Download the PDF below for the full article on How to Perform Year-End Closing in SAP Business One

To open file, right click and choose to open link in new tab or window

PDF for SAP Business One 9.1 Year End Closing Year_End_Closing_91_EN.pdf
PDF for SAP Business One 10.0 Year End Closing How_To_Year_End_Closing_B1_10-0_EN.pdf

Table of Contents

Introduction ......................................................................................................................................... 5
Timing Constraints ................................................................................................................................ 6
Preparation .......................................................................................................................................... 7
Checks ............................................................................................................................................... 7
Checking the Document Numbering ........................................................................................................ 7
Checking the Completeness of Documents ............................................................................................. 8
Checking for Negative Inventory............................................................................................................ 9
Checking for Execution of Payment Runs ............................................................................................... 9
Checking Statistical and Clearing Accounts ............................................................................................ 10
Checking for Completeness of Bank Statements .................................................................................... 11
Inventory Count ................................................................................................................................. 11
Preparing for Inventory Counting .......................................................................................................... 11
Posting Count Results ........................................................................................................................ 14
Working with a Non-Perpetual Inventory System .................................................................................... 16
Reclassification of Business Partners and Bank Accounts with Negative Balances ..................................... 16
Performing a Year-End Closing ............................................................................................................ 19
Changing Period Status to Closing Period .............................................................................................. 19
Reconciliation .................................................................................................................................... 20
Reconciliation of Internal Reconciliation Upgrade Journals ....................................................................... 20
Reconciliation of Open Items and Balances for Business Partners ............................................................ 22
Reconciliation of Fixed Asset Accounts ................................................................................................ 24
Reconciliation of Bank Statements and Bank and Cash Accounts ............................................................. 24
Reconciliation of Allocation and Expense Clearing Accounts ..................................................................... 25
Reconciliation of Inventory Accounts .................................................................................................... 27
Inventory Audit Report ........................................................................................................................ 28
Accrual and Valuation........................................................................................................................... 30
Accrual ............................................................................................................................................. 30
Assets under Construction ................................................................................................................... 30
Depreciation in the SAP Business One Fixed Assets ............................................................................... 30
Valuation of Foreign Currencies ............................................................................................................ 31
Material Valuation ................................................................................................................................ 34
Valuation of Completion of Production Orders and Projects ....................................................................... 35
Allowances ......................................................................................................................................... 36
Provisions .......................................................................................................................................... 36
Accruals ............................................................................................................................................ 36
Reporting ........................................................................................................................................... 37
VAT Report ......................................................................................................................................... 37
Extended Tax Reporting ....................................................................................................................... 38
Withholding Tax Report ........................................................................................................................ 38
Tax Declaration Box Report .................................................................................................................. 38
Tax Reconciliation Report ..................................................................................................................... 39
EU Sales List...................................................................................................................................... 39
Bank Reconciliation Report ................................................................................................................... 39
Country-Specific Reports ..................................................................................................................... 39
Inventory Valuation Simulation Report .................................................................................................... 40
Country-Specific Reports ..................................................................................................................... 40
Documentation .................................................................................................................................... 41
Balance Sheet ..................................................................................................................................... 41
Profit and Loss Statement .................................................................................................................... 42
Trial Balance ....................................................................................................................................... 42
Other Reports ..................................................................................................................................... 43
Journal ............................................................................................................................................... 43
Account Itemization for Balance Sheet and P&L ....................................................................................... 43
Account Statement List for Customers and Vendors ................................................................................. 44
Open Items List and Aging Reports ........................................................................................................ 44
Account Statements ............................................................................................................................. 44
Asset History Sheet ............................................................................................................................. 44
Inventory Listing .................................................................................................................................. 45
Valuation According to Other Accounting Principles ................................................................................... 45
Periods ............................................................................................................................................... 46
Restarting Document Numbering ............................................................................................................ 46
Creating New Periods ............................................................................................................................ 47
Using Period 13 .................................................................................................................................... 47
Fiscal Year Change in Fixed Assets ........................................................................................................ 48
Period-End Closing ................................................................................................................................ 48
Country-Specific Feature ........................................................................................................................50
Electronic Annual Financial Statement .......................................................................................................50
E-Balance: Germany ...............................................................................................................................50
Final Closing of the Period ...................................................................................................................... 51
Checklist .............................................................................................................................................. 52