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SAP FICO Closing Process
- 1. SAP FI CLOSING PROCESS MONTH END TASK 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)
- 2. 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) 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)
- 3. 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) If you want to perform Month End Activities then follow the below minimum activities 1 Foreign currency valuation 2 Posting recurring entries 3 Accrual and deferral entries 4 - Automatic clearing (GR/IR open item mostly) 5 Maintain exchange rates 6 Post depreciation for the month 7 Withholding tax payments 8 Run and check reports for tax and other statutory requirements 9 Close periods - FI as well as logistics. Credit: CHANDRA SEKHAR BADETI