How to Perform ‘Annual Closing’ in SAP?

‘Annual Closing’ is like any other ‘period closing’ and you will be performing all the activities that are required for a period-end-close. In addition to those activities, you will also:

• Carry forward Vendor and Customer accounts
• Carry forward the GL account balances of all the Balance Sheet items
• Close the Profit & Loss Accounts and carry forward the balance (profit or loss) to the retained earnings account(s)

For a GL account ‘carry forward’, use the program SAPF011.