Year-End Closing
Year-end closing can be divided into the following categories:
Legal requirements
These include preparations required by tax authorities.
Technical and organizational requirements
These include preparations that are technically required to support the accounting organization.
Year-End Closing Steps
The steps performed during year-end closing are as follows:
- The fiscal year change in Asset Accounting is carried out with the central Balance Carry Forward program in General Ledger Accounting (FI-GL).
- The inventory is carried out and the necessary adjustments detected in the inventory are posted. The depreciation posting run posts the depreciation in the general ledger.
- The asset history sheet is generated.
Hint
The closing processes may vary from country to country. Your trainer can provide you with information on special procedures used in your country.
Depreciation Posting Program
You can access the depreciation posting run through the SAP Fiori app Schedule Asset Accounting Jobs.
The depreciation posting program can be used to record the following items:
Ordinary (book and cost accounting) depreciation.
Special tax depreciation, or the allocation and write-off of reserves for special depreciation based on special tax depreciation.
Unplanned depreciation (or other manually planned depreciation) .
Imputed interest.
Revaluation of acquisition or production costs, below or above the accumulated depreciation .
The depreciation posting run posts directly to the accounts in FI and additional account assignment objects. The test run checks any errors that may come up, such as locked cost centers. It displays these errors in an error list.
Postings can only be made to one real Controlling (CO) account assignment object. Additional statistical postings can be made to other objects.
