Closing of Profit and Loss Accounts and Balance Sheet Accounts (SAP Library

Closing of Profit and Loss Accounts and Balance Sheet Accounts

Purpose

In Turkey, as part of the year-end closing process you are required to close your profit and loss accounts and your balance sheet accounts. For these purposes, you use the Year-End Postings Report.

Process Flow

You close the profit and loss accounts using the Year-End Postings Report and check that the results are correct.

The system calculates the net profit or loss.

When the report has finished, you make sure that the system has closed the accounts correctly. This means that:

The balances of the profit and loss accounts must be zero

The profit has been posted to the appropriate account (in chart of accounts CATR, account 690000000)

You post the tax on your profit to the G/L account for tax on profit (in chart of accounts CATR, account 691000000) in order to get the net profit and loss on the account used for that purpose (in chart of accounts CATR, account 692000000).
You run the report for the balance sheet accounts.

The system closes all the balance sheet accounts.