ERP Accounting Configurations Exercise

Netsuite and business central 

steps: 

1.   Define any six (6) General Ledger configurations in two different systems. 

2.   Define any six six (6) Accounts Payable configurations in two different systems.

3.   Define any six six (6) Accounts Receivable configurations in two different systems.

4.   Briefly explain each configuration and your understanding of its nature and purpose in a sentence

A general ledger or GL configuration is generated if the CSV reporting file or the "Table of Accounts" system reference data is chosen when executing the Initial Client setup procedure or the Initial Agency Setup process. Here are six general ledge configuration-

 

• Navigation Bar Field
• GL Population Segment Rule Page Field
• GL Account Number Format Field
• GL Segment Population Result Page Field
• Message Boxes
• GL Type Lists Admin Field

 

The following are the six Accounts payable configurations in the two different systems:

 

• Prerequisites for setting up accounts payable
• Set up the Accounts Payable section
• Optional configuration of accounts payable pages
• An additional option for other devices
• The Automatic Payment System
• Creation of a master vendor

 

The following are the six Accounts Receivable configurations in two different systems:

 

• Create Customers Accounts Group
• Create a number range for the Customers-
• Assign number range to the Customers Group
• Create Customers Reconciliation Account
• Create Tolerance Group for the Customers 
• Create Customers Master Record

 

The description of each configuration and their nature and purpose: 

 

Accounts payable configurations

 

1.Navigation Bar Field-

Configuration the navigation bar that displays at the bottom of any device so that users can easily navigate to software applications, settings, and updates.

 

The field of Navigation Bar such as Name, Color, Application, Legacy application, and Action menu color. 

 

Purpose of this configuration-It is important to encourage visitors to stay, to explore the content, and to provide a good user experience, which will lead to more sales and customer loyalty for the company.

 

2.GL Population Segment Rule Page Field-

 

The GL segmentation rule sets out how the client overview journal entries are segmented while the client runs the Journal Run. And the GL segmentation rule includes a collection of segments, and transfers are grouped into description journal entries based on the values that transfers have with those segments.

 

Journal can automatically just use effective GL segmentation rules while grouping transactions into overview journal entries. And transactions are organized into overview journal entry in the following fields:

• Currency
• Transaction type
• Debit account

 

Purpose of this configuration- Segmentation rules are used to draw up a list of possibilities and to implement a segmentation procedure based on common criteria.

 

3.GL Account Number Format Field-

Admin and users granted data source permissions can configure the number formatting for the number fields in the data source. Use the Account Format preserve to view a global account number format that applies to the bank accounts create. The user could also build different number formats that must conform with the system of the country of the company or with the customer or provider systems.

 

The fields of account number format such as Change format families, Use family option, Edit format, and Test format

 

Purpose of this configuration- It is used to create the format for such fields depending on the location and field types and the measurement of the unit being used. When the user determines the value-form for the number fields, consumers can then communicate with the values in the visuals generated by using those fields.

 

4.GL Segment Population Result Page Field-

The Page as well as Field Configurator function enables users to customize those page assets and standard page fields based on its business specifications. This allows users to specify multiple configurations for a feature based on a specific role-based or a user list.

 

Purpose of this configuration- Users can cover a field/page, modify the field name, add the specific value to the field, allow the field or page read-only, or allow the field necessary without having to configure the provided database pages. It also helps the user to test the configuration against existing metadata of the page and to point out if there are any errors.

 

5.Message Boxes-

A message box is a unique dialog used to show a piece of data to the user. The client cannot type anything at all in the dialog boxes, as opposed to a standard template. The Visual Basic software includes a feature called MsgBox to help message boxes.

 

Purpose of this configuration- It is used to displays a message box at the front of the window the user-specified. The message box shows the post, the button, and the title bar; it also displays the result

 

6.GL Type Lists Admin Field-

Users with List Admin authorization control the collection of items in the default and regular field lists throughout the system screens. Via the List Administration tab, List Admins identify the available categories in the list to ensure that the users catch a certain type or category of information while saturating a field on the Business, Contract, and Project Profile page. Administrators monitor the data provided to end-users in the lists, the controls that occur, and the actions of the controls.

 

Purpose of this configuration- Administrators control the data provided to end-users in the lists, the controls that exist, and the actions of the controls.

 

Accounts Receivable configurations-

 

1.Prerequisites for setting up accounts payable- The following steps could be used to configure such a system:

Select software

Set up supplier 

Enter invoices

Approve Invoices

Schedule payment

Test check run

Sign Check

 

Purpose of this configuration-It is used to set up the system admin, organization admin, and general ledger- 

 

2.Set up the Accounts Payable section-

On the Payment Methods-Suppliers tab, build and retain details about how the company pays to its vendors.

Build and maintain communities of vendors on the Seller Groups site that share essential criteria for uploading, settlement as well as payment, monitoring, and forecasting.

 

Purpose of this configuration-It is used to maintain tax authorities, information, group of vendors, vendors accounts

 

3.Optional configuration of accounts payable pages-

In addition to the standard features, Accounts payable have other options that the user can establish. The additional configuration pages are arranged according to the features.

Policies

Invoice matching

Water flow

Reason and Charge

Supplementary items

Distribution

Forms

Payment

 

Purpose of this configuration-It is used to set up the workflow configuration and set up the vendor's invoice policy.

 

4.An additional option for other devices-

There is a minor shift in the sequence that the hardware is configured during the construction of the device. The optional config generated by the installed devices will be generated before the build profile has been installed. This move allows the additional configuration of the configuration or optional directory of the profile to depend on the optional config supplied by the modules.

 

Purpose of this configuration-It is used to set up the organization admin, general ledger, and bank and cash management.

 

5.The Automatic Payment System-

Automated payment is essentially the method of electronically transferring money from the customer's savings account, checking account, debit card, or credit card to the company bank account. This transition is made on a pre-selected date. When implementing an electronic payment program for the clients, the user can collect the money on time and dramatically decrease the number of account receivables.

 

Purpose of this configuration- This serves the function of automatically publishing accounts payable as a transaction to a vendor based on vendor invoices. It is used to classify due/payment amount and to manage a list of client and vendor invoices for payment in one go.

 

6.Creation of a master vendor-

The Vendor Master data set contains valuable data about the vendors. The user You may also store information in the vendor master database that refers to different levels of organization (e.g. business code, buying department, plant) within the business.

 

Purpose of this configuration-This is used to provide information about the manufacturers that supply the product. This information is contained in the specific master vendor documents. The vendor master dataset includes the address and phone number of the vendor, and also the records.

 

Accounts Receivable configurations-

 

1. Create Customers Accounts Group-

Customer account classes in SAP are used to target clients as business manager roles that better suit the complexity of a business transaction. Consumer account groups manage the company hierarchy that holds the customer master records. It defines the position of consumer and customer data model.

 

Purpose of this configuration- The Vendor Account Category is a grouping feature of the Vendor Master Reports in the SAP ERP.

 

2. Create number range for the Customers- By using one of the below navigation methods, the user will assign the number range periods to the customer account categories-

Transaction code-OBAR then.

Menu path- Financial Accounting-Account Receivable and Account Payable - Customers Account -Master Data-Preparation for generating customer master information - Assign number set to customers account group.

 

3.Assign number range to the Customers Group-

Specific number sets can be generated to be allocated to specific customer account groups, or a number range can be allocated to multiple customer account organizations.

 

4.Create Customers Reconciliation Account-

The reconciliation of the client is one of the closure procedures of the accounts and is typically carried out at the end of each month.

 

5.Create Tolerance Group for the Customers-

These groups help users to process transactions with such a benefit or loss disparity in payment for SAP customers or vendors. Their main purpose is to identify the relevant, permissible differences and the authorizations provided to the user of the organization to post an appropriate policy.

 

6.Create Customers Master Record-

Master data includes information such as names, emails, and methods of payment. Customer master data includes data about the business operations and also how payments are processed and performed by the program.

Step-by-step explanation

The following are the six General Ledge configurations in the two different systems:

 

Navigation Bar Field- It is a portion of the GUI or graphical user interface designed to help visitors obtain data. It is used in web browsers, file browsers, and also as a design feature for some websites.

 

GL Population Segment Rule Page Field- The GL segmentation rule sets out how the user's overview journal entries become segmented while the users run the Journal Run. The GL segmentation rule includes a set of segments, and payments are grouped into overview journal entries depends on the principles that payments have for those segments.

 

GL Account Number Format Field- It is an important phase in the development of Financial Analytics, as it defines the precision of certain metrics in the GL and Profitability Module Group accounts, in conjunction with the Financial Statement Element Codes, are also used in the GL audit design to guarantee that sub-leader data is reconciled with GL journal entries.

 

GL Segment Population Result Page Field- Configuration consists of developing a GL payment details Format including the creation of unique rules upon this GL Population Rules tab.

 If the user builds a new segment or alters an existing segment, the Audience Manager can take up to 24 hours to show data for actual real-time and complete segment populations.

 

Message Boxes- The validation box is used to approve or validate something. This is a special dialogue box used to show a piece of user information. 

 

GL Type Lists Admin Field- Customers with List Admin authorization handle the collection of items in the default and regular field lists in the system screens.

 

The following are the six Accounts payable configurations in the two different systems:

 

Prerequisites for setting up accounts payable- The process of accounting records pays the bills of the company in an ordered manner. 

 

Set up the Accounts Payable section- Establish the payment terms that the user delegate to purchase orders, sales orders, buyers and vendors, and decide the payment date of the bill.

 

Optional configuration of accounts payable pages- Keep the user invoices at the same place where the user can quickly find them. Request invoices by importance and by time. For example, schedule bills by the nearest due dates to the most distant due dates. Using the aging study of accounts payable to monitor payment due dates.

 

An additional option for other devices- The optional config provided also by installed modules would be generated before the build profile has been installed.

 

The Automatic Payment System- Automated payment is essentially the method of automatically transferring money from your customer's savings account, checking account, credit card, or direct debit to the company bank account.

 

Creation of a master vendor- The vendor master server provides information more about suppliers that supply the client.

 

The following are the six Accounts Receivable configurations in two different systems:

 

Create Customers Accounts Group- Customer account groups in SAP are used to identify customers as business manager roles that better suit the complexity of a business transaction.

 

Create number range for the Customers- Create number sets for SAP account holder groups using the XDN1 statistics analysis or the menu path.

 

Assign number range to the Customers Group- To establish a numbers list for the customer leader, the numbers set must be created initially and then allocated again to the customer party.

 

Create Customers Reconciliation Account- To create the Reconciliation Account, one of the basic methods is used to contrasting the unpaid customer balance or expenses to the fixed assets as reported in the specific cash flow. 

 

Create Tolerance Group for the Customers- To create Tolerance groups cope with both the relevant aspects by accepting the differences and approvals provided to the user of the organization so that the user can upload a document easily.

 

Create Customers Master Record- It is required to design a Customer record that is characterized by a specific customer number, shall be kept for each customer. 

 

The description of each configuration and their nature and purpose: 

 

General Ledge configurations-

 

1.Navigation Bar Field-

The navigation bar is a portion of the graphical user interface designed to help visitors obtain data. Navigation bars are used in file browsers, internet browsers, and also as a design feature for certain websites.

 

2.GL Population Segment Rule Page Field-

To ensure consistency during marketing order entry, using cross-segment filtering rules to create relationships between configured logic statements including item segment. This will help the users to avoid invalid segment configurations and prevent invalid purchase order. Error messages regarding invalid configurations occur based on sales order segment data and cross-segment formatting rules.

 

3.GL Account Number Format Field-

The software system will describe the type of electronic documentation used for the storage of payments. In this instance, the users will build a configuration file for the sample business. To complete these phases, the user must first complete the phases in the "Selected Data Resources Map Template" process.

 

4.GL Segment Population Result Page Field-

The Page as well as Field configuration tool is a configurable system based on PeopleTools Activity Mapping that offers the ability to change labels, hidden fields, hide data entry fields, assign a field data type, select a field to implement the necessary changes, or even hide a whole page without the need for the Application Designer. The ability to identify multiple configurations for the same feature may be based on the user function or requirements defined in the transaction data.

 

5.Message Boxes-

The message box shows the post, the button, the title bar; it also displays the response. Show () displays a message box that has a title bar, message, button, and icon; so, this accepts the result of the default message boxes and returns the output.

 

6.GL Type Lists Admin Field

The user can customize the fields from any of the following manner:

• A classification that appears in the field whenever the problem is edited.
• Whether or not the field is covered or visible.
• Often a field is necessary or an additional field.
• What rendering engine is to be used for text fields.

 

Accounts payable configurations-

 

1. Prerequisites for setting up accounts payable- This program aims to enable payment each month and to deliver the exit amounts to the appropriate suppliers.

The following steps could be used to configure such a system:

• Select software
• Set up supplier 
• Enter invoices
• Approve Invoices
• Schedule payment
• Test check run
• Sign Check

 

2.Set up the Accounts Payable section-

Describe how vendor payments are added to the general ledger or GL on the Vendor uploading profiles tab.

On the accounting records Settings tab, set the default configurations that are used if more complex settings are not specified, the values of different types of features, and the different number ranges for Accounts payable.

 

3.Optional configuration of accounts payable pages-

Set specifications for invoice quantities on the Invoice averages tolerances tab.

Set up two-way as well as three-way alignment protocols on the Matching Procedure tab. Set up workflow settings for journal permissions and payment requests on the Accounts payments made Workflow tab. Set up explanation codes on the Seller Reasons page.

 

4.An additional option for other devices-

Set up the amount sequence classes for invoice numbers mostly on the Number Sequences tab. Set up or config financial dimensions on the Finance Dimensions tab. On the Payment Use Code tab, set the banking system Purpose Code. Set up tax details on the pages that follow-

• Sale tax code
• Account group
• Sale tax authorities
• Sale tax code

 

5. The Automatic Payment System- The payment process shall contain the following steps-

• Invoices have entered.
• Pending invoices shall be reviewed for the due date.
• Payments due for payment shall be prepared for analysis.
• Payments are either accepted or updated.
• Payments are paid.

 

This has the following sections-

• Set up all of the business codes.
• Set up the payment company codes.
• Payment method for each state.
• Payment form by country code.
• Selection of the bank.

 

6.Creation of a main vendor-The master record of the vendor comprised of three areas:

• General data
• Company code data
• Purchasing data

A specific number (the vendor's bank account used by cash management) is allocated to each Vendor Master Records. The user needs this phone number up a master record or submits a sales contract. In all client codes, the provider has the same card details.

 

Accounts Receivable configurations-

 

1. Create Customers Accounts Group-Here are some step of this configuration-

• Enter the Unique Key as the key to the Account Group.
• Enter a short overview of the Account Unit.
• Check this for developing the OneTime Customer Account Team.
• Enter the Performance Determination Process.
• Choose the Master Data portion for which the users want the field status to be retained.

 

2. Create a number range for the Customers-

In this setup operation, the user can define the number sets for consumer master data that the user will be able to be using later to allocate them to account classes. The users may have the number sets allocated either internally or externally.

 

3.Assign number range to the Customers Group-

Their main determination is to build and associate with themselves. Also, customize the financial accounting within the transaction range that signifies the range of intervals for the customer account.

 

4.Create Customers Reconciliation Account-

There the main purpose is to save the revenue by facilitating the internal account auditing. Also, it eliminates the error transaction in a reliable account.

 

5.Create Tolerance Group for the Customers-

Their main purpose is to identify the relevant, permissible differences and the authorizations provided to the user of the organization to post an appropriate policy. Tolerance Community helps users to process transactions with a benefit or loss discrepancy in payment for SAP customers or vendors.

 

6.Create Customers Master Record-

Customer master data includes data about the business operations and also how payments are processed and performed by the program. The Master record provides details about both the customers that the company needs to control business with clients.