
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
- Best Practices of SAP S/4HANA On Premise *1
- Best Practices of SAP S/4HANA Cloud *2
- Best Practices of SAP Analytics Cloud *2
- Best Practices of Robotics Process Automation(RPA) with SAP Leonardo *2
*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: