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what is month end activities pls explain briefly
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Answer Posted / babu
MONTH END ACTIVITIES FOR FI:
1. Recurring Documents.
a) Create Recurring documents
b) Create Batch Input for Posting Recurring Documents
c) Run the Batch Input Session
2. Posting Accruals or Provisions entries at month end
3. Managing the GR/IR Account-Run the GR/Ir Automatic
Clearing
4. Foreign Currency Open Item Revaluation-Revalue Open
Items in
AR.AP
5. Maintain Exchange Rates
6. Run Balance Sheets –Run Financial Statement Version
7. Reclassify Payables and Receivables if necessary
8. Run the Depreciation Calculation
9. Fiscal Year Change of Asset Accounting if it is year end
10. Run the Bank Reconciliation
11. Open Next Accounting Period
PERIOD END CLOSING ACTIVITIES IN CONTROLLING :
The following are the period end closing activities in
Controlling:
Repost CO Documents that was incorrectly posted
Run Distribution or Assessment Cycles
Run the Overhead Calculation in Product Costing
Run the WIP Calculation in Product Costing
Run the Variance Calculation in Product Costing
Run the Settlement Calculation in Product Costing which
will post all the
WIP and variance to Finance and PA.
Calculate FI Data for Transfer to Profit Center
Transfer Balance Sheet Items like Recievables, Payables,
Assets and
Stock
Run Results Analysis for Sales Order if applicable
Run Settlement of Sales Orders to PA.
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