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

SAP Term: closing operations

• Component: PSM-FM

• Component Name: Funds Management

• Description: The preparation and execution of all procedures that are necessary because of a change in fiscal year.

Smart SAP Assistant

• Key Concepts: 
  Closing operations in SAP Funds Management (PSM-FM) are the processes used to close out the fiscal year. This includes activities such as creating a closing balance sheet, reconciling accounts, and creating a new budget for the upcoming year. It also involves archiving documents and data related to the previous year. 
  
  How to use it: 
  Closing operations in SAP Funds Management can be done manually or with the help of automated tools. To manually close out the fiscal year, users must first create a closing balance sheet. This document should include all of the accounts that need to be reconciled and any adjustments that need to be made. Once this is done, users can create a new budget for the upcoming year. Finally, all documents and data related to the previous year should be archived for future reference. 
  
  Tips & Tricks: 
  When closing out the fiscal year in SAP Funds Management, it is important to ensure that all accounts are properly reconciled and that all adjustments are made correctly. Additionally, it is important to ensure that all documents and data related to the previous year are properly archived for future reference. 
  
  Related Information: 
  For more information on closing operations in SAP Funds Management, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SAP_PSM_FM/latest/en-US.