Year End Closing

Check List for FI Year End Closing

1 Execute Report for InterCompany Activity & Journal Entries

2 Open posting period for next yr

3 Run Business Area's Assignment report.

4 Review list of recurring journal entries

5 Execute Recurring Entries for A/R, A/P, G/L

6 Process Parked A/R, A/P, G/L accounting documents

7 Final Cutoff for the Maintenance of Fixed Asset- Add Transfer and Retire

8 Run Depreciation in Test Run and post

9 Verify Display Log for Depreciation Test Run

10 Capitalize AUC Assets if needed

11 Enter Payroll Data to SAP

12 Verify Depreciation Balances with GL balances

13 Post Depreciation

14 Execute Asset History Report, and retire assets if needed

15 Adjust specific depreciation areas if necessary

16 Reconcile AM subledger with GL

17 Check Bank Data

18 Review AR Open Items

19 Review AP Open Items

20 Execute Pending Invoices

21 Clear Open Item for GRIR, freight

22 Reconciliation of Financial Documents and transactional figures

23 Open new CO Posting Period

24 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 actual

27 Review Internal Order Postings

28 Settle All Orders

29 Verify All Post Goods Issue have been Invoiced (Billing Due List)

30 Review SD Billng Doc from prior mth that have not yet been released to accounting

31 Reconciliation of MM movements in Transit Intra-SAP to NonSAP

32 Reconcile PI Inventory with SAP

33 Perform Manual Adjustment if needed

34 Verify balance of the GR/IR account

35 Post Accruals and Deferrals

36 Clearing of Cancelled Documents

37 Check Profitability Segment Adjustment

38 Aging Report-Reconcile GL balances with subledger balances AP

39 Check the check run numbers

40 Bank reconciliation Data

41 Enter Tax Journal Entry

42 Reconcile GL balances with subledger balances AR/MM/AP

43 Display Balance Sheet Adjustments

44 Post Balance Sheet Adjustments

45 Post Foreign Currency Valuation (foreign exchange)

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

49 Check COGI--for both month end and year end

50 Doubtful receiviables

51 Verify In-transist Inventory

52 Reconcile PA to G/L

53 Post Cost Centre Assessments and Distributions

54 Run CO-FI Reconciliation to balance

55 Run BW reports P&L and Balance Sheet

56 Maintain CO yr variant

57 Fiscal Yr Balance carryforward AP/AR/AM

58 Fiscal Yr Balance carryforward CO

59 Fiscal Yr balance carryforward FI

60 Fiscal Yr balance carryforward PCA

61 Set Document number ranges - FI - new year

62 Set Document number ranges AP/AR - new year

63 Generate Financial statement Reports

64 Change Fiscal Year For Assets

65 Year end Closing-- Asset Accounting--final for year end

66 Close CO Posting Period

67 Close Prior A/R Posting Period

68 Close Prior A/P Posting Period

69 Close Prior MM Posting Period

70 Reverse accruals and deferrals for the new month

71 Reconciliation of Financial Documents from old fiscal year and new fiscal year

72 Load Balances, Budget Data for Cost centers, sales

73 Update Retained Earning Account , balance carry fwd