Configuration: Open Fiscal Year and Accounting Periods – Visualpath

1. Configuration: Open Fiscal Year and Accounting Periods – Visualpath Overview To find this activity, go to the Business Configuration Implementation Projects view. Select your implementation project and click Open Activity List. Select the Integrate and Extend phase, then select the activity from the activity list. To be able to enter business transactions in accounting or migrate posting data, you need to open at least one fiscal year and its accounting periods. Prerequisites At least one set of books is defined and a fiscal year variant is assigned to it. For more information, see the Set of Books and Fiscal Year Variant documents. Create a Fiscal Year To create a new fiscal year: 1. Select the company and set of books and click Edit Fiscal Years. 2. Click New Fiscal Year and enter the year. Closing Steps You use closing steps to open accounting periods for specific postings only. Closing steps classify postings according to when they were made during period-end or year- end closing. You can open each accounting period either for individual closing steps or for an area of closing steps. Both of the following closing steps are particularly relevant to the closing process: Closing step 010 – Operational Postings allows all types of entries, both automatic and manual.

2. Closing step 020 – Closing Entries does not allow automatic entries. You can only make manual entries or entries that are generated during closing processes such as GR/IR clearing or foreign currency valuation. For more information Click Here Contact us: 9989971070