounting purpose.

If you never close a book, how other people can trust you as your balance sheet can be changed freely?

Thanks,

Gordon