What is asset year-end closing in SAP FI-AA - Asset Accounting?

SAP Term: asset year-end closing

• Component: FI-AA

• Component Name: Asset Accounting

• Description: The cut-off date after the end of the fiscal year. The asset year-end closing program checks all the data for the old fiscal year and blocks the year to changes up to this date. The year-end closing program checks the following: Complete posting of all asset values in the general ledger Complete posting of all depreciation Adherence to all rules for net book value

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• Key Concepts: 
  Asset Year-end Closing is a process in SAP FI-AA Asset Accounting that allows users to close the asset accounting books for a given fiscal year. This process involves the transfer of all open asset values to the balance sheet, as well as the creation of a new fiscal year in the asset accounting system. 
  
  How to use it: 
  To perform an asset year-end closing in SAP FI-AA Asset Accounting, users must first ensure that all open asset values have been transferred to the balance sheet. This can be done by running the “Transfer Open Asset Values” report. Once this is complete, users can then run the “Create New Fiscal Year” report to create a new fiscal year in the asset accounting system. 
  
  Tips & Tricks: 
  It is important to note that the asset year-end closing process must be completed before any other transactions can be posted in the new fiscal year. Additionally, it is recommended that users back up their data before performing an asset year-end closing. 
  
  Related Information: 
  For more information on asset year-end closing in SAP FI-AA Asset Accounting, please refer to SAP Help documentation or contact your local SAP support team.