Period End Close Checklist

7/27/2019 Period End Close Checklist

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Month-end Close Processing

Comments Expected Results Transaction Timing Responsibility Batch Job Program Variant

Load Exchange Rates for Month-

end revaluation & following month's

transactions

Exchange Rates loaded OC41 / OB08 Processes on the

weekend of the new

month

COE No LSMW Load N/A

Open New FI Period New FI Period open for

postings - Close

Subledgers as Month-

end processes are

com pleted for pr ior

per iod

OB52 Sunday prior to new

period transactions.

Keep all trx codes open

for both periods so all

production order

postings can be

processed

Finance Manager No N/A N/A

Open New CO Period New CO Period open for

postings

OKP1 Sunday prior to new

period transactions.

Validate only. Controlled

by Shared Services,

Watford.

No N/A N/A

Roll MM period Material period balances

converted

MMPV Sunday prior to new

period transactions

Controller No N/A N/A

Validate MM Period Material period balances

converted

MMRV Final Close Controller No N/A N/A

Release cost run if there is any New cost is ready to use CK40N TO BE REVIEWED

Complete all goods receipts and

goods issues by the last day of the

month

Check open POs,

reservations due for

production orders, etc. at

plants

ME2L, MB25 Continuous during the

month

Operations. Finance to

send a close reminder

Mondey of the Close

week to ensure allprocesses are

completed

No N/A N/A

Execute GR/IR Balance Report Check GR/IR balances MB5S No N/A N/A

Review blocked invoices & verify

status is correct

Unblock invoices for

payment

MRBR

Review/verify block status on

invoices

Post parked invoices FBL1N

Review/verify block status on GL

entries

Review for parked GL

entries

FBL3N

Employees must enter all time in

closing month

Hours entered for month CAT2 Through-out the month All direct employees, as

applicalbe

No N/A N/A

CATS Labor Reports Locate missing and

unapproved time entries-

report should be clear

prior to close

ZFIN_MTR;

Y_T11_58000002

CATS_DA

Week prior to the month-

end and on Mopnday of

the closing week.

Finance to send a

reminder to all direct

employees on Monday

to complete booking

time (hours)

No N/A N/A

Approve all time entered Approve time CATS_APPR_LITE Monday Noon of closing

week

Cost Center Managers No N/A N/A

Cost all approved labor hours

(Employee labor)

Labor costed CATA Weekly Batch Job:

Tuesday Nights MonthlyBatch Job: Monday

Noon/Night & Tuesday

Night

Controller to check job

logs

Yes RCATSTAL CATSCO_FR00

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Cost all Sub-contract labor (CATS-

MMSRV)

Transfer sub contract

labor to purchasing

service entry sheetcreated

CATM Monday 1 pm No N/A N/A

Cost all Sub-contract labor (CATS-

MMSRV)

Cost sub contract labor

(GR Accounting doc

created)

ML81N Monday 1 pm No N/A N/A

Run billing due list Invoices created

wherever necessary

VF04 Daily by 3 pm - Finance

to verify weekly on

Friday's that VF04 is

clear

Sales and Distribution.

Accounting manager to

verify billings are correct.

No N/A N/A

Release billing documents toAccounting

Invoices posted to G/L.Validate that there are

no errors

VFX3 Friday 4 pm Accounting manager No N/A N/A

Reverse Accrual postings in the

new period

Create reversing entries

in the new period for the

accruals recorded in last

period

F.81 Can only be done on

FBS1 transactions

based on the date-

Monthly. Validate job

logs.

Accounting manager Yes SAPF080R FR00_REV_ACCR

Post Accruals Book manual accruals or

deferrals, if any

FBS1 As required Finance No N/A N/A

Goods Movement Errors Correct Goods

Movement Errors

COGI Continuous during the

month - Finance to

verify weekly on Friday's

that COGI is clear

Operations. Finance to

validate using

transaction COOIS

No N/A N/A

All Labour Errors COOIS and Goods Mvmt COGI errors must be fixed prior to running the process steps belowCalculate overhead on Production

Orders - CA35

Material & Labor

Overhead calculated

CO43 Weekly Finance Yes RKAZCO43 FR00_PROD_OH

Calculate Production Order WIP

CA35

Production Order WIP

calculated

KKAO Weekly Finance Yes SAPKKA07 FR00_WIP

Calculate Production Order

Variance CA35

Production Order

Variance calculated

KKS1 TO BE REVIEWED Finance No N/A N/A

Execute Production Order

Settlements CA35

Production Order WIP

and MTO costs settled to

B/S and/or WBS

elements

CO88 Weekly Finance Yes RKO7CO88 FR00_SETT

Validate that all Production orders

are zero

Validate that all

Production orders are

zero

KOB1 Weekly Finance No N/A N/A

Calculate overhead on Internal

Orders

Material and Labor

Overhead calculated

KGI4 Weekly Finance Yes RKAZKGI4 FR00_ORDERS

Settlement Rules for Internal orders Validate all orders havesettlement rules KOSRLIST_OR Weekly Finance No N/A N/A

Execute Internal Order Settlements Internal Order costs

settled to the G/L

KO8G Weekly Finance Yes RKO7KO8G FR00_ORDERS

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Validate that all Internal orders are

zero

Validate that all Internal

orders are zero


Calculate overhead on Service

Orders - CA35

Overhead calculated

and posted

KGI4 Weekly Finance Yes RKAZKGI4 FR00_SM_ORDERS

Execute Service Order Settlements

- CA35

Service Order costs

settled to the G/L (B/S or

COS)

KO8G Weekly Finance Yes RKO7KO8G FR00_SM_ORDERS

Validate that all Service orders are

zero

Validate that all Service

orders are zero


Calculate overhead on

Project/WBS elements- CA35

Overhead calculated

and posted

CJ44 - Individual

CJ45 - Collective

Weekly Finance Yes RKAZCJ45 FR_PROJECTS

Create Settlement Rules for WBS

elements - CA35

Settlement Rules

created

CJB1 Weekly Finance No N/A N/A

Set EAC Percentage production

Fixed Price Contracts

COS Percentage

entered/updated by

WBS element

ZEAC Weekly Finance No N/A N/A

Maintain Cost & Revenue plan for

POC projects

Cost and Revenue plan

updated

CJR2 Although not POC will be

relevant

Finance No N/A N/A

Run Results Analysis on Projects

(WBS elements) - CA35

Calculation for the

appropriate accounting

rule applied to projects.

KKAJ (KKA2 for

individual

processing)

Weekly Finance Yes SAPKKA00BG FR_PROJECTS_RA

Run Project Results Report View Recognized

Revenue, Costs, WIP for

Projects

ZRPS1 Weekly Finance No N/A N/A

Execute Project (WBS element)

settlements - CA35

Project WIP, Revenue,

COS etc posted to the

G/L

CJ8G Weekly Finance Yes RKO7CJ8G FR_PROJECTS_RA

Execute Project (WBS element)

settlements - Non billable projects

Costs for all non-billable

projects settled

CJ8G Weekly Finance Yes RKO7CJ8G FR_PROJECTS_ST

Execute Asset Depreciation Depreciation posted to

appropriate Cost

Centers

AFABN/SM35/AFBP Monthly (Can only be run

once a month)

Finance Yes RAPOST2000 FR00_DEP

Clear GR/IR clearing account Items cleared as

appropriate

MR11 Finance No N/A N/A

Post Recurring entries in new

period

Book recurring entries, if

necessary

F.14 / SM35 Can only be done on the

transactions date set

Finance No N/A N/A

Create correcting journal entries View corrections FB50 As required Finance No N/A N/A

Execute CO Allocations Costs Allocated, if any KSU5 After all processes are

complete


Execute PCA Assessments Costs Allocated, if any 3KE5 Not Required Not Required No N/A N/A

Load Bank statements Bank statement loaded

and reconciled

FF_5. FF_6 As required Finance No N/A N/A

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Foreign Currency Open Item

Revaluation

Revalue open items FAGL_FC_VAL After AR & AP ME

transactions are

complete


Execute Cost Center Reports S_ALR_87013611 MEC Reporting Controller No N/A N/A

Execute Project Reports CJI3;

S_ALR_87013533

MEC Reporting Controller No N/A N/A

Execute Internal Order Reports KOB1 MEC Reporting Controller No N/A N/A

Execute P&L Statement Check P&L Statement S_ALR_87012284 MEC Reporting Finance Manager No N/A N/A

Execute Trial Balance Check Trial Balance S_ALR_87012277 MEC Reporting Finance Manager No N/A N/A

Execute Cash Flow Statement S_ALR_87012271 MEC Reporting Finance Manager No N/A N/A

Close previous FI period Close previous FI period OB52 Soon after all MEC

processes are complete


Close Previous CO period Close previous CO

period

OKP1 Soon after all MEC

processes are complete


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Documents

Period End Close Checklist