Monthly & Yearly Closing

[Former Member]

Hi Sappers!

1. I would like to know what steps & transaction codes are involved in period end (monthly & yearly) closing in FI.

2. How do we carry forward the balances to the next period? Will opening & closing periods in OB52 achieve this?

3. In our existing system once we close a particular module like Sales Order Module, it automatically transfers the amount in the General Ledger. How do we achieve his in SAP.

4. Are there any special closing activities involved in quarterly closing?

Appreciate your time!

Vj

[Former Member · Accepted solution]

Hi,

Below is list of MEC/YEC transactions reqd usually see what applys in Your case.

Check List for full closing

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)

Regards

Parag

[Former Member · Accepted solution]

Thanks!

That answers the first question.

Vj

[Former Member · Accepted solution]

Hi

2) How do we carry forward the balances to the next period? Will opening & closing periods in OB52 achieve this

As per normal accounting practice, carry forward of balances is done at the year-end for Balance sheet accounts via F.16 for GL and F.07 for AR/AP. OB52 is merely to open/close posting periods.

For further details check the link below.

http://help.sap.com/saphelp_erp2004/helpdata/en/96/8b3c2d43ce11d189ee0000e81ddfac/frameset.htm

3) In our existing system once we close a particular module like Sales Order Module, it automatically transfers the amount in the General Ledger. How do we achieve his in SAP.

In SAP, all accounting related information made in other components of SAP are posted real-time to FICO. There is no transfer required.

4. Are there any special closing activities involved in quarterly closing?

This will depend on your company's management accounting processes and requirements. E.g. Quaterly Profit centre planning. In financial accounting there is no special requirement.

Rgds

Nadini

[Former Member · Accepted solution]

Thanks much!!!