© sap se page 6a-1 - nelson mandela universitytutor.nmmu.ac.za/norma/vel2/vel2001/vel2016/esefa6a...
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Client
• A self-contained unit in a SAP system with its own set of tables.
Company code
• Smallest organizational unit for which financial statements need to be prepared.
Chart of accounts
• Classification scheme for grouping General Ledger (G/L) accounts.
Therefore each company will have its own set of financial statements
You can also run financial statements at a chart of account level
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Requisition: no impact on Financial Accounting until we get the goods or are invoiced for them.
The system processes the transactions for you using the automatic account assignment.
When we receipt goods or services it matches the receipt against the PO.
Inventory (asset) is increased - Debit (we now have additional inventory value).
GR/IR liability account is increased – Credit (we are awaiting an invoice for the inventory and are liable to pay).
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Once we get the invoice the liability merely moves:
GR/IR liability is reduced – (entry is reversed) Debit
Vendor AP – we owe the vendor. The account is credited.
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Vendor account liability is decreased - Credit – Entry is reversed. The account is now settled.
Decrease Bank account - Credit (we have paid, now we have less cash)
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Goods receipt
Debit Inventory
Credit GR/IR
Invoice receipt
Debit GR/IR
Credit AP
Payment program (A/P)
Debit: AP
Credit Bank
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