What is the month end and closing procedure?

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What is the month end and closing procedure?..

Answer / siva prasad k

Month end closing Activities

1. All the expenses including amortization, prepaid expenses, Preliminary expenses and accruals have been booked.

2. Complete Bank Reconciliation (T.Code: FF67)

3. Make sure that Sum of Inter company balances is Zero

4. Suspense Accounts should be cleared regularly.

5. Ensure that all documents related to MM & SD have been entered in system. (T.Code:F-22 & F-43)

6. Ensure that all billing documents are released to accounting.

7. Calculate Overheads on all process Orders (CO43)

8. Technically complete all process orders which are fully processed (CORM).

9. Calculate Variance (KKS1)à (Relevant only if Standard cost is calculated).

10. Settle all process orders which are technically complete (CO88).

11. Close All settled Process Orders

12. Close MM period (Transaction Code: MMPV).

13. Carry out GR/IR clearing (F.13) transaction

14. Depreciation Run (AFAB) has been carried out for the month

15. Close FI Posting period after the month end closing activity is over (T.Code:OB52)

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