Year-end closing is a big event that affects many aspects of how SAP Business One operates. For example, a year-end close will zero all profit and loss account balances to the retained earnings account. Balance sheet accounts are summarized, bringing the balances forward as the beginning balances in the new fiscal year. All of this activity takes time, of course. The year can remain open until all adjusting entries are received from accountants and other reporting entities. Here is a general year-end checklist:

  • Post final transactions for the period in all module
  • Complete the period-end procedures
  • Post any final adjusting entries in the G/L
  • Close the last period of the fiscal year
  • Make a backup of your database and put it in an off-site storage location
  • Print 1099s
  • Print a final detailed trial balance
  • Print financial statements
  • Set up a new fiscal year
  • Run the period-end closing routine to close the fiscal year

 

 

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