This document provides an overview of the period-end monthly and yearly closing processes within SAP, focusing on the steps and activities required to reconcile accounts, clear GR/IR (Goods Received/Invoice Received) discrepancies, and perform both month-end and year-end closing procedures. Period End Closing encompasses the various activities undertaken at the end of an accounting period (monthly or yearly) to finalize the financial records, ensure accuracy, and prepare financial statements. The guide details specific SAP transactions and roles involved in these processes.
Step-by-Step Processes for Period-End Closing highlighted in the document:
- Reconcile GL Accounts: This process involves verifying and reconciling General Ledger accounts to ensure data accuracy. Key steps include clearing open items in managed GL accounts using transaction F-03, resetting cleared items if necessary using FBRA, and reviewing accounting documents with FB03. GL account balances are analyzed using report S_ALR_87012277.
- GR/IR Clearing Reconciliation: This step focuses on reconciling the Goods Received/Invoice Received accounts. It includes automatic clearing using transaction F.13, manual maintenance of GR/IR clearing accounts using MR11 to resolve quantity and value differences between goods receipts and invoices, and displaying/canceling GR/IR documents using MR11SHOW.
- Perform Month-End Closing: This involves various activities to finalize the month’s financial data. Key actions include opening and closing posting periods in subledgers and FI using transaction S_ALR_87003642, performing subledger revaluations using FAGL_FC_VAL, and managing CO periods by displaying (OKP2) and opening/closing (OKP1) periods. It also involves verifying FI reconciliation with COPA using FAGLCOFIFLUP, and performing GL balance sheet revaluation, again using FAGL_FC_VAL.
- Perform Year-End Closing: This comprehensive process prepares SAP for a new fiscal year. It includes verifying document number ranges for the new year using FAGL_DOCNR or FBN1, performing Fixed Asset year-end close (AJAB) and fiscal year change (AJRW), and managing reopened Fixed Asset years (OAAQ, OAAR). Other steps involve generating financial statements (S_ALR_87012284), carrying forward AR/AP balances (F.16), GL balances (FAGLGVTR), internal order commitments (KOCF), cost center commitments (KSCF), and budget (KOCO). Displaying commitment line items for internal orders can be done with KOB2. Opening and closing additional posting periods (S_ALR_87003642) for special adjustments is also covered.
This training document comprehensively covers the SAP Period End Closing process, providing essential knowledge and step-by-step guidance for financial professionals to execute monthly and yearly closing activities effectively in SAP FI and CO modules, ensuring accurate financial reporting and system readiness for subsequent periods.