SAP Business One Year End Closing Instructions
SAP kindly provide a 50 page document which provides in depth instructions on the Year End process but most people only need to know how to run the actual Year End process in SAP B1. Because it is a once yearly procedure, it is forgotten year to year. Here are the instructions for running the Year End process in Business One.
Year End Process in SAP B1
To carry forward the balances of the P&L accounts to the corresponding account in the balance sheet
(or several different balance sheets), you can use the period-end closing function. You can store the
results initially as a report and then post them at a later stage.
If you make postings after entering the balances carried forward, you need to restart the period-end
closing routine to include these subsequent postings.
EXAMPLE
Administration / Utilities / Period-End Closing
When you execute the report, the Period-End Closing window opens:
In the Period-End Closing – Selection Criteria window, you can specify the same account
in the Retained Earnings Account and the Period-End Closing Account fields.
Once you have executed the period-end closing for the selected expenses and revenue accounts, 2
transactions are created for each account and 2 journal entries are automatically created to reflect
those transactions.
The balances of those P&L accounts are posted to the period-end closing account on the same day
(the last day of the period) and the balances are reduced to zero. The first journal entry reflects this.
On the first day of the subsequent period, the period-end closing account is posted to the
corresponding balance carried forward to the retained earnings account in the balance sheet. The
second journal transaction reflects this.
The balance of the period-end closing account is zero.
This is how to run the SAP Business One Year End Process.
Contact Stuart Folley @ 1Dash1 if you have any questions or suggestions.
