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

[Mark_W]

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

[Mark_W]

For 2023 close and opening 2024, time to start the preparations!

[Mark_W]

2024 is coming to a close - time to prep for year end close.

[Mark_W · Accepted solution]

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

[Cora_Phelan · Accepted solution]

See also Balance Carryforward and kbas

3014633 - Technical Background to Automatic Scheduling of Balance Carryforward Runs

3071770 - Understanding the logic of Retained Earnings account with Example

[Mark_W]

This is a good time to remind all our Asset Accountants to get into year end close mode!
Have you ran depreciation for all your assets without error?
Have you ensured all your assets are complete?
Have you closed off 2022 in Make Company Code Settings app!!!

Please ensure you start to get ready now so you are able to deal with any issues prior any deadlines!
Make sure to try to find relevant KBAs, ask in the Community for help with your consulting questions.

Best Regards
Mark

[Mark_W]

We are now fastly approaching year end, have you begun your year end close preparations for Asset Accounting?

Have you already closed 2021?

Have you completed all your asset master data?

Have you assets with depreciation errors that need to be addressed? You can find the assets in the Manage Fixed Assets app, add the fields to the filter bar and you can drill down to the assets and start your analysis.

Have you ran depreciation up until the current period?

Have you closed off any migration segments in the Make Company Code Settings apps?

Should you have any consulting questions on the closing process please add them or open a new thread here so we can help you and benefit others with similar questions!

Best regards
Mark

[Mark_W]

We are not closing in on the start of the new financial year.
Please start your year end closing in Asset Accounting and let us know if there are any issues.

[Mark_W]

The automatic balance carry forward starts from about middle of period 12, this will only be successful if you have close the prior year in Asset Accounting, if 2025 is the target year then only 2024 can be open for the balance carry forward to be completed successfully, therefore close 2023 in Make Company Code Settings app