Year end-closing-v24-88-en

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1. PUBLIC Tips for Year-End Closing Solutions from SAP SAP Business One 2007 A 2007 B 2007 A SP01 December 2009 EnglishAlso applies to SAP Business One 8.8 2. SAP…
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  • 1. PUBLIC Tips for Year-End Closing Solutions from SAP SAP Business One 2007 A 2007 B 2007 A SP01 December 2009 EnglishAlso applies to SAP Business One 8.8
  • 2. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End ClosingContentsIntroduction ...................................................................................................................................................... 4Timing Constraints .......................................................................................................................................... 5Preparation ....................................................................................................................................................... 6 Checks ........................................................................................................................................................... 6 Checking the Document Numbering .......................................................................................................... 6 Checking the Completeness of Documents ............................................................................................... 7 Checking for Negative Inventory ................................................................................................................ 8 Checking for Execution of Payment Runs .................................................................................................. 8 Checking Statistical and Clearing Accounts ............................................................................................... 9 Checking for Completeness of Bank Statements....................................................................................... 9 Inventory Count .............................................................................................................................................. 9 Preparing for Inventory Tracking ................................................................................................................ 9 Posting Count Results .............................................................................................................................. 12 Working with a Nonperpetual Inventory System ...................................................................................... 14 Reclassification of Business Partners and Bank Accounts with Negative Balances ................................... 15Performing a Year-End Closing ................................................................................................................... 17 Changing the Period Status to Closing Period ............................................................................................ 17 Reconciliation ............................................................................................................................................... 18 Reconciliation of Internal Reconciliation Upgrade Journals ..................................................................... 18 Reconciliation of Open Items and Balances for Business Partners ......................................................... 20 Reconciliation of Fixed Asset Accounts ................................................................................................... 22 Reconciliation of Bank Statements with Bank and Cash Accounts ......................................................... 22 Reconciliation of Allocation and Expense Clearing Accounts .................................................................. 23 Reconciliation of Inventory Accounts ....................................................................................................... 24 Accrual and Valuation .................................................................................................................................. 27 Accrual...................................................................................................................................................... 27 Assets Under Construction ....................................................................................................................... 27 Depreciation in the SAP Business One Fixed Assets Add-On ................................................................ 27 Valuation of Foreign Currencies ............................................................................................................... 28 Material Valuation ..................................................................................................................................... 30 Valuation of Completion of Production Orders and Projects .................................................................... 31 Allowances ............................................................................................................................................... 32 Provisions..................................................................................................................................................... 32 Accruals ....................................................................................................................................................... 32Reporting ........................................................................................................................................................ 33 VAT Report .................................................................................................................................................. 33 Extended Tax Reporting: Germany and the United Kingdom .................................................................. 34© SAP AG 2009 2
  • 3. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End Closing Country-Specific Reports: Canada, Germany, Spain, and the United Kingdom ...................................... 34 Withholding Tax Report ............................................................................................................................... 34 Tax Declaration Box Report ......................................................................................................................... 34 Tax Reconciliation Report ............................................................................................................................ 34 EU Sales List................................................................................................................................................ 35Documentation............................................................................................................................................... 36 Balance Sheet .............................................................................................................................................. 36 Profit and Loss Statement ............................................................................................................................ 37 Trial Balance ................................................................................................................................................ 37 Other Reports............................................................................................................................................... 38 Journal ...................................................................................................................................................... 38 Account Itemization for Balance Sheet and P&L ..................................................................................... 38 Account Statement List for Customers and Vendors ............................................................................... 38 Open Items List and Aging Reports ......................................................................................................... 38 Account Statements ................................................................................................................................. 39 Asset History Sheet .................................................................................................................................. 39 Inventory Listing ....................................................................................................................................... 40 Valuation According to Other Accounting Principles ................................................................................... 40Periods ............................................................................................................................................................ 41 Restarting Document Numbering................................................................................................................. 41 Creating New Periods .................................................................................................................................. 41 Using Period 13............................................................................................................................................ 42 Fiscal Year Change in Fixed Assets ............................................................................................................ 43 Period-End Closing ...................................................................................................................................... 44 Country-Specific Feature: AT, BE, CL, CR, CZ, ES, FR, GT, HU, IT, MX, PT, SK ................................. 45 Final Closing of the Period ........................................................................................................................... 46Checklist ......................................................................................................................................................... 47Copyrights, Trademarks, and Disclaimers.................................................................................................. 49© SAP AG 2009 3
  • 4. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End ClosingIntroductionThis document provides customers and partners with help in carrying out their year-end closing anddemonstrates how SAP Business One can support the individual steps of the year-end closing process. CAUTION The procedures described in this document do not guarantee the accuracy of the content or the completeness of the year-end closing. You are responsible for carrying out all the appropriate operations and providing the appropriate documentation to ensure accuracy. You must discuss the process in detail with your tax consultant or the person responsible for your year-end closing. The document presents general concepts that you apply to your specific situation. The character of this document is generic and globally based on the system procedures. Country- specific regulations and other financial reporting principles are not covered. NOTE Some of the SAP Business One functions and features cannot be automatically compliant with IFRS. Therefore, adjustments have to be made for some localizations. For the most recent information on product details regarding the year-end closing process, see SAP Note 800291. This note also provides information about additional queries and tools available for the year-end closing process. NOTE If you are working with the SAP Business One 8.8 release, note the following: In SAP Business One 8.8, you can choose between two different skin styles for the graphic interface of the application: Classic and SAP Signature Design. The default style is SAP Signature Design. The screenshots in this document were taken using the Classic skin style. If you are working with a perpetual inventory system in SAP Business One 8.8, the name of the Inventory Valuation report is Inventory Valuation Simulation Report. For more information, see the online help for SAP Business One and the document How to Set Up and Manage a Perpetual Inventory System in 8.8 in the documentation area of SAP Business One Customer Portal at http://service.sap.com/smb/sbocustomer/documentation.© SAP AG 2009 4
  • 5. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End ClosingTiming ConstraintsIt is not always possible to reconstruct a report backdated to the cut-off date in SAP Business One.Therefore, we strongly recommend that once you have entered and completed all transactions for theprevious fiscal year, and before entering any transactions for the new fiscal year, you back up yourproduction database. The backup saves the status of the previous fiscal year. CAUTION SAP Business One automatically calculates the item costs for items managed by the moving average or the FIFO valuation method. You cannot access item costs backdated to a specific cut-off date. Therefore, we recommend that after you enter all transactions for the previous year, and before you enter anything for the new fiscal year, you save the item costs as of the cut-off date in a specific year-end price list. You can then use this price list for the valuation of the inventory backdated to the cut-off date. For information, see Material Valuation. To ensure that no transactions are entered into the new fiscal year before the previous one is completed, and that the year-end price list has been saved, we recommend that you not create any new periods yet. CAUTION You must manually ensure that all figures are reproducible using the appropriate printouts. This also applies when you use queries. In this case, we recommend that you export the results to a Microsoft Excel file and print them out.© SAP AG 2009 5
  • 6. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End ClosingPreparationChecksChecking the Document NumberingThe Check Document Numbering report lets you verify that all documents are continuous and that numbershave not been assigned twice. This report checks for any gaps in numbering and for double assignment ofnumbers within the document number ranges. If no data is returned, the assignment of document numbers iscorrect and without omissions (within the definition). EXAMPLE Administration → Utilities → Check Document Numbering In the selection criteria window, select the checkboxes for all relevant documents with which your company is working. NOTE This report only checks for correct numbering within the specified document number ranges. If gaps exist in the document number ranges, the application does not recognize these gaps as errors in the report. CAUTION It is the responsibility of your organization to ensure that the document number ranges have been set up correctly and that authorization settings allow only authorized users to change the number ranges.© SAP AG 2009 6
  • 7. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End ClosingChecking the Completeness of DocumentsYou can use the draft documents function to check whether all accounting-relevant documents are posted.Examples of such documents include: • Deliveries • Returns • Invoices • Credit memos from purchasing and sales • Inventory transfers • Journal vouchersAt this stage, you should also check documents that are not relevant for accounting, for example, orders andpurchase orders. EXAMPLE Reports → Sales and Purchasing → Document Drafts Report Reports → Banking → Payment Drafts Report Banking → Outgoing Payments → Checks for Payment Drafts Financials → Journal Vouchers Regarding completeness, only the documents that meet the following criteria are displayed: • Open • For all users SAP Business One does not delete document drafts after their posting, but they are not considered as open drafts. To delete document drafts, in the Document Drafts window, right-© SAP AG 2009 7
  • 8. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End Closing click the relevant draft row and choose Remove. Alternatively, select the relevant row and from the Data menu, choose Remove. CAUTION If a draft document refers to a period that is already closed, do not reopen the period to post the document. Instead, enter the document with a posting date from a period that is open.Checking for Negative InventoryBefore you take inventory, ensure that there is no negative inventory. If there is negative inventory, it is likelythat some goods receipt POs, A/P invoices, or other receipts into inventory have not been posted. You needto post these before you begin inventory counting or any other year-end activities.To check for negative inventory, use one of the following methods: • Use the Inventory Status report: a. From the SAP Business One Main Menu, choose Reports → Inventory → Inventory Status. b. Specify the selection criteria and run the report. c. In the report, sort by the In Stock column. All negative stock is displayed at the top of the list. • Use the Drag & Relate function: a. From the SAP Business One Main Menu, choose Drag & Relate → Inventory → Items. b. Use a filter with the following condition: In Stock is smaller than 0.Checking for Execution of Payment RunsYou can use the payment wizard to check whether any saved payment runs that should have been executedhave the Recommended status. This ensures that you do not forget saved payment procedures that belongto previous periods. EXAMPLE Banking → Payment Wizard© SAP AG 2009 8
  • 9. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End Closing In the Payment Wizard - Payment Run Selection window, select the Load Saved Payment Run radio button. To sort all payment runs by status, double-click the Status column header.Checking Statistical and Clearing AccountsIn SAP Business One, you can use statistical and clearing accounts for various business transactions thatrequire a closing balance of zero to guarantee completeness of the business transaction. You must checkthese accounts.Examples for using statistical or clearing accounts include: • Opening balances amounts • Making external postings (for example, payroll) • Making any corrections; all clearing accounts should be closedChecking for Completeness of Bank StatementsIn SAP Business One, whether you are using the Cash & Bank function of the Payment Engine add-on orthe Bank Statement Processing functionality, you can save bank statements as drafts. This function enablesyou to access and finalize the bank statement at a later time or date.To reconcile your bank accounts, you must first finalize or delete all the existing draft bank statements. NOTE Previously posted draft documents still exist in the system; you must delete them manually. For more information about bank statement processing, see the document How to Use Bank Statement Processing in the documentation area of SAP Business One Customer Portal at http://service.sap.com/smb/sbocustomer/documentation.Inventory CountPreparing for Inventory TrackingBefore performing inventory tracking, you must first ensure organizationally that no inventory posting takesplace during inventory tracking. The simplest way to accomplish this is to lock document numbering for thefollowing document types: • Sales: delivery, return, A/R invoice, A/R credit memo • Purchasing: goods receipt PO, goods return, A/P invoice, A/P credit memo • Inventory: inventory transfer, goods receipt, goods issue • Production: production orderEven when you lock these documents, you can still enter inventory balances as opening balances orinventory differences. If necessary, you can prevent this by using authorizations.© SAP AG 2009 9
  • 10. SAP Business One 2007 A, 2007 B, and 2007 A SP01 Tips for Year-End Closing EXAMPLE Administration → System Initialization → Document Numbering To lock a specific document type, in the Document Numbering – Setup window, double-click the document row and in the series window, select the Lock checkbox. For example, to lock all deliveries, in the Document Numbering – Setup window double-click the Deliveries row. In the Series – Deliv
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