FI year end and closing process

[Former Member]

experts

i want to close year end for FI so please guide to me how to close year and what is process for year end.

it is for FI-AA ( for Asset and Deprecation ) , FI-AP , FI-AR, and FI-GL.

and what do exact process for special periods.

thanks in advance

pravarshan

[Former Member]

Hi,

Check List for Closing

*SAP FI Check list for year end closing* 
1 Execute Report for InterCompany Activity & Journal Entries 
2 Open posting period for next yr 
3 Run Business Area's Assignment report. 
4 Review list of recurring journal entries 
5 Execute Recurring Entries for A/R, A/P, G/L 
6 Process Parked A/R, A/P, G/L accounting documents 
7 Final Cutoff for the Maintenance of Fixed Asset- Add Transfer and Retire 
8 Run Depreciation in Test Run and post 
9 Verify Display Log for Depreciation Test Run 
10 Capitalize AUC Assets if needed 
11 Enter Payroll Data to SAP 
12 Verify Depreciation Balances with GL balances 
13 Post Depreciation 
14 Execute Asset History Report, and retire assets if needed 
15 Adjust specific depreciation areas if necessary 
16 Reconcile AM subledger with GL 
17 Check Bank Data 
18 Review AR Open Items 
19 Review AP Open Items 
20 Execute Pending Invoices 
21 Clear Open Item for GRIR, freight 
22 Reconciliation of Financial Documents and transactional figures 
23 Open new CO Posting Period 
24 Compare current (cost estimates) with last current price (Moving Avg) 
25 Update current cost price to material master price field. 
26 Process Freight charges, Match SD freight to actual 
27 Review Internal Order Postings 
28 Settle All Orders 
29 Verify All Post Goods Issue have been Invoiced (Billing Due List) 
30 Review SD Billng Doc from prior mth that have not yet been released to accounting 
31 Reconciliation of MM movements in Transit Intra-SAP to NonSAP 
32 Reconcile PI Inventory with SAP 
33 Perform Manual Adjustment if needed 
34 Verify balance of the GR/IR account 
35 Post Accruals and Deferrals 
36 Clearing of Cancelled Documents 
37 Check Profitability Segment Adjustment 
38 Aging Report-Reconcile GL balances with subledger balances AP 
39 Check the check run numbers 
40 Bank reconciliation Data 
41 Enter Tax Journal Entry 
42 Reconcile GL balances with subledger balances AR/MM/AP 
43 Display Balance Sheet Adjustments 
44 Post Balance Sheet Adjustments 
45 Post Foreign Currency Valuation (foreign exchange) 
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 
49 Check COGI--for both month end and year end 
50 Doubtful receiviables 
51 Verify In-transist Inventory 
52 Reconcile PA to G/L 
53 Post Cost Centre Assessments and Distributions 
54 Run CO-FI Reconciliation to balance 
55 Run BW reports P&L and Balance Sheet 
56 Maintain CO yr variant 
57 Fiscal Yr Balance carryforward AP/AR/AM 
58 Fiscal Yr Balance carryforward CO 
59 Fiscal Yr balance carryforward FI 
60 Fiscal Yr balance carryforward PCA 
61 Set Document number ranges - FI - new year 
62 Set Document number ranges AP/AR - new year 
63 Generate Financial statement Reports 
64 Change Fiscal Year For Assets 
65 Year end Closing-- Asset Accounting--final for year end 
66 Close CO Posting Period 
67 Close Prior A/R Posting Period 
68 Close Prior A/P Posting Period 
69 Close Prior MM Posting Period 
70 Reverse accruals and deferrals for the new month 
71 Reconciliation of Financial Documents from old fiscal year and new fiscal year 
72 Load Balances, Budget Data for Cost centers, sales 
73 Update Retained Earning Account , balance carry fwd

Thanks and Regards,

Mohan.

[Former Member]

Hi,

Kinldy check the below links

http://wiki.sdn.sap.com/wiki/display/ERPFI/MonthEndandYearEndClosingOperations

Regards,

Raj