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FI Month End Closing Activities

What are the Month End Closing Activities in Finance? 1. Recurring Documents. a) Create Recurring documents b) Create Batch Input for Posting Recurring Documents c) Run the Batch Input Session 2. Posting Accruals or Provisions entries at month end 3. Managing the GR/IR Account-Run the GR/IR Automatic Clearing 4. Foreign Currency Open Item Revaluation-Revalue Open Items in AR.AP 5. Maintain Exchange Rates 6. Run Balance Sheets Run Financial Statement Version 7. Reclassify Payables and Receivables if necessary 8. Run the Depreciation Calculation 9. Fiscal Year Change of Asset Accounting if it is year end 10. Run the Bank Reconciliation 11. Open Next Accounting Period

1 - Maintain Activity prices - KP26 2 - Release of Standard Cost Estimate - CK40N 3 - MM period close and open - MMPV - Prevent Inventory Back Posting to Previous period - Re-open Period closing 4 - FI period open - OB52 - Opening and closing the period for posting 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 - Production Order Individual Settlement - KO88 - Settlement Of Production Orders in SAP CO 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 "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
As required FI u2013 AA Closing check list to ensure nothing is left 1) Depreciation Run posting (AFAB) is completed for the period. ( verify depreciation balances with GL for asset u2013 test check) 2) Complete settlement from ZCAP Internal Orders to Asset if pending.

3) Capitalize AuC to Asset if required. 4)Retirement of Asset is done e.g. where Asset is required to be transferred to demerged Starch Division. 5) Posting period for new FY is open for Account type Asset in OB52 6) Year end closing for FI u2013 AA , t code AJAB. 7) Open new FY or Asset Accounting FY change , t code AJRW. FI CO closing activities : FI u2013 GL 1) Post Journals for Provisions/ Accruals/deferrals 2) Execute Recurring Entries F.14 3) Post Parked Documents FBV0 4) Complete Invoicing at cut off point, no SO is pending 5) Complete GR , IR/IV for the period 6) Regrouping (F.19) and Clearing GRIR account (Automatic clearing F.13) 7) Valuate the foreign currency for the open items F.05, FAGL_FC_VAL 8) Clear open items in Bank GLs 9) Complete Bank Reconciliation 10) Clear open Items Cash Allocation (AR), Outgoing payment (AP) 11) Carry forward receivables / payables F.07 12) Balances Carry forward FAGLGVTR 13) Open / Close posting periods OB52 14) MM period close and open - MMPV Internal Orders : 1) Complete Settlement of pending IO balances 2) Carry Forward Budget u2013 KOCO 3) Carry forward Commitments - KOCF Cost Center : 1) Run Assessment and Distribution Cycles if pending 2) Repost to correct CO Doc if incorrectly posted 3) Carry forward Commitments u2013 KSCF Product Costing 1) Maintain Activity Prices u2013 KP26 2) Release of standard cost estimate u2013 CK40N 3) Run variance calculation in Product Costing Month End Closing Process 1) First MMPV MM people has to close the period and has to check in OMSY TCODE whether next period is open or not. 2) Dep Run has to be performed for the assets thru AFAB TCODE. 3) Foreign Curency valuation has to be performed for all the three openitems(ie..,GL,Vendor,Customer). 5) Any Recurring entries are there that entries also to be posted . 6) Month end utilisation has to be performed for utilsing the cenvat credit thru J2IUN Tcode 7) TDS has to be paid for that month thru J1INMIS. 8) IN OB52-Open Close Posting Periods new period has to be opened and old period has to be closed.

Year End All the above process in addition to that balance transffers are also there. 1) AJAB- Closing of the old fiscal year for assets 2) AJRW- Asset Fiscal Year Change 3) F.07- Carryforwad Recievables and Payables 4) F.16- Carryforward GL Balances 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)

Month-End Closing: Checklist Assets Fixed Assets -Execute the depreciation run (SAP FI-AA) Current Assets Inventories -GR/IR clearing account clarify any differences and correct them if necessary (SAP LO-MM) -Clear the GR/IR clearing account (SAP FI) Prerequisite: Accounts have already been maintained by (SAP LO-MM) Period closing program (SAP LO-MM) -Settle the work in process (SAP FI-CO) -Post the reconciliation ledger (SAP FI-CO) Receivables and Other Asset Items -Check whether all the billing documents have been posted (SAP LO-SD) -Valuate the foreign currency for the open items (SAP FI), see also Payables -Valuate the foreign currency for the balances (SAP FI + SAP FI-TR) Accruals and Deferrals -Post accruals/deferrals (SAP FI-TR + SAP FI) Liabilities and Owners Equity Accruals Payables -Payroll accounting (SAP HR) -Valuate the foreign currency open items (SAP FI), see also Receivables -Valuate the foreign currency G/L balances (SAP FI) Accruals and Deferrals -Post accruals/deferrals (SAP FI) Miscellaneous: Additional Tasks (SAP FI) -Post accruals/deferrals (SAP FI) -Check whether the accrual/deferral documents have to be reversed -Carry out recurring entries and update the batch input session (SAP FI) -Reconcile cost of sales accounting/period accounting/profit center ledger (SAP FI/SAP FI-CO) -Close the posting period (SAP FI) -Run the reconciliation program (SAPF190) This program checks the documents and transaction figures in the R/3 System. You can only execute this run if you do not intend to carry out any postings for the period, otherwise reconciliation differences will occur. You can schedule the job to run in the background.

Printing Reports and Notifications: -Financial Statements (Balance sheet and P&L account) -Advance return for tax on sales and purchases (VAT) -EC sales list (quarterly) -INTRASTAT declarations (SAP LO-MM) -Account balances (SAP FI) -Journals (SAP FI) Internal Closing (SAP FI-CO) Internal order and project-related tasks: -Transfer postings, surcharges, project interest calculation, settlement Product and production-related tasks: -Release a standard cost estimate, perform inventory costing, transfer postings, surcharges Variance calculation, results analysis, and settlement Cost center-related tasks: -Transfer posting, distribution, assessment, activity allocation, transfer key figures, cost center variance, price calculation Results-related tasks -Evaluate actual postings, transfer external data, distribution, assessment, transfer balance sheet items to Profit Centre Accounting (PCA). assign points if useful