Year End with SAP Business One

It’s everyone’s favorite time of the year – time to start thinking of spending time with loved ones and celebrating holiday traditions. While we prepare for the new year, we should not forget to set up the new year and posting periods in SAP Business One!

It is important to conduct this step sooner rather than later to avoid disruptions on January 1st

Setting Up a New Year and Posting Periods

Navigate to Administration > System Initialization > Posting Periods > Click New Period

Enter the Period Code and Period Name similar to the image shown below (these can be updated after the fact).

Select the Sub-Period specification. If Months is selected, SAP will automatically default the No. of Periods to 12.

If you select Months, you set this posting period one time, and it will automatically create the 12 sub-
periods (months) for you.

Enter the Fiscal Year and the Start of Fiscal Year at the bottom of the window. Ensure that the date ranges above
cover the span of the entire fiscal year. ** Make sure your posting dates are accurate – this cannot be changed
after posting transactions.

Click Add, and you will see the new posting periods created in the Posting Periods window. You can drill into the
golden-arrows to update the Period Code and Period Name if needed.

Extending Current Year Due Dates

In addition, you may want to consider extending the due dates for the remaining posting periods in the current year to avoid any errors when posting documents with long terms that extend into the new fiscal year.

To do so, drill into the golden arrow for the periods and extend the Due Date To field to a date in the upcoming fiscal year.

https://pioneerb1.com/wp-content/uploads/2019/11/yf3.jpg

Most importantly, be sure to set up your new posting periods before the new year so that your GL Account Determination and Advanced GL Account Determination copy over to the new year! Make sure to check and validate that the accounts copy over properly from one year to the next.

Looking for more information? Below are a few links carefully selected by our experts that should give you everything you need to know about SAP Business One. Feel free to browse our resources or check out our knowledgebase. If you have any questions about SAP Business One or want to know how you can run your business better with SAP B1, reach out to us by phone 855-202-5087 or email info@pioneerb1.com.

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