cancel
Showing results for 
Search instead for 
Did you mean: 

We are coming to the end of the year, what preparation do we need to consider for Asset Accounting?

Mark_W
Product and Topic Expert
Product and Topic Expert
0 Kudos
637

Given we have entered the last period of 2024, for company's using a Jan to Dec fiscal year what preparations do we need to consider to have a successful year end close?

Regards
Mark

View Entire Topic
Mark_W
Product and Topic Expert
Product and Topic Expert

For a successful fiscal year close the following is recommended.

Make any outstanding postings, if you have already posted depreciation then you can repeat it again.

A full recalculation of the company code via the Schedule Asset Accounting Jobs app, first in test to review the changes if any, to compare to the assets in the output. Check the assets in the Manage Fixed Assets for any changes that would justify the changes. Once satisfied then do a recalculation in live mode.

Post all planned depreciation via the Schedule Asset Accounting Jobs app. You can review the depreciation via the spool or using the Depreciation Lists app.

Once you are satisfied then you can close the fiscal year via the Make Company Code Settings app.

The Balance Carry Forward is automatically completed, but it should be noted that in Asset Accounting only two years can be open at any one time. If there are already two open fiscal years, then the job won't complete, and you will need to close the earliest open fiscal year in order to open the new fiscal year (all depreciation must be posted for the year you are trying to close in order to close the year).

It is also worth reviewing the test script in the Best Practices.

Also please note, Asset Accounting should be closed before General Ledger. If there is outstanding depreciation or posts required, then GL will need to be opened.

If there are any questions or doubts, please feel free to ask. We would also advice early preparation for the close to ensure there are no surprises coming closer to deadlines.

The SAP Help Portal also contains good information in the Period Activities section.

Kind regards

Mark