SAP Business One Year end closing

Year End Closing on SAP Business One

  • Imagine that your company creates an annual financial statement once a year, They need twelve posting periods for their internal controlling. Therefore, you have already created a new company database and defined the Fiscal Year as the calendar year and the sub-periods as Months. They will not run the Period-End Closing process at the end of each month, they will do it at the end of the main Posting Period - the Fiscal Year.

  • Even so, there are many period-end tasks they do at month end. For example, each month they do internal reconciliation and send debtor statements for outstanding debts. There is a lot of preparation needed for the period-end. The accountant follows a list of steps for year-end closing.

Here are some examples for Period-End Tasks on SAP Business One 

  1.       Ensure that all period-end transactions were posted properly, including adjustments and accruals.
  2.       Post all open Journal Vouchers.
  3.       Internally reconcile Expense Clearing Accounts. As a best practice, you should reconcile them regularly at the end of each month; otherwise, you have a high    number of transactions to reconcile at the end of the year. To simplify the process, you can run automatic reconciliations
Print the reports:
  1. Trial Balance (a balance of each account and a current status).
  2. Vendor Liabilities Aging and Customer Receivables Aging reports to reconcile receivable accounts with the G/L.
  3. Inventory Audit report to reconcile inventory with the G/L.
  4. And all Financial Statements.
  5. Review the open items list and close documents when possible.
  6. Lastly, make a backup of your database and put it in an off-site storage location.
For step by step year end closing, please review the attached document. 

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