Take a look at these basic procedures for new fiscal year in a SAP system. Familiarity of these procedures is more advantageous. These procedures should be done inorder to post transactions in the new fiscal year; thus, avoiding any error during transaction entry.
1. Open and Close Posting Period – In this procedure, you close and open period/fiscal year. There are two (2) intervals available, from period 1 to period 2. For each interval, set a lower limit, an upper period limit, and the fiscal year.
Path: IMG ? Financial Accounting (New) ? Financial Accounting Global Settings (New) ? Ledgers ? Fiscal Year and Posting Period ? Posting Periods ? Open and Close Posting Periods.
Transaction Code: OB52
2. Maintain Versions (CO) – In the SAP standard system, each Controlling Area has a version for actual and planned costs which is Version 0. The SAP system creates this version automatically during the set-up or definition of the controlling area. This version for planning data is fiscaly-year-dependent. So, it should be define for each fiscal year.
Path: IMG ? Controlling ? General Controlling ? Organization ? Maintain Versions.
Transaction Code: OKEV
3. Asset Fiscal Year Change – From system point of view, a fiscal year change is the opening of a new fiscal year for a company code. Once a fiscal year change takes place, the asset values from the previous fiscal year are carried forward automatically and cumulatively into the new fiscal year. Do remember that no business transactions for assets can be posted in a new fiscal year before the fiscal year change takes place. Moreover, even the fiscal year change has already done, asset can still be posted in the old fiscal year. What happen is, the system automatically corrects any values that are affected by postings from the past fiscal year.
4. Close and Open Period for Material Master Records – Execute this transaction to close the previous period (Month) and open the current period for postings of MM transactions.
Path: SAP Menu ? Logistics ? Material Management ? Material Master ? Other ? Close Period.
Transaction Code: MMPV