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SAP || FI Month End Closing Activities ||

FI Month End Closing Activities

What are the Month End Closing Activities in Finance?
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
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

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Q.Give some examples of GL accounts that should be posted automatically through the system and how is this defined in the system.
Ans: Stock and Consumption accounts are instances of GL accounts that should be automatically posted . In the GL account master record, a check box exists wherein the automatic posting option is selected called “
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Accounts Receivable and Accounts Payable
At what level are the customer and vendor codes stored in SAP? The customer and vendor code are at the client level. That means any company code can use the customer and vendor code by extending the company code view.
How are Vendor Invoice payments made? Vendor payments can be made in the following manner: Manual payments without the use of any output medium like cheques etc. Automatic Payment program through cheques, Wire transfers, DME etc.
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