Year End Activities with SAP Business One

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Year End Activities with SAP Business One

In this training session Pioneers Lauren and Oren provide SAP Business One users with a foundational knowledge of Year-End Closing Activities, 1099 Handling, and Reports.

You can view the recorded training session on our Youtube channel HERE, or OnDemand below:

Year End Activities Agenda

In this training, Lauren and Oren cover everything Year-End! Below is a complete overview of the training’s agenda:

  • New Period Creation & Definitions
  • Year-End Closing Activities
  • Period-End Closing Utility
  • Reports
  • 1099 Handling & Reporting
  • Documentation

New Period Creation & Definitions

The first thing our Pioneers cover is New Period Creation & Definitions!

This includes:

  • Defining a new period
  • Period Statuses & Authorizations
  • Extending Due Dates

Year End Closing Activities

After that, they move straight into the main course: Year End Closing Activities.

To ensure you have everything covered, they provide a list of everything you may need to complete these activities:

  • Make sure all AR and AP Transactions have been recorded
  • Reconcile balance sheet accounts
    • Display customers with zero balance
  • Inventory reconciliation & inventory counts
    • Use Inventory Audit Report
  • Record deferred transactions
  • Record Fixed Assets & Depreciation
  • External reconciliation of banks and credit cards
  • Run Exchange rate and conversion differences utilities (only with foreign currencies)
  • Lock previous months upon completion
  • Run Period End Closing Utility

Period-End Closing Utility:

Year-End Reports

So you may be asking yourself, which reports are best for Year-End Processing? Our Pioneers cover that as well.

To assist in your Year-End Activities, you should consider the following reports:

  • Aging Reports
  • General Ledger Report
  • Profit & Loss Comparison
  • Balance Sheet – Add Closing Balances
  • Inventory Audit Report

1099 Handling & Reporting

Rounding off the training, our team covers everyone’s favorite topic: taxes. Specifically 1099 Handling & Reporting.

They discuss everything from 1099 Setup, Amount & form/box adjustments, and Printing your 1099 & 1096 forms.

Documentation

Year End Activities with SAP Business One Resources

Looking for more information? Below are a few links carefully selected by our experts that should give you everything you need to know about Year-End Activities with SAP Business One. Feel free to browse our resources or check out our knowledgebase. If you have any questions about Year-End Activities, or want to know how you can run your business better with SAP B1, reach out to us by phone 602-888-2100 or email info@pioneerb1.com.

Year-End Activities with SAP Business One Presentation

Year-End Training Webinar on our Youtube Channel 

SAP Business One LinkedIn Tips and Tricks Group

Year-End in SAP Business One Blog

1099 Changes in 2020 Blog

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