closing activities -- sap fico

7/30/2019 Closing Activities -- SAP FICO

1/6

Month end closing Activities

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

booked.

2) Complete Bank Reconciliation

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.

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) (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.

Year end closing Activities

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

2) Carry out Assessment cycle for Cost Centers.

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)


2/6

First you will have to close the Posting period in the Materials Management side. To do this use the T.Code MMPV

and give the period that needs to be Opened. Once this is done you will not be able to Post any Material Documents

in the previous period.

Now at the Financial side you need to open the next period and at the same time you need to close the Previousperiod. This can be done in T.Code OB52

here is the list for FI/CO year end closing check list:

now i am sending one document with T.codes

CLOSING ACTIVITIES

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) ------ The balance in the GR/IR Clearing account Zero.


3/6

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)

68 Close Prior A/P Posting Period (T.Code: OB52)

69 Close Prior MM Posting Period (T.Code: OMSY)

70 Reverse accruals and deferrals for the new month (T.Code: F.81)

71 Reconciliation of Financial Documents from old fiscal year and new fiscal year (T.Code: FNSL)

72 Load Balances, Budget Data for Cost centers, sales

73 Update Retained Earning Account , balance carry fwd (T.Code: F.16)

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


4/6

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) (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)

Hope ths helps

Please reward points


5/6

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


6/6

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 "Delivery made, not Invoiced" - 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