What is day-end closing in SAP PSM-FM - Funds Management?

SAP Term: day-end closing

• Component: PSM-FM

• Component Name: Funds Management

• Description: The task of day-end closing is to enter the cash flow of a posting day and to match the actual bank transactions in the same period. Each posting day ends with the matching of these values.

Smart SAP Assistant

• Key Concepts: 
  Day-end closing is a process in SAP Funds Management (PSM-FM) that is used to close the books for a given day. This process involves reconciling all transactions that have occurred during the day, ensuring that all accounts are balanced and that all financial records are accurate. The day-end closing process also includes the creation of financial reports and other documents that provide an overview of the day's financial activity. 
  
  How to use it: 
  The day-end closing process in SAP Funds Management is initiated by the user. The user must first enter all transactions into the system, ensuring that all accounts are balanced and that all financial records are accurate. Once this is done, the user can initiate the day-end closing process. This process will then reconcile all transactions and generate any necessary reports or documents. 
  
  Tips & Tricks: 
  It is important to ensure that all transactions are entered accurately before initiating the day-end closing process. This will help to ensure that all accounts are balanced and that all financial records are accurate. Additionally, it is important to review any generated reports or documents to ensure accuracy. 
  
  Related Information: 
  The day-end closing process in SAP Funds Management is part of a larger set of processes known as financial close management (FCM). FCM is a set of processes used to ensure accuracy and completeness of financial records and reports. Additionally, FCM can be used to automate certain aspects of the financial close process, such as generating reports or documents.