SAP FI Month End Closing Flowchart

This flowchart, prepared by Benedict YONG, outlines the period end closing process flowchart in SAP Financials. It serves as a standard operating procedure for closing accounting periods. Here’s an overview based on flowchart:

1. 1. Open new period (OB52, OKP1, MMRV/SAP): This step involves opening a new accounting period in the SAP system.
   2. Maintain new Exchange rate (OB08): Updating the exchange rates for the new period.
   3. Check Trial Balance: Ensuring that debits and credits balance out.
   4. Cash/Bank Reconciliation: Matching the balance sheet accounts for cash and bank transactions to the corresponding bank statements.
   5. Recurring Entries (FBD1/FBR2): Recording entries that recur on a regular basis.
   6. Adjustments/Accruals/Provisions (FBD1/F-02): Adjusting entries for accruals and setting aside provisions.
   7. GL Clearing (F.13): Clearing open items in the general ledger.
   8. GR/IR Regroup (F.19): Reconciling goods receipts and invoice receipts accounts.
   9. Foreign Currency Valuation (F.05): Revaluing foreign currency balances.
   10. Tax Handling (F.12): Processing tax-related transactions.
   11. Intercompany Handling (FBD1/F-02): Handling inter-company transactions.
   12. Financial Statements (F.01): Generating the financial statements.
   13. Close previous period: Closing the books for the previous period.

If it’s the year-end, then a balance carryforward is performed for Accounts Receivable/Payable, Asset Accounting, and General Ledger, and a new Asset Accounting year is opened.