Cash Apps > General info > Flashcards
General info Flashcards
OSI
Osram Sylvania Inc. (Danvers) / A001 / ARE 4400
Business Area, 0999 it’s the corporate level
SLS
Sylvania Lighting Services (Danvers) / A002 / ARE 5742
Business Area, 0089 it’s the corporate level
OSL
Osram Sylvania Ltd. (Canada) / C003 / ARE ?
? Puerto Rico
Osram Sylvania P.R. (Puerto Rico) / P001 /
OMEX
?
Posting to transfer the money when inter co code clearing
0089 - 28819110 - A002 - 40
0999 - 28819110 - A001 - 50
OSI Bank Account
Account 30824035
ABA/Routing 021000089
Swift Address CITIUS33
OSI Remit to
Osram Sylvania Inc.
PO Box 2114
Carol Stream, IL 60132-2114
EAW Report
Exception Action Worklist
DN Report
Uncoded Deductions
B01 Report
Weekly Charge Back
U70 Report
Unearned Cash Discount
Dummy Account A001
30703
CAR Definition
Corporate Accounts Receivable
EDI Definition
Electronic Data Interchange
FCS Definition
Financial Customer Service
Buying Group Definition
Buying Groups are wholesale buying and marketing groups, which are comprised of independent
distributor companies. These independent distributors purchase directly from OSI and make payments through their respective groups. The Buying Group HQ’s, monthly send wire payments to OSI for payments (less a Rebate % with exception of Sonepar) received from their members during the current month. OSI currently does business with three Buying Groups. (AD-Affiliated
Distributors, IMARK-EDN and Sonepar).
Buying Group Definition
Buying Group Application
The buying group members send their remittances directly to OSI. These remittances are not
processed through the normal bank lockbox system (automatic posting). These remittances have to
be entered manually by CAR Cash Appliers using the ‘manual payment advice’ process with the
exception of EDI remittances for Affiliated Distributors (AD).
There are 3 ways of processing Buying Group remittances.
· Directly entering data using FBE1.
· Uploading data from Excel to SAP using ZBE1.
· Systematically via EDI 820 Documents utilizing IDOC transaction (Currently AD only).
· All Manual Payment Advices are viewable through Pre-Edit ZBE8.
When payment advices are posted, the Open receivables are cleared from the customer accounts
and created as a PK 04 (Other Receivable) line item total for the amount of the remittance on the
buying group HQ account in SAP.
Monthly the Buying Group HQ’s wire OSI the funds that were paid to them by their members for remittances received. These funds are applied to the PK 04’s on the buying group HQ accounts via a remittance report that the Buy Group HQ’s supply OSI.
A Rebate % (similar to a discount) is taken by the Buy Group HQ from each payment to OSI. These rebates are booked to GL account (24180034-AD, 24180039-IMARK-EDN).
Wholesale Definition
Wholesaling, jobbing, or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services.[1] In general, it is the sale of goods to anyone other than a standard consumer.
According to the United Nations Statistics Division, “wholesale” is the resale (sale without transformation) of new and used goods to retailers, to industrial, commercial, institutional or professional users, or to other wholesalers, or involves acting as an agent or broker in buying merchandise for, or selling merchandise to, such persons or companies. Wholesalers frequently physically assemble, sort and grade goods in large lots, break bulk, repack and redistribute in smaller lots.[2] While wholesalers of most products usually operate from independent premises, wholesale marketing for foodstuffs can take place at specific wholesale markets where all traders are congregated.
Traditionally, wholesalers were closer to the markets they supplied than the source from which they got the products.[3] However, with the advent of the internet and e-procurement there are an increasing number of wholesalers located nearer to the manufacturers in China, Taiwan, and Southeast Asia.
Retail Definition
Retail is the process of selling consumer goods and/or services to customers through multiple channels of distribution to earn a profit. Demand is created through diverse target markets and promotional tactics, satisfying consumers’ wants and needs through a lean supply chain.
Rebate Definition
A rebate is an amount paid by way of reduction, return, or refund on what has already been paid or contributed. It is a type of sales promotion that marketers use primarily as incentives or supplements to product sales. The mail-in rebate (MIR) is the most common. A MIR entitles the buyer to mail in a coupon, receipt, and barcode in order to receive a check for a particular amount, depending on the particular product, time, and often place of purchase. Rebates are offered by either the retailer or the manufacturer of the chosen product. Large stores often work in conjunction with manufacturers, usually requiring two or even three separate rebates for each item. Manufacturer rebates are sometimes valid only at a single store. Rebate forms and special receipts are sometimes printed by the cash register at time of purchase on a separate receipt or available online for download. In some cases, the rebate may be available immediately, in which case it is referred to as an instant rebate. Some rebate programs offer several payout options to consumers, including a paper check, a prepaid card that can be spent immediately without a trip to the bank, or even PayPal payout.
Bad Debt Write Off
67411000, Division BA & KST
DN under $100 W/O
67411020, Division BA, KST N/A
Allow Cash Disscount
24180100, Division BA, KST NA
DRS Definition
Dispute Resolution System
Credit Memo Definition
If the buyer returns the goods, the seller usually issues a credit memo for the same or lower amount than the invoice, and then refunds the money to the buyer, or the buyer can apply that credit memo to another invoice.
Debit Memo Definition
When a company fails to pay or short-pays an invoice, it is common practice to issue a debit memo for the balance and any late fees owed. In function, debit memos are identical to invoices.
Credit Memo Accounting
One type of credit memo is issued by a seller in order to reduce the amount that a customer owes from a previously issued sales invoice. For instance, assume that SellerCorp had issued a sales invoice for $800 for 100 units of product that it shipped to BuyerCo at a price of $8 each. BuyerCo informs SellerCorp that one of the units is defective and SellerCorp issues a credit memo for $8. The credit memo will cause the following in SellerCorp’s accounting records: 1) a debit of $8 to Sales Returns and Allowances, and 2) a credit of $8 to Accounts Receivable. In other words, the credit memo reduced SellerCorp’s net sales and its accounts receivable. When BuyerCo records the credit memo, the following will occur in its accounting records: 1) a debit of $8 to Accounts Payable, and 2) a credit of $8 to Purchases Returns and Allowances (or Inventory).
Qualify Deduction Notification
Reason code
Check number, from the original posting
Batch number, from the original check posting
Distribution channel, the one that is extended to the customer, make sure the BA is correct
Sold to Customer, optional
Credit and Debit Memos Definition in SAP
Credit and debit memos are requested during order processing in Media Sales and Distribution and are used to clear amounts that are to be reimbursed or additional costs incurred. Like billing documents, credit and debit memos are recorded as documents in Media Sales and Distribution.
Use
Requests for credit and debit memos
Credit and debit memo documents always refer to order items. They are requested by the administrator during order processing (e.g. by selecting the relevant indicator). Generation of credit and debit memos during billing can be triggered by the following requests
Credit memo for suspension or partial suspension of an order item Debit memo for increased shipping costs for a redirection Credit memo for termination before the end of a period for which billing was already performed Credit memo for a complaint (created automatically for the complaint quantity or manually) Credit memo for returns (created automatically for the return quantity)
Billing for credit and debit memos
Billing for credit and debit memos is performed in the same way as for billing documents. Corresponding billing document types are defined in Customizing for credit and debit memos. Credit and debit memo items are listed as separate items in the billing document.
Business Area Definition
Organizational unit of external accounting that corresponds to a specific business segment or area of responsibility in a company. Movements in value entered in Financial Accounting are assigned to business areas.
Financial statements can be created for business areas for internal purposes.
Credit & Debit Memo in the Bank Reconciliation
A bank credit memo is an item on a company’s bank statement that increases a company’s checking account balance. A bank debit memo is an item on the bank statement that reduces the company’s checking account balance. Since these items are already on the bank statement, the only adjustment that could be required is in the company’s accounting records. The old rule for the bank reconciliation “Put it where it isn’t” means that the bank’s credit memo amount must be added to the company’s accounting records, if it is not yet in the company’s accounts. Since the bank credit memo increased the checking account balance, the company’s Cash account will have to be debited and another account will need to be credited. For example, if the bank statement shows a credit memo for $100 for interest earned, the company will need to have a debit of $100 in its Cash account and will need a credit of $100 in Interest Revenue or Interest Income.
If the bank statement shows a debit memo of $25 for a service fee, the bank statement balance was decreased by $25. As part of the bank reconciliation process the following entry must be made if the item has not yet been recorded in the company’s records: debit Bank Fee Expense or Miscellaneous Expense $25 and credit Cash $25. The company’s Cash account needs to be credited because this company’s asset account decreased.
The reason the bank used “debit” to decrease the company’s checking account is that its customers’ checking account balances are liabilities for the bank. (The bank’s cash was debited when customers deposited money and the bank’s liability account Demand Deposits or Checking Account Deposits was credited.) When the bank pays a customer’s check, the bank’s cash is reduced and the bank’s liabilities are reduced. The bank records this with a credit to Cash and a debit to Demand Deposits.
