Mark Whately
Year end closing in Asset Accounting
Mark Whately · 2 months ago · Discussion
Mark Whately
Year end closing in Asset Accounting

We are now coming into the final weeks of 2020 and with that customers should now be considering the preparation required for a smooth closing of Asset Accounting. 

What to consider for the preparation stage to ensure a successful closing. 

The Best Practices test script covers the steps that are required. This can be found here:

4.6 Month End Closing
4.6.1 Manage Depreciation Run
4.6.2 Asset Balances
4.6.3 Asset Transactions
4.6.4 Depreciation Lists
4.6.5 Asset Values
4.7 Year End Closing
4.7.1 Asset History Sheet
4.7.2 Depreciation Lists
4.7.3 Year End Closing
4.7.4 Year-End Closing Asset Accounting (Cross-Company Code and Ledgers)
4.7.5 Undo Year-End Closing

The help guide also provides a FAQ on changing the fiscal year

It should also be noted that Asset Accounting fiscal year should be closed before closing GL. 

If you have not yet started the preparation stages for this process, then starting now would be advisable.