4 Replies Latest reply: Feb 29, 2012 2:39 PM by Javeed Ahmed RSS

what are the year end and month end activities carried in FI?

pooja j
Currently Being Moderated

Hi all,

 

I am new to FI, what is the steps or the activites/process to be carried out during the month end as well as the year end activities for FI.

 

Can anyone explain me about it and does sap provide any standard documentation on year end / month end activities.

 

 

Thanks

Pooja

  • Re: what are the year end and month end activities carried in FI?
    Venkata Dara
    Currently Being Moderated

    Hi

     

    Year End Activities include

     

    1. Open New Fiscal Year or Fiscal Year Change for Assets -->AJRW

    2. Close the Asset Fiscal Year -->AJAB

    3. Balance Carry Forward for General Ledger -->F.16/FAGLGCTR

    4. Balance Carry Forward for Vendors/Customers -->F.07

    5. Copy Number Ranges for Next Fiscal Year -->OBH2

     

    Month/Period End Activities include

     

    Open New Period in FI

    Ensuring all the Parked Documents/Hold Documents to be Completed

    Close period in CO & MM

    Close Period in FI

     

    Regards

    Venkat

  • Re: what are the year end and month end activities carried in FI?
    Silk Route
    Currently Being Moderated

    Here you go:

     

    1. Month-end closing in Financial Accounting

     

    Update Exchange Rates

    Gaps in Document Number Assignment

    Invoice Numbers Allocated Twice

    Open and Close Posting Periods

    Enter Recurring Entries

    Post Recurring Entries

    Run Batch Input Session

    Automatic Clearing of GR/ IR Account special process

    Analyze GR/ IR Clearing Accounts

    Automatic Clearing of GR/ IR Account

    Post Adjustment Entries

    Foreign Currency Revaluation

    Post Tax Payable

    Record of sales and Use Tax Report

    Comparison Documents/ Transaction Figures

    Close Previous Accounting Period

    Balance Interest Calculation

    Display Document Journal

    Financial Statement

     

    2. Year-end closing in Financial Accounting

     

    Create Factory Calendar for New Year

    Carry Forward AP/ AR Balances

    Carry Forward GL Balances

    Re-grouping Receivables/ Payables

    Balance Confirmation Receivable

    Balance Confirmation Payable

    Final Close and Release Financial Reporting

    Close Previous Accounting Period

    Display Document Journal.

    Print 1099 MISC forms (Only for USA)

     

    Hope this helps

  • Re: what are the year end and month end activities carried in FI?
    kishore babu
    Currently Being Moderated

    Hi pooja,

     

    Check the below link for more details Year end activities and month end activities.

     

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

     

    http://www.sap-img.com/financial/check-list-for-fi-year-end-closing.htm

     

    Hope now clear.

     

    Regards,

     

    Kishore K

  • Re: what are the year end and month end activities carried in FI?
    Javeed Ahmed
    Currently Being Moderated

    Hi Pooja,

     

    Please find the details below

     

    Month end closing Activities

    1. All the expenses including amortization, prepaid expenses, Preliminary expenses and accruals have been booked.

    2. Complete Bank Reconciliation (T. Code: FF67)

    3. Make sure that Sum of Inter Company balances is Zero

    4. Suspense Accounts should be cleared regularly.

    5. Ensure that all documents related to MM & SD have been entered in system. (T.Code:F-22 & F-43) 6. Ensure that all billing documents are released to accounting.

    7. Calculate Overheads on all process Orders (CO43)

    8. Technically complete all process orders which are fully processed (CORM).

    9. Calculate Variance (KKS1)à (Relevant only if Standard cost is calculated).

    10. Settle all process orders which are technically complete (CO88).

    11. Close All settled Process Orders

    12. Close MM period (Transaction Code: MMPV).

    13. Carry out GR/IR clearing (F.13) transaction

    14. Depreciation Run (AFAB) has been carried out for the month

    15. Close FI Posting period after the month end closing activity is over (T.Code:OB52) Year end

    Closing Activities:

    1. Calculate production work in progress on process orders which are not technically complete. (CO88).

    2. Carry out Assessment cycle for Cost Centers (T. Code: KSUB)

    3. All month end closing Activities should be carried out.

    4. Carry Forward Balances to next year With TC: F.16 we can carry forward the balance to next year. With TC: OBH2 copy the number ranges to next year Open next year periods by selecting the Posting Period Variant. then test by posting the transaction in F-02)

    SAP FI Month End and Year End Activities

    1 - Maintain Activity prices - KP26

    2 - Release of Standard Cost Estimate - CK40N

    3 - MM period close and open - MMPV

    4 - FI period open

    5 - Parked documents to be posted - FBV0, MIRO

    6 - Reposting of Inter Office CC - KB61

    7 - Bank Reconciliation

    8 - Update Section Code where missing - J1INPP

    9 - Maintain GRIR clearing - F.13

    10 - Provision for current month - FB50

    11 - Depreciation entry - FB50

    12 - Exchange rate - To be Updated

    13 - Revaluation of foreign currency open items - F.05

    14 - Recognition of Inventory at Bonded warehouse - FB50

    15 - Maintain Statistical Key Figures - KB31N/KP46

    16 - Variance Calculation of Process Orders - KKS1

    17 - Settlement of variances - CO88

    18 - Assessment cycles - Aux/WH CC to Main CC - KSU5

    19 - Assessment cycles - Functional CC to SBU CC - KSU5

    20 - Assessment cycles - SBU CC to COPA - KEU5

    21 - Profit Center Reposting - 9KE0

    22 - Balance Sheet Adjustment calculation - F.5D

    23 - Transfer Profit Center to AR & AP - 1KEK

    24 - Transfer Inventory to PCA - 1KEH

    25 - Assessment Cycle - Dummy PC to SBU PC - 3KE5

    26 - Check for u201CDelivery made, not Invoicedu201D - VF03

    27 - Match GL and PCA - KE5T

    28 - Match PCA and PA

    29 - Top Down Distribution in COPA - KE28

    30 - Reclassification of GL balances

    31 - Balance Carry forward (Year End Only) - F.16

    32 - PCA Balance Carry forward (Year End Only) - 2KES

    33 - Transfer to FI - 1KE8

     

     

    Regards,

    JA

     

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