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What are fiscal year variants and how are fiscal periods opened and closed?
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Answer Posted / Nikhiul Saxena
Fiscal year variants refer to the different ways a company can structure its fiscal year. This can include variations in the start date, end date, or length of the fiscal year. In SAP FI-CO, these variants are configured under 'IMG' (Implementation Guides) > Financial Accounting > Controlling > Definitions > Fiscal Year Variants. To open a fiscal period, you would navigate to 'IMG' > Financial Accounting > Controlling > General Ledger Accounting > Periodic Activities > Opening and Closing of Periods > Define Opening and Closing Procedures. Here, you can specify the rules for opening or closing a period, such as posting limits and automatic assignments. To close a fiscal period, you would navigate to 'IMG' > Financial Accounting > Controlling > General Ledger Accounting > Periodic Activities > Opening and Closing of Periods > Close Fiscal Year.
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