Exercise 3 Objectives:
- Experience concepts of beginning financial accounting
- Work with a manual accounting information system
- Experience how an ERP system handles steps of the account cycle
- Investigate related application controls in an ERP system
Detailed background, instructions, etc. included in the Guide.
(updated with 2 clarifications on October 19).
Provide your answers to the Exercise questions in this Excel submission Sheet.
When performing Task 4 (Enter Journal Entry Transactions into the General Ledger) and the use of transaction FB50 you many find that one or more General Ledger accounts require the entry of a Cost Center (CO) value. You get and error such as ‘Account xxxxxxx requires the assignment of a CO object’.
This is an additional financial control.
This short guide shows how to address this issue.