What is P&L close in SAP FI-GL-GL - Basic Functions?

SAP Term: P&L close

• Component: FI-GL-GL

• Component Name: Basic Functions

• Description: The transfer of a balance or line items from a P&L account to a balance sheet account so that the accounts are balanced independently.

Smart SAP Assistant

• Key Concepts: 
  P&L close is a process in the SAP Financial Accounting (FI) module that allows users to close their Profit and Loss (P&L) accounts. This process is part of the General Ledger (GL) Basic Functions component. It involves the transfer of all open items from the P&L accounts to the balance sheet accounts, and the resetting of all P&L accounts to zero. 
  
  How to use it: 
  To use P&L close, users must first ensure that all open items in the P&L accounts have been posted correctly. Once this is done, users can run the P&L close program, which will transfer all open items from the P&L accounts to the balance sheet accounts and reset all P&L accounts to zero. 
  
  Tips & Tricks: 
  When running the P&L close program, it is important to check that all open items have been posted correctly before running it. This will ensure that all open items are transferred correctly and that no data is lost or corrupted. 
  
  Related Information: 
  For more information on using P&L close in SAP Financial Accounting, please refer to SAP Help documentation or contact your local SAP support team.