Year-end Closing for AA, IM and PS in SAP

Thomas Michael, the President and CEO of Michael Management Corporation, speaks and writes widely about SAP and e-business issues. He has been involved in SAP consulting and development since 1994. Michael has worked with an impressive list of clients all over the US and Europe and is regarded as a leading Fixed Assets expert. Kent Bettisworth has over twenty-five years experience creating new organizations, imple-menting and managing information systems, and creating and delivering business training programs. Since 1993, he has consulted for many Fortune 1000 corporations across all industries and is well-regarded for his business and technical knowledge in SAP's Project System, Fixed Asset, and Investment Management modules. Kent has successfully presented to a wide array of venues and audiences over the years. Most recently, Kent spoke at the 2007 SAP Financials conference and 2007 ASUG conference. He is speaking at the ASUG 2007 Fall PLM Symposium, ASUG 2007 Fall Financial event, and the 2008 SAP Financials conference. Kent has lectured on leadership and management topics as a University of Texas professor. In addition, Kent has taught courses in Project Systems and Asset Management at SAP training centers in San Francisco, Chicago, Boston, and Philadelphia. Kent has a B.B.A. in Management from Texas A&M University and a M.B.A. from the University of Texas at Austin. He resides in Houston, Texas where he is currently President and Executive Consultant, BETTISWORTH & ASSOCIATES, INC.

Table of Contents
1. Introduction
Year-End Closing for Asset Accounting
(These chapters explain the necessary steps for correct year-end closing of the Asset Ac-counting module.)
2. Preparation for Year-End Closing for Asset Accounting
i. Recalculate Values
ii. Incomplete Assets
iii. Unposted Assets
iv. Delete Assets
v. Insurance
vi. Calendar Assignments
3. Asset Accounting - At year-end
i. Final Month-End Closing
ii. Year-End Change
iii. Reconciliation
iv. Year-End Close
4. Asset Accounting - After year-end
i. Un-do closing
ii. Update support systems
5. Error Analysis for Asset Accounting

Year-End Closing for Project System
(These chapters explain the necessary steps for a correct year-end closing in the Project System module.)
6. Prepare for year-end
i. Approve new projects
ii. Update plan, schedule, budget existing projects
iii. Update purchase orders delivery dates
iv. Update depreciation forecast
v. Settle completed capital and revenue projects
vi. Close-out projects
vii. Identify and estimate new appropriation requests
7. At year-end (5 pages)
i. Update budget
ii. Process last-minute invoices, accruals, and timesheets.
iii. Close-out projects
iv. Error Analysis for project plan/budget
8. Immediately after year-end (
i. Update purchase order delivery dates
ii. Carry-forward project budget
iii. Release remaining budget for advance commitments
iv. Close-out projects
v. Refresh depreciation forecast
Year-End Closing for Investment Management (Portfolio Management)
(These chapters explain the necessary steps for a correct year-end closing in the In-vestment Management module.)
9. Prepare for year-end
i. Update existing portfolio structure
ii. Add, transfer, return budgets, as appropriate
iii. Reassign projects, if appropriate
iv. Create next year portfolio structure
v. Review and approve new appropriation requests
vi. Create next year portfolio plans and budget
vii. Measure gap between top-down budget & bottom-up plans
viii. Repeat the process at least monthly in last quarter
10. At year-end
i. Final update for new, cancelled, and closed projects
ii. Final update of current year as well as next year plans
iii. Error analysis for IM plan/budget
iv. Block project assignment to prior year
11. Immediately after year-end
i. Final update for new year budget
ii. Distribute budgets to carry-forward and new projects
iii. Distribute annual budget for advance commitments
iv. Optionally, close the prior approval year
Resources (contains links to helpful resources on the internet,
Glossary
Index