What is 'closing balance' in SAP SRD-FIN-GL - FIN-General Ledger?

closing balance - Overview

• Component: SRD-FIN-GL

• Component Name: FIN-General Ledger

• Description: Difference between the debit and credit entries on an account at the end of the accounting period.

closing balance - Details

• 
  Key Concepts: 
  Closing balance is a term used in SAP's General Ledger component to refer to the balance of an account at the end of a period. It is calculated by taking the opening balance of the account and adding or subtracting any transactions that have occurred during the period. 
  
  How to use it: 
  In order to view the closing balance of an account, users must first access the General Ledger component in SAP. Once there, they can select the account they wish to view and then select the period for which they want to view the closing balance. The closing balance will be displayed on the screen. 
  
  Tips & Tricks: 
  It is important to remember that the closing balance of an account is only valid for a specific period. If users want to view the closing balance for a different period, they must select that period before viewing the balance. 
  
  Related Information: 
  The closing balance of an account can be used to calculate other important financial metrics such as net income or total assets. It can also be used to compare financial performance over different periods.