Steps involved for Year Closure (First instance)

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1. Define Year Parameters [ for the New Year ] (SM61)
2. Maintain Period Calendar [ for the New Year ] (SM62)
3. Generate default balance for the accounts [ for the New Year ] (FA21)
4. Freeze Voucher Entry for an Account, (FA29) to identify accounts which should frozen and transfer the frozen accounts to the new Year.
5. Register the year to be closed using FA31 and Identify an Adjustment Account with nil balances
6. Set up Default Analysis Codes for Analysis Categories. (FA28)
7. On a separate screen Open facility (FA37) to view the year closing progress messages.
8. Run the Closure of the Year (FA34) and transfer of balances to the New Year.

                                                The year closure goes through the following phases:
                                                  a) Generation of low level codes
                                                  b) Prepare Phase which decides the accounts to be transferred to
                                                          the new Year based on the Characteristics
                                                  c) Selects the account lines from the above accounts, which have
                                                          to be transferred to the New Year
                                                  d) Disable triggers on the Account lines and A/C Period Balances
                                                  e) Transfer Phase, transfers the selected lines to the new year as
                                                            Single Closing balance (For Balance Forward accounts)
                                                            And as Closing balance Breakup entries (For Open Item Accounts)
                                                  f) Transfer Closing balances from the previous year to the new year
                                                  g) Enable triggers on the Account lines and A/C Period Balances