Advanced Financial Closing (2V8)

Advanced Financial Closing (2V8)

Entities are required to provide a set of financial statements with accompanying documentation for each reporting key date. For this purpose, you must process a sequence of interdependent steps diligently in a specific and well-defined order. As the cloud-based offering, Advanced Financial Closing supports the planning, automating, processing, monitoring, and analysis of tasks in financial close for the entities of the customer group.

Advanced Financial Closing supports the accountant, accountant manager, head of accounting, and key user roles with the provided templates covering the mandatory closing activities in period-end closing for the entity close.

Advanced Financial Closing serves as a cloud closing hub, supporting integration to on-premise financial systems to conduct the closing process in the remote systems.

Key Process Steps Covered

  • Define user groups
  • Define closing tasks
  • Process closing tasks
  • Approve closing tasks
  • Get an overview of financial close
  • Perform closing task completion
  • View change log for financial closing
  • Define user settings

Benefits

  • Get comprehensive automation of financial process chains (such as closing cycles)
  • Reconcile critical key figures
  • Get comprehensive audit trail
  • Receive standard content in terms of predefined templates for financial entity close
  • Get key figure-based overview over status and progress of the closing cycle
  • Serve as a closing hub, supporting integration with on-premise financial systems to manage the closing process of the remote systems

Additional Information

  • This scope item is excluded from the default activation

This scope item is only available for customers who have licensed these features before SAP S/4HANA Cloud 2005 including maintenance for these features. For further information, see SAP Note 2950044.

For customers who are licensed after SAP S/4HANA Cloud 2005, scope item 4HG should be used. Please pay attention 4HG needs SAP S/4HANA Cloud for advanced financial closing product license.


Where is Advanced Financial Closing(2V8) being used?

This Scope item is used in the following way:

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

Process flow of Advanced Financial Closing (2V8)

Find below the process flow of the scope item Advanced Financial Closing as it is defined for release s4hc-2111.


Download Process Flow of Best Practice scenario Advanced Financial Closing (2V8) - S/4HANA Cloud
Ref: Finance of SAP S4HC-2111
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:
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