Year End Closing Activities in Sap Fi Co

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Year End Closing Activities

Year End Closing Activities

Version No : 1.0 Date : 17.03.2009 Consultant-KPIT

Summary Document

Ravikiran S. Kulkarni

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Year End Closing

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DOCUMENT RELEASE NOTICE Customer: Electropnumetics Pvt. Ltd. Document details: Activities Involved in Year End Procedure Name Finance and Controlling Version No. 1.00 Description This document explains steps to be followed for closing the Fiscal Year in Finance and Controlling.

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Table Of Contents Activities In Finance 1. Opening the New Posting Period2.

Copying Number Ranges for New Fiscal Year.

3. Valuation Of Foreign Currency 4. Asset Year Closing i. Capitalization Of Assets Under Construction ii. Depreciation Run iii. Closing the Asset Year and Change the New Year. 5. Carry Forward Receivables and Payables balances 6. Carry forward the GL balances 7. Reports

Activities In Controlling 1. Assessment Run 2. Over Head Run 3. WIP 4. Settlement

Version Management This document is subject to the version management. Each change has to be entered into following table. Version 1.0 Client Electropnumetics Author Ravikiran Kulkarni Date 17.03.2009

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1. Maintain Opening & Closing Of Posting Periods Transaction Code : OB52

To be changed if you want to close 2009.

To be changed if you want to open 2010.

To open a New Year change fiscal year in column Year (col. After To Period). E.g. if you want to open fiscal year 2010 then change fiscal year as mentioned above. Here we are not yet closing fiscal year 2009. When you want to close fiscal year 2009 for posting then make as mentioned below -: Change year (appearing after col. From per.1 & From per.2) to 2010. This will close year 2009 for posting. Maintain the Periods Close a period by selecting the period specifications so that the period to be closed does not fall within them. The authorization groups for permitted posting periods could be assigned. This means that in month-end or year-end closing for example, you can open some posting periods for specific users only

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Year End Closing Activities

Important Points There must be a minimum entry for each variant. This entry must have + in column. This activity is once in the year and should be done with extreme care.

Version Management This document is subject to the version management. Each change has to be entered into following table. Version 1.0 Client Electropnumetics Author Ravikiran Kulkarni Date 17.03.2009

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2. Maintain Number Ranges For New Fiscal Year. Transaction Code -: OBH2

Specify intervals of document number ranges are to be copied from one fiscal year into another fiscal year. Enter following details -:

Field Company Code Source Year To Company Code

Description

Example 1100

Fiscal Fiscal year from which number ranges are to 2009 be copied (Previous Year) Fiscal year to which number ranges are to be 2010 copied (Next Year)

Target - To Fiscal Year

Click on

button to execute the transaction

Version Management This document is subject to the version management. Each change has to be entered into following table. Version 1.0 Client Electropnumetics Author Ravikiran Kulkarni Date 17.03.2009

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3. Valuation Of Foreign Currency Transaction Code -: FAGL_FC_VAL

Enter following details -: Field Company Code Company Code Description Example 1100 Tick Tick 31.03.2009

Valuate Vendor Open Tick Valuate Vendor Open Items Items Valuate Customer Tick Valuate Customer Open Items Open Items Posting Date Reversal Posting Date Posting date of revaluation transaction Posting date for reversal of

revaluation 01.04.2009Year End Closing

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Year End Closing Activities

transaction Click on button to execute the transaction Following screen will appear -:

On above screen see that no errors exist. If any error exist then remove that and process as mentioned above again. To generate postings select as mentioned in following screen -:

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System will generate documents. If you select Reverse postings then system will reverse these posting. Select Create Postings and run in background processing. Valuating Open Items Use When foreign currencies are valuated, all the OPEN ITEMS that were posted in a foreign currency are valuated. The valuation is based on the individual open account items in a foreign currency, that is, each open account item in a foreign currency is valuated individually. Prerequisites 1) Before foreign currencies for open items can be valuated, the appropriate foreign currency postings must exist in the system. 2) The exchange rate table must be maintained (transaction OB08). Version Management This document is subject to the version management. Each change has to be entered into following table.Page 9 of 30 Year End Closing

Year End Closing Activities

Version 1.0

Client Electropnumetics

Author Ravikiran Kulkarni

Date 17.03.2009

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Year End Closing Activities

4. Assets Closing. Steps Involved in Assets Closing i. ii. iii. iv. Settle the Assets Under Construction Execute the depreciation run and update the batch input session Run the fiscal year change in Asset Accounting - This process creates the balance carry forwards for Asset Accounting. Carry out inventory postings

i.

Settlement of Assets Under Construction

Transaction Code -: AIBU

For more details please refer to user manual on Asset Transactions.

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ii.

Depreciation Run Till March

Transaction Code -: AFAB

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iii.

Asset Year End Closing

Transaction Code -: AJAB

Before you can close a fiscal year in Financial Accounting from a bookkeeping perspective, you have to carry out preparatory measures in Asset Accounting. PROCESS FLOW You use the year-end closing program to close the fiscal year for a company code from an accounting perspective. Once the fiscal year is closed, you can no longer post or change values within Asset Accounting (for example, by recalculating depreciation). The fiscal year that is closed is always the year following the last closed fiscal year. You cannot close the current fiscal year. Example : Current fiscal year (current date): 1st April 2009 Last closed fiscal year : 2007 [2009 2] You can close fiscal year : 2008 [2009 1]

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BACKGROUND PROCESSING You have to carry out the year-end closing as background processing for performance reasons. Therefore, start the report as a background job. You can carry out test runs with fewer than 1000 assets in the foreground. CHECKS The system only closes a fiscal year in a company code if The system found no errors during the calculation of depreciation (such as, incorrectly defined depreciation keys). Planned depreciation from the automatic posting area has been completely posted to the general ledger. Balances from depreciation areas that are posted periodically (ie. Not posted online) have been completely posted to the general ledger. All incomplete assets (master records) have been completed. The system lists any assets that do not meet the above requirements in the log of the year-end closing. The log also shows the reason for the errors. REVERSING THE YEAR-END CLOSING [OAAQ] If you closed a fiscal year too soon, and still need to make corrections, you can reset the last closed fiscal year in Customizing for Asset Accounting. Using this function, you can re-open the last closed fiscal year, either for selected depreciation areas in a company code, or for all depreciation areas in a company code. You do this by changing the field for the last closed fiscal year.

Reconcile the asset register balances with the GL accounts balances (ABST2)

When Asset values in the asset master doesnt match with the GL account balances. The above reconcile program is need to be run.

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Asset Year Change (AJRW)

Put the Company Code and Fiscal Year. Run the same in Test Run and in background processing run take the actual run.

Version Management This document is subject to the version management. Each change has to be entered into following table. Version 1.0 Client Electropnumetics Author Ravikiran Kulkarni Date 17.03.2009

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5. Carry Forward Customer and Vendor balances This program carries forward the balances for Accounts receivable and Accounts payable. The balances of the previous year are carried forward to the new year. If the account has neither been yet posted in the new year, nor the balance carried forward program has been run for this account, then, account is opened in the new year with the 1st balance carried forward. Otherwise, the balance carried forward of the account is stored in the new year if the result changes. When posting into a previous year, the system carries forward the balance automatically. This is ind