Accounting and Financial Close (J58)

Accounting and Financial Close (J58)

The central task of general ledger accounting is providing a comprehensive overview of external accounting and accounts. By recording all business transactions, including primary postings and settlements from internal accounting, in a system that is fully integrated with all the other operational areas of a company, you ensure accuracy and completeness for accounting data.

General Ledger Accounting serves as a complete record of all business transactions providing a centralized, up-to-date reference for the rendering of accounts. Actual individual transactions are reviewed with real-time processing, displaying the original documents, line items, and transaction figures at various levels (such as account information, journals, totals, transaction figures, and balance sheets).

This process describes all required period end-closing steps, related to performing local period-end closing and steps that are identical for local and parallel ledger.

Key Process Steps Covered

  • Post general ledger account documents
  • Display the document journal
  • Display G/L balances (list)
  • Perform recurring entries
  • Maintain accounts with automatic and manual clearing
  • Perform day-end closing
  • Perform month-end closing
  • Perform year-end closing

Benefits

  • Recording all business transactions ensures complete and accurate accounting data

Where is Accounting and Financial Close(J58) being used?

This Scope item is used in the following way:

  • As a support function of Accounting and Financial Close within Finance Scope Item Group

No Process Flow details available for scope item Accounting and Financial Close(J58)-s4h-2021
Ref: Finance of SAP S4H-2021
Best Practices related to S/4HANA*1) Yearly Updates are released per September of each year
*2) The Quarterly updates are released per Februari, May, August and November
Details of future releases can be found in the SAP Roadmap section of each product. Go to SAP Roadmap Product Finder.
Knowledge Center Scheer Nederland | The Process Experts Visit also the SAP Cloud ERP knowledge center of Scheer Netherlands. The following topics are covered:
Place comment