Course 11 - Financial: payment management

Question 1

Journal entry

Answer 1

=> accounting business document
=> records the impact (financial data) of an activity or process step
=> generated automatically on the basis of source docs (inbound, outbound deliveries and invoices)

Question 2

Journal entry ->

Answer 2

1. Objective
2. Creation is based on (source docs, …)
3. Journal entry structure (type depend on the business transaction)
4. Posting logic (debit = credit, auto creation after saving source doc, auto generated in each set of books)

Question 3

Accounts receivable

Answer 3

=> incoming payments from customers

Question 4

Accounts payable

Answer 4

=> outgoing payments to suppliers

Question 5

Payment management ->

Answer 5

1. Objective
2. Incoming payments
3. Outgoing payments
4. Payment methods
5. Payment processing
6. Analysis

Question 6

Generation of journal entries

Answer 6

=> each business transaction that affects values auto generates a journal entry

=> generated on the basis of source docs, journal entry vouchers and valuation runs

Question 7

Integration between operational processes and accounting (ERP benefit + prerequisites)

Answer 7

=>automatically generated

=> Prerequisites:

• account determination group is stored in the master data (e.g. supplier or customer master data - financial data)
• organizational data with configuration of the set of books