Monthly SAP system administration duties

Month End Activities in SAP FICO 1. Financial Document Reconciliation: - Review and reconcile General Ledger (GL) accounts, ensuring that debits and credits match. - Verify open items and clear any outstanding items or reconciling items. 2. Accruals and Deferrals: - Adjust accrual accounts to recognize expenses that belong to the current period but are not yet recorded. - Adjust deferral accounts to defer recognition of revenues or expernses to future periods. 3. Depreciation Run: - Execute the periodic depreciation run for fixed assets using the appropriate depreciation keys. - Ensure that fixed asset values are updated, and any impairment losses are considered. 4. Foreign Currency Valuation: - Revalue open items in foreign currencies to reflect the current exchange rates. - Evaluate the impact on balance sheet items and make necessary adjustments. 5. Bank Reconciliation: - Match bank statement entries with SAP records. - ldentify and resolve discrepancies, such as outstanding checks or deposits. 6. Closing Cockpit: - Utilize the Closing Cockpit to organize and execute closing activities. - Monitor the progress of tasks, ensuring that each step is completed accurately. 7. Run Financial Statements: - Generate financial statements like the balance sheet, income statement, and cash flow statement using SAP report prOgrams. - Validate the accuracy of figures and investigate any significant variations. 8. Tax Reporting: - Prepare tax-related reports, such as tax returns and declarations. - Ensure that tax codes and rates are up-to-date and applied correctly in transactions. 9. Vendor and Customer Reconciliation: - Reconcile vendor and customer accounts by matching open items. - Clear any open items, and investigate and resolve discrepancies. 10. Internal Order Settlement: - Settle costs from internal orders to the appropriate cost centers or projects. - Verify that settlements are in line with budgetary and project requirements. 11. Review Controlling Reports: - Analyze Controlling reports, including variance analysis for cost centers and profit centers. - Investigate any significant discrepancies and take corrective actions. 12. Archiving and Data Cleanup: - Archive historical data to improve system performance - Clean up obsolete data, such as unused master data or documents, to optimize system resources 13. Document Parking and Posting: - Ensure all parked documents are reviewed and posted - Address any issues with parked documents, and ensure proper authorization for posting 14. Audit Trail Review: - Review audit logs to track changes made during the closing process - Ensure that any alterations to financial data are appropriately documented and authorized 15. Backup and System Checks: - Perform regular system backups to safeguard data integrity - Conduct system checks for errors, and address any issues affecting system performance

Month End Activities in SAP FICO 1. Financial Document Reconciliation: - Review and reconcile General Ledger (GL) accounts, ensuring that debits and credits match. - Verify open items and clear any outstanding items or reconciling items. 2. Accruals and Deferrals: - Adjust accrual accounts to recognize expenses that belong to the current period but are not yet recorded. - Adjust deferral accounts to defer recognition of revenues or expenses to future periods. 3. Depreciation Run: - Execute the periodic depreciation run for fixed assets using the appropriate depreciation keys. - Ensure that fixed asset values are updated, and any impairment losses are considered. 4. Foreign Currency Valuation: - Revalue open items in foreign currencies to reflect the current exchange rates. - Evaluate the impact on balance sheet items and make necessary adjustments. 5. Bank Reconciliation: - Match bank statement entries with SAP records. - Identify and resolve discrepancies, such as outstanding checks or deposits. 6. Closing Cockpit: - Utilize the Closing Cockpit to organize and execute closing activities. - Monitor the progress of tasks, ensuring that each step is completed accurately. 7. Run Financial Statements: - Generate financial statements like the balance sheet, income statement, and cash flow statement using SAP report programs. - Validate the accuracy of figures and investigate any significant variations. 8. Tax Reporting: - Prepare tax-related reports, such as tax returns and declarations. - Ensure that tax codes and rates are up-to-date and applied correctly in transactions. 9. Vendor and Customer Reconciliation: - Reconcile vendor and customer accounts by matching open items. - Clear any open items, and investigate and resolve discrepancies. 10. Internal Order Settlement: - Settle costs from internal orders to the appropriate cost centers or projects. - Verify that settlements are in line with budgetary and project requirements. 11. Review Controlling Reports: - Analyze Controlling reports, including variance analysis for cost centers and profit centers. - Investigate any significant discrepancies and take corrective actions. 12. Archiving and Data Cleanup: - Archive historical data to improve system performance - Clean up obsolete data, such as unused master data or documents, to optimize system resources 13. Document Parking and Posting: - Ensure all parked documents are reviewed and posted - Address any issues with parked documents, and ensure proper authorization for posting 14. Audit Trail Review: - Review audit logs to track changes made during the closing process - Ensure that any alterations to financial data are appropriately documented and authorized 15. Backup and System Checks: - Perform regular system backups to safeguard data integrity - Conduct system checks for errors, and address any issues affecting system performance Bookmark Link: https://lnkd.in/dFfU_hVT #sapfico

Month End Activities in SAP FICO: 1. Financial Document Reconciliation: - Review and reconcile General Ledger (GL) accounts, ensuring that debits and credits match. - Verify open items and clear any outstanding items or reconciling items. 2. Accruals and Deferrals: - Adjust accrual accounts to recognize expenses that belong to the current period but are not yet recorded. - Adjust deferral accounts to defer recognition of revenues or expernses to future periods. 3. Depreciation Run: - Execute the periodic depreciation run for fixed assets using the appropriate depreciation keys. - Ensure that fixed asset values are updated, and any impairment losses are considered. 4. Foreign Currency Valuation: - Revalue open items in foreign currencies to reflect the current exchange rates. - Evaluate the impact on balance sheet items and make necessary adjustments. 5. Bank Reconciliation: - Match bank statement entries with SAP records. - ldentify and resolve discrepancies, such as outstanding checks or deposits. 6. Closing Cockpit: - Utilize the Closing Cockpit to organize and execute closing activities. - Monitor the progress of tasks, ensuring that each step is completed accurately. 7. Run Financial Statements: - Generate financial statements like the balance sheet, income statement, and cash flow statement using SAP report prOgrams. - Validate the accuracy of figures and investigate any significant variations. 8. Tax Reporting: - Prepare tax-related reports, such as tax returns and declarations. - Ensure that tax codes and rates are up-to-date and applied correctly in transactions. 9. Vendor and Customer Reconciliation: - Reconcile vendor and customer accounts by matching open items. - Clear any open items, and investigate and resolve discrepancies. 10. Internal Order Settlement: - Settle costs from internal orders to the appropriate cost centers or projects. - Verify that settlements are in line with budgetary and project requirements. 11. Review Controlling Reports: - Analyze Controlling reports, including variance analysis for cost centers and profit centers. - Investigate any significant discrepancies and take corrective actions. 12. Archiving and Data Cleanup: - Archive historical data to improve system performance - Clean up obsolete data, such as unused master data or documents, to optimize system resources 13. Document Parking and Posting: - Ensure all parked documents are reviewed and posted - Address any issues with parked documents, and ensure proper authorization for posting 14. Audit Trail Review: - Review audit logs to track changes made during the closing process - Ensure that any alterations to financial data are appropriately documented and authorized 15. Backup and System Checks: - Perform regular system backups to safeguard data integrity - Conduct system checks for errors, and address any issues affecting system performance.