This documentation covers the introduction about shortened Fiscal Year in SAP FICO module.
Shortened Fiscal Year Definition
Fiscal year that contains less than twelve months.
A shortened fiscal year could be necessary in the following cases, for example:
- Establishment of a company
- Changeover from a calendar year to a non-calendar
fiscal year, or vice versa.
Shortened Fiscal Year Use
When you define a shortened fiscal year, you have to make the following specifications:
- A shortened fiscal year must always be defined as year-dependent, since it can only apply to a specific year and must be followed by a complete fiscal year.
- You define a shortened fiscal year and the following or previous complete fiscal year in one fiscal year variant.
You define a shortened fiscal year in Customizing for Financial Accounting as follows: Financial Accounting Global Settings ® Fiscal Year ® Maintain Fiscal Year Variant (Maintain Shortened Fiscal Year)
Shortened Fiscal Year Integration
The options available for defining a shortened fiscal year depend on whether you are using Financial Accounting with or without Asset Accounting.
- If you are using Financial Accounting without Asset Accounting, each fiscal year can start with any period.
- If you use Financial Accounting with Asset Accounting, each fiscal year must start with period 001, so that the depreciation can be calculated correctly.
TRAINING NOTES & TIPS
- We can archive & load the historical financial accounting module data. Archiving old & currently not in use data helps to save the storage & increase the program performance. We cannot archive all FI data like which contains open items; archivable data should meet certain parameters. The archived data can be accessed & reloaded in future. Some of the archivable SAP FI data are
- Accounting documents
- Payment requests
- Customer master data
- Vendor master data
- Bank master data
- Payment program in SAP financial accounting module is used to do the international payment transfers. This helps to make the transactions with vendors & customers easily & by following all country specific rules. The FI subcomponents which are mainly using the payment program are
- Accounts Receivable
- Accounts Payable
- Bank Accounting
- Each data posting in Financial Accounting is known as a document.