HANDLING END PERIOD PROCEDURES IN SAP B1
SAP B1 END PERIOD PROCEDURE HANDLER:
Much of the work of financial accounting takes place at the end of each period and at the end of the year when transactions are examined and any corrections or adjustments are made. SAP Business One supports such activities in a variety of ways.
PERIOD-END CHECKLIST
Much of the work of financial accounting takes place at the end of each period and at the end of the year when transactions are examined and any corrections or adjustments are made. SAP Business One supports such activities in a variety of ways.
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Make sure that all transactions for the period were posted properly, including adjustments and accruals
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Print trial balance (a balance of each account and a current status)
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Print vendor liabilities aging and customer receivables aging reports to reconcile receivable accounts with the G/L
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Print inventory audit report to reconcile inventory with the G/L
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Print financial statements
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Make a backup of your database and put it in an off-site storage location
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Close or inactivate the fiscal period by locking it using the posting period window
YEAR-END CLOSING CHECKLIST
Year-end closing is a big event that affects many aspects of how SAP Business One operates. For example, a year-end close will zero all profit and loss account balances to the retained earnings account. Balance sheet accounts are summarized, bringing the balances forward as the beginning balances in the new fiscal year. All of this activity takes time, of course. The year can remain open until all adjusting entries are received from accountants and other reporting entities.
Here is a general year-end checklist:
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Post final transactions for the period in all modules
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Complete the period-end procedures
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Post any final adjusting entries in the G/L
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Close the last period of the fiscal year
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Make a backup of your database and put it in an off-site storage location
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Print 1099s
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Print a final detailed trial balance
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Print financial statements
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Set up a new fiscal year
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Run the period-end closing routine to close the fiscal year
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