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.
Week 8 Preparation [Wednesday, 10/17]:
- Transaction: Line Item Journal S_ALR_87012291
- Click on rubics cube icon change layout/sequence
- Click to the right of rubics cube saved format = MIS-5121
- Exercise 3 Teams: 1, 2, 3
- Review and record transactions on answer sheet [spreadsheet]
- Review study guide expectations
- Break into teams
- Collaborate for 1 hour
- Understand What/How to enter information into SAP
- Enter account balances
- Enter journal entries [must be + & -]
- Create shortcut FB50
- ENTER G/L ACCOUNT DOCUMENT COMPANY USXX
- Note: DOCUMENT DATE & POSTING DATE ARE THE SAME
- Enter G/L Beginning balances from page 8
- 100000 Bank Account Enter $252,518 DR
- 220310 Accumulated Depreciation xxx Enter $252,518 CR
- Click Simulate means run it through but do not post it
- Must have debits = credits
- Click Save
- Click Post/Never Park
- Enter all transactions / events
- DO NOT WANT TO PARK IT EVER
- Instead, if you park it Back the transaction out [See page 16 of study guide [procedure to release the document]
- List Parked Transactions
- See page 9 of G/L study guide
- Read / understand policies and their impact
- Outline rules / steps to complete the transaction
- Ensure to be consistent with SAP dates, always: 1/1/18 1/31/18
- All transactions occur in January
- Be aware of SAP control authorization limits
- Whats the $ limit?
- How do you get around the control?
- Final deliverable [Per Team] is just 1 SAP UID, i.e. AIS-005
- All team members can use their respective UIDs
- 4 Complex Transactions [Adjusting Entries] Based on my beginning balance consider the entire time period [See month-end adjustment checklist]
- Understand why you do what you do!
- Enter account balances
- Transaction: Compact Document Journal S_ALR_87012289
- Provides validation of journal entries posted
- Transaction: Drill down to the source document FBL3N
- G/L Account Line Item Display
- Click all items
- 1/1/18 1/31/18
- Enter