FI Year End Closing Checklist

Check List for FI Year End

Closing
1 Execute Report for Inter Company Activity & Journal Entries
2 Open posting period for next yr
3 Run usiness Area!s Assignment report"
# Revie$ list of recurring %ournal entries
& Execute Recurring Entries for A'R( A')( *'+
, )rocess )ar-ed A'R( A')( *'+ accounting documents
. /inal Cutoff for t0e 1aintenance of /ixed Asset2 Add 3ransfer and Retire
4 Run 5epreciation in 3est Run and post
6 7erify 5isplay +og for 5epreciation 3est Run
18 Capitali9e A:C Assets if needed
11 Enter )ayroll 5ata to ;A)
12 7erify 5epreciation alances $it0 *+ <alances
13 )ost 5epreciation
1# Execute Asset =istory Report( and retire assets if needed
1& Ad%ust specific depreciation areas if necessary
1, Reconcile A1 su<ledger $it0 *+
1. C0ec- an- 5ata
14 Revie$ AR Open Items
16 Revie$ A) Open Items
28 Execute )ending Invoices
21 Clear Open Item for *RIR( freig0t
22 Reconciliation of /inancial 5ocuments and transactional figures
23 Open ne$ CO )osting )eriod
2# Compare current >cost estimates? $it0 last current price >1oving Avg?
2& :pdate current cost price to material master price field"
2, )rocess /reig0t c0arges( 1atc0 ;5 freig0t to actual
2. Revie$ Internal Order )ostings
24 ;ettle All Orders
26 7erify All )ost *oods Issue 0ave <een Invoiced >illing 5ue +ist?
38 Revie$ ;5 illing 5oc from prior mt0 t0at 0ave not yet <een released to accounting
31 Reconciliation of 11 movements in 3ransit Intra2;A) to @on ;A)
32 Reconcile )I Inventory $it0 ;A)
33 )erform 1anual Ad%ustment if needed
3# 7erify <alance of t0e *R'IR account
3& )ost Accruals and 5eferrals
3, Clearing of Cancelled 5ocuments
3. C0ec- )rofita<ility ;egment Ad%ustment
34 Aging Report2Reconcile *+ <alances $it0 su<ledger <alances A)
36 C0ec- t0e c0ec- run num<ers
#8 an- reconciliation 5ata
#1 Enter 3ax Journal Entry
#2 Reconcile *+ <alances $it0 su<ledger <alances AR'11'A)
#3 5isplay alance ;0eet Ad%ustments
## )ost alance ;0eet Ad%ustments
#& )ost /oreign Currency 7aluation >foreign exc0ange?
#, C0ec- generic cost centers for posting $it0 $rong accounts
#. Correct $rong postings on generic cost centers
#4 C0ec- 7alidation dates for Cost Centers( Cost Elements( CO area
#6 C0ec- CO*I22for <ot0 mont0 end and year end
&8 5ou<tful receiva<les
&1 7erify In2transit Inventory
&2 Reconcile )A to *'+
&3 )ost Cost Centre Assessments and 5istri<utions
&# Run CO2/I Reconciliation to <alance
&& Run A reports )&+ and alance ;0eet
&, 1aintain CO yr variant
&. /iscal Br alance carryfor$ard A)'AR'A1
&4 /iscal Br alance carryfor$ard CO
&6 /iscal Br <alance carryfor$ard /I
,8 /iscal Br <alance carryfor$ard )CA
,1 ;et 5ocument num<er ranges 2 /I 2 ne$ year
,2 ;et 5ocument num<er ranges A)'AR 2 ne$ year
,3 *enerate /inancial statement Reports
,# C0ange /iscal Bear /or Assets
,& Bear end Closing22 Asset Accounting22final for year end
,, Close CO )osting )eriod
,. Close )rior A'R )osting )eriod
,4 Close )rior A') )osting )eriod
,6 Close )rior 11 )osting )eriod
.8 Reverse accruals and deferrals for t0e ne$ mont0
.1 Reconciliation of /inancial 5ocuments from old fiscal year and ne$ fiscal year
.2 +oad alances( udget 5ata for Cost centers( sales
.3 :pdate Retained Earning Account ( <alance carry f$d