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

Closing the training, we also offer several different documentation that will allow you to dig deeper, should you have any questions that we didn’t answer, or are just curious to investigate further.

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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