FI Year End Closing Checklist - 2014

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Year End Closing

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<p>FI Year End Closing ChecklistCheck List for FI Year End Closing</p> <p>1 Execute Report for Inter Company Activity &amp; Journal Entries2 Open posting period for next yr3 Run Business Area's Assignment report.4 Review list of recurring journal entries5 Execute Recurring Entries for A/R, A/P, G/L6 Process Parked A/R, A/P, G/L accounting documents7 Final Cutoff for the Maintenance of Fixed Asset- Add Transfer and Retire8 Run Depreciation in Test Run and post9 Verify Display Log for Depreciation Test Run10Capitalize AUC Assets if needed11 Enter Payroll Data to SAP12 Verify Depreciation Balances with GL balances13 Post Depreciation14 Execute Asset History Report, and retire assets if needed15 Adjust specific depreciation areas if necessary16 Reconcile AM subledger with GL17 Check Bank Data18 Review AR Open Items19 Review AP Open Items20 Execute Pending Invoices21 Clear Open Item for GRIR, freight22 Reconciliation of Financial Documents and transactional figures23 Open new CO Posting Period24 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 actual27 Review Internal Order Postings28 Settle All Orders29 Verify All Post Goods Issue have been Invoiced (Billing Due List)30 Review SD Billing Doc from prior mth that have not yet been released to accounting31 Reconciliation of MM movements in Transit Intra-SAP to Non SAP32 Reconcile PI Inventory with SAP33 Perform Manual Adjustment if needed34 Verify balance of the GR/IR account35 Post Accruals and Deferrals36 Clearing of Cancelled Documents37 Check Profitability Segment Adjustment38 Aging Report-Reconcile GL balances with subledger balances AP39 Check the check run numbers40 Bank reconciliation Data41 Enter Tax Journal Entry42 Reconcile GL balances with subledger balances AR/MM/AP43 Display Balance Sheet Adjustments44 Post Balance Sheet Adjustments45 Post Foreign Currency Valuation (foreign exchange)46 Check generic cost centers for posting with wrong accounts47 Correct wrong postings on generic cost centers48 Check Validation dates for Cost Centers, Cost Elements, CO area49 Check COGI--for both month end and year end50 Doubtful receivables51 Verify In-transit Inventory52 Reconcile PA to G/L53 Post Cost Centre Assessments and Distributions54 Run CO-FI Reconciliation to balance55 Run BW reports P&amp;L and Balance Sheet56 Maintain CO yr variant57 Fiscal Yr Balance carryforward AP/AR/AM58 Fiscal Yr Balance carryforward CO59 Fiscal Yr balance carryforward FI60 Fiscal Yr balance carryforward PCA61 Set Document number ranges - FI - new year62 Set Document number ranges AP/AR - new year63 Generate Financial statement Reports64 Change Fiscal Year For Assets65 Year end Closing-- Asset Accounting--final for year end66 Close CO Posting Period67 Close Prior A/R Posting Period68 Close Prior A/P Posting Period69 Close Prior MM Posting Period70 Reverse accruals and deferrals for the new month71 Reconciliation of Financial Documents from old fiscal year and new fiscal year72 Load Balances, Budget Data for Cost centers, sales73 Update Retained Earning Account , balance carry fwd</p>