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Explaining Local Close for the General Ledger
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Describing the Local Close Steps for General Ledger Accounting
Describing the Local Close Steps for General Ledger Accounting
Executing the Steps for Month-End and Year-End Entity Close
15 min
Using Posting Period Variants to Control the Opening and Closing of Posting Periods
52 min
Setting Up the General Ledger to Display Accruals and Deferrals
35 min
Executing Automatic Clearing for Regular Maintenance
20 min
Revaluing Foreign Currency G/L Balances
16 min
Running the Balance Carryforward Program
15 min
Applying Manual Adjustments
17 min
Managing Financial Statement Versions
38 min
Quiz
Describing the Local Close Steps for General Ledger Accounting
Executing the Steps for Month-End and Year-End Entity Close
15 min
Using Posting Period Variants to Control the Opening and Closing of Posting Periods
52 min
Setting Up the General Ledger to Display Accruals and Deferrals
35 min
Executing Automatic Clearing for Regular Maintenance
20 min
Revaluing Foreign Currency G/L Balances
16 min
Running the Balance Carryforward Program
15 min
Applying Manual Adjustments
17 min
Managing Financial Statement Versions
38 min
Quiz
Knowledge quiz
It's time to put what you've learned to the test, get 8 right to pass this unit.
1.
Which of the following statements applies to a Foreign Currency Valuation Run?
There are two correct answers.
It calculates an exchange rate gain/loss on foreign currencies
It valuates G/L account balances or open items
It adjusts the posting period
It can only be used with special periods
2.
What are some of the features of the G/L Balance Carryforward app?
There are two correct answers.
It can be executed on a monthly basis
It can carry forward Assets, Receivables and Payables balances
Updates the previous Fiscal Year
It can be run more than once
3.
Which of the following dimensions can you use to create a Balance Sheet and Income Statement?
There are two correct answers.
Cost Center
Company Code
Functional Area
Segment
4.
Which of the following Special Nodes in the Financial Statement Version can be edited?
There are two correct answers.
Accounts Not Assigned
Assets
Financial Statement Notes
P&L Result
5.
A Ledger Group is used for?
Choose the correct answer.
Reconciliation Account postings
Posting period control
Posting to a specific Ledger
Posting to Special Periods
6.
Which of the following statements applies to Accruals?
There are two correct answers.
It is a prepayment
It can be recorded before the month-end
It can relate to revenue or expense
It can only be posted as a recurring charge
7.
Which of the following are features of the automatic clearing program?
There are two correct answers.
It can only executed at month end
It matches items with a zero balance, same company code, same currency and at least one matching criteria
It works with open item managed accounts
8.
Which of the following tasks are preclose activities?
There are two correct answers.
Automatic clearing
Close the previous period
Foreign currency revaluation
Post accruals
9.
Which account type is mandatory in the Manage Posting Periods app, to allow the posting of journal entries to a posting period?
Choose the correct answer.
M (Materials)
S (G/L Account)
A (Assets)
+ (Valid for All Account Types)