Month End Activites
In order to arrive at correct profit or loss for the month following checklist can be followed:
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)à (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 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)à (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)
