What is closing price in SAP IS-OIL-DS-MAP - Marketing, Accounting and Pricing?

SAP Term: closing price

• Component: IS-OIL-DS-MAP

• Component Name: Marketing, Accounting and Pricing

• Description: The last price of the day as quoted by an external organization. &EXAMPLE& The closing price from Platts and Reuters can be used as part of a pricing procedure.

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• Key Concepts: 
  Closing price is a term used in the IS-OIL-DS-MAP Marketing, Accounting and Pricing component of SAP. It is the price of a product or service at the end of a trading period. This price is used to calculate the total value of a transaction and to determine the profit or loss for that period. 
  
  How to use it: 
  In SAP, closing prices are used to calculate the total value of a transaction. This is done by taking the closing price of each item in the transaction and multiplying it by the quantity purchased. The total value of the transaction is then calculated by adding up all of these values. 
  
  Tips & Tricks: 
  When calculating closing prices, it is important to remember that they are only valid for the period in which they were set. If a transaction spans multiple periods, then different closing prices may be used for each period. 
  
  Related Information: 
  Closing prices are also used to calculate profits and losses for a given period. This is done by subtracting the cost of goods sold from the total value of the transaction. The resulting figure is then compared to the closing price of the same item at the beginning of the period to determine whether there was a profit or loss.