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TERP21 Intro Into Processing in Financial Accounting

TERP21 Intro Into Processing in Financial Accounting

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Published by Sandeep Patil

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Published by: Sandeep Patil on Oct 23, 2011
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TERP21 SAP ERP: Introduction into Processes inFinancial Accounting
About This Module
This module aims to provide an understanding of how SAP ERP supports an organization’sFinancial Accounting processes and integration of processes related to Material Management,Production, Sales and Distribution, Management Accounting etc. with Financial Accounting. Thecourse will also introduce the participant to external reporting through Financial Accounting.
Module Objectives
Appreciate how SAP ERP supports an organization’s Financial Accounting processes andintegration of processes related to Material Management, Production, Sales and Distribution,Management Accounting etc. with Financial Accounting. The participant would be able toidentify various organization units and master data which support Financial Accounting. The participant will also be introduced to transactions in Accounts Payable, AccountsReceivable, Asset Accounts, General Ledger etc. The course also aims to introduce the participant to the New General Ledger functionality and external reporting through FinancialAccounting.
Explain the tasks in Financial Accounting.
Explain the functionality of the main structures used in Financial Accounting.
Describe display of the Chart of Accounts. It also explains how to create the GL accounts,and execute GL postings. In addition, it also describes the special role of ReconciliationAccounts and the functions of the New General Ledger.
Explain Vendor Master Record and Post Vendor Invoices. Along with this, it also describesBasic Purchasing Process and Integration of MM with Financial Accounting and theautomatic payment program.
Describe the customer master record and its three components, the process of maintenanceof Credit Management Data, the processes of posting a Customer Invoice, Basic SalesProcess in Sales Order Management and its integration with the Financial Accounting.
Describe Asset Master Record, the role of an Asset Class, Asset postings, and the role of depreciation areas in Asset Accounting.
Explains the process of Preparing Financial Statements.
Module Content
Tasks in Financial Accounting
Organizational Levels
General Ledger Accounting
Account Payable
Account Receivable
Fixed Asset Accounting
Prepare Financial Statements
Target Audience
Solution architect, project managers, team members, and solution consultants who want togain a broad fundamental understanding of the core processes, business interrelations, andintegration of the individual business applications within the SAP ERP solution.
Tasks in Financial Accounting
About This Topic
Describes the important tasks in Financial Accounting.What's in it for me?
Describe the tasks in Financial Accounting
Tasks in Financial Accounting
 Audio Transcript 
Let us understand the tasks in Financial Accounting. The General Ledger is a critical part of Financial Accounting. It is in this General Ledger where all the business transactions are recordedand external accounting is prepared here. Major postings such as Account Receivables from the SDcourse and Accounts Payables from the MM module may take place in the sub-ledgers. These sub-ledgers are connected to the General Ledger with an assignment called the Reconciliation accountin the General Ledger.These reconciliation accounts are balance sheet accounts that represent “Receivables” and“Payables” in the Balance Sheet. Since the system updates these accounts online and in real time,the General Ledger is always up to date and balanced. You will have all the details of individual posting for customers and vendors in the sub-ledgers and only the total debits and credits, which arecollective postings, are posted in the General Ledger.Similarly, you can see here that Asset Accounting and the Bank Ledger are connected to the GeneralLedger. As SAP ERP has an integrated framework, you will find that all expense postings flowautomatically to Controlling (CO).
Integration of the G\L in Financial Accounting:
 Audio Transcript 
In SAP ERP, the integration to the G\L is real time. Let us understand this in detail here. If youmake postings in FI-AA such as acquisition, retirement and so on for the assets, the same will beupdated in the asset reconciliation account.The material purchase entry through a purchase order or goods receipt which was made in MaterialsManagement will be automatically posted to the material account in Financial Accounting. Withrespect to the customer sub-ledger, if there is any increase or decrease in the customer balance suchas sales or incoming payments, it is updated in real time to the “Receivables Reconciliationaccount.”Sometimes entries in this sub-ledger happen through SD like sales made to customers. Similarly, inthe case of bank accounts, the entries with respect to a bank account, for example, incoming or outgoing payments will be automatically posted to the bank’s GL account. This is what happens inthe case of loans which are made from the “Treasury” With respect to a vendor sub-ledger, if thereis any increase or decrease in the vendor balance like purchase or outgoing payments, it is updatedin real time to the “Payables Reconciliation account“ under liabilities. Sometimes entries in thissub-ledger happen from MM like purchase made from vendors.

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