Year End Closing Asset Accounting

The year-end closing is an annual balance sheet, an annual profit and loss statement, and an appendix with additional information (annual report), which has to be created to meet the particular legal obligations in each country.


Before you can close a fiscal year in Financial Accounting from a bookkeeping perspective, you have to carry out preparatory measures in Asset Accounting. You use the year-end closing program to close the fiscal year for one or more company codes from an accounting perspective. Once the fiscal year is closed, you can no longer post or change values within Asset Accounting (for example, by recalculating depreciation). The fiscal year that is closed is always the year following the last closed fiscal year. You cannot close the current fiscal year.