Year-end Close Process with S/4HANA Finance

Hello!

I'm trying to educate myself in the wonderful world of S/4HANA Finance and specifically the Year-end Close Process.

I couldn't find any detailed technical information regarding the Year-end Close Process.

What kind of entries/records does S/4HANA Finance post/create with this process?

Is it true that there are no aggregates anymore with beginning balances for a fiscal year? If so, how does that work for balance sheet accounts with lots of transactions (think inventory, cash), especially after data aging of data to cold storage?

Hope someone can explain this process with S/4HANA Finance.

Thanks!

---Hugo