What is closing group in SAP PSM-FM - Funds Management?

SAP Term: closing group

• Component: PSM-FM

• Component Name: Funds Management

• Description: Summary of different FM areas and company codes for which day-end closing can be performed jointly.

Smart SAP Assistant

• Key Concepts: 
  A closing group is a feature of SAP Funds Management (PSM-FM) that allows users to close a fiscal year or period. It is used to ensure that all financial transactions are accounted for and that the financial statements are accurate. The closing group also helps to prevent any further changes to the financial data. 
  
  How to use it: 
  To use the closing group, users must first create a closing group in the Funds Management module. This can be done by selecting the “Create Closing Group” option from the menu. Once the closing group is created, users can assign it to a fiscal year or period. This will ensure that all financial transactions within that period are accounted for and that no further changes can be made. 
  
  Tips & Tricks: 
  When creating a closing group, it is important to ensure that all financial transactions have been accounted for before assigning it to a fiscal year or period. This will help to ensure accuracy and prevent any discrepancies in the financial statements. Additionally, it is important to remember that once a closing group has been assigned, no further changes can be made. 
  
  Related Information: 
  For more information on using the closing group feature in SAP Funds Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_PSM_FM/latest/en-US/f9f3d7a8b2e04d6c9f3d7a8b2e04d6c9.html