Financial Closing. SAP Business ByDesign

Transcription

1 SAP Business ByDesign

2 Table of Content 1 About this Document Purpose Reference System and Model Company Master and Organizational Data Business Process Tasks Financial Closing Create a New Period End Close Using the Closing Cockpit Execute Financial Closing Activities VAT or Sales and Use Tax Return Release to Tax Authority Tax Payment Approve Tax Payments (Optional) Example: General Ledger Posting for Adjusting Journal Entries Profitability Analysis Reporting Financial Statement Reports Tax Reports Check Financial Postings (optional) July 28,

3 1 About this Document 1.1 Purpose The objective of this business scenario document is to give you hands-on experience of running the chosen business processes in a realistic business environment using the SAP Business ByDesign system. It allows you to quickly become familiar with this business scenario by guiding you through the steps that you need to carry out in the reference system. To obtain a better understanding of the business processes that make up this scenario, also refer to the Scenario Outline for this scenario. 1.2 Reference System and Model Company A reference system is a system that is preconfigured and loaded with fictitious users and sample data. The users and sample data are based on the model company Almika Inc.. By following the step-by-step instructions in this document, you can assume the identity of the Almika users and use the built-in sample data to carry out each of the business process tasks. This hands-on experience will help you to understand the relevance and benefits of this business scenario. To learn more about the model company that uses the business processes described in this document, read the Company Fact Sheet, which contains an overview of the reference company, its organizational set up, employees and their different roles and work centers, as well as a comprehensive list of the master data used in your system. You can find the Company Fact Sheet in the Help Center of your reference system. To access this document, choose Help Help Center and open the link under the heading Company- Specific Help. July 28,

4 2 Master and Organizational Data Each SAP Business ByDesign Reference System contains essential master and organizational data, which reflect the typical organizational structure of a mid-size company of a specific industry allow you to run the industry specific processes using the appropriate master data, for example, materials, vendors or customers. For this scenario, use the master data as described below. If you want to run the scenario with customer and project-specific values, you can copy master data with certain characteristics from the sample entries in the table and adapt this data. For an illustration of the organizational data as well as additional information (bill of material, logistics layout) about the reference company, refer to the Company Fact Sheet. Master / Org. Data Type Name and Value Usage Company 1000 Set of Books 9011 Set of books assigned to your company. Set of Books 7000 Additional set of books For Sales and Use Tax Tax Return Arrangement SALESUSETAXRETURN Sales and Use Tax return arrangement July 28,

5 3 Business Process Tasks 3.1 Financial Closing What You Should Know If your company is assigned to several sets of books you have to perform the Financial Closing for each set of books Create a New Period End Close Using the Closing Cockpit When all closing-relevant tasks have been completed, the financial period closing can be executed: In the General Ledger work center in the Closing Cockpit subview, you can create a new period-end close. FINANCIAL02 (Accountant / Iris Green) General Ledger Closing Cockpit Closing Cockpit subview Period-End Close Description Company 1000 Set of Books 9011 Fiscal Year Period Responsible Employee Close Period By <current month current year Financial Closing> <current fiscal year> <current fiscal period> E0003 Iris Green <5 days after end of month> Click New then choose Period-End Close. Click Save and Close. You can later use the period-end close you have just created as template. Click New, and then choose Period-End Close with Reference to create a close easily with limited changes. July 28,

6 3.1.2 Execute Financial Closing Activities In the General Ledger work center, you execute the financial period closing. FINANCIAL02 (Accountant / Iris Green) General Ledger Closing Cockpit Closing Cockpit subview Period-End Close: Period End Closing screen Select the period end close you created and click Edit. In some cases, for certain activities, prerequisites have to be fulfilled before you can continue. Click Display Prerequisites to review and perform the relevant prerequisite activities. There are two kinds of activity types: Manual Activity and Mass Data Run, in the Activity Type column. Run Description GR/IR Clearing _ <current To execute a manual activity, for example Close Accounting Periods for Operational Postings click Initiate Activity, and then choose Start Manual Activity. Select the current period, choose Last Allowed Step, and then choose 020 Closing Entries. Click Save and Close. Click Set Status, choose Finished, then click Set Status, and choose Accepted. To execute a mass data run, for example GR/IR Clearing click Initiate Activity, and then choose Start Test Run. July 28,

7 Test Run period> Selected Company 1000 Set of Books 9011 Closing Step Period/Year 020 Closing entries <current Period> (for example, 002 for Feb) / <current Year> It is always recommended to do a test run first. Click Start Now and if no errors are displayed, click Close. Click Initiate Activity and then choose Start Update Run. Repeat the above steps. Click Set Status and then choose Finished. Click Set Status and then choose Accepted. Please make sure you execute all necessary financial closing activities. The following example illustrates a monthly financial closing activity list: Closing Cockpit subview Close Accounting Periods for Operational Postings Data Flow Verification/Technical Consistency Check Closing-Relevant Tasks Advance Returns for VAT and VAT Returns or Sales and Use Tax US Adjusting Journal Entries & other necessary manual journal entry posting Foreign Currency Remeasurement for For example, Deferred Income; Recurring journal entry voucher; Revaluation for Receivables Please contact your IT department to confirm Data Verification is executed. To complete tax return, go to Release to Tax Authority. See General Ledger Posting for Adjusting Journal Entries. July 28,

8 Payables, Receivables, and Cash GR/IR Clearing Depreciation Run Overhead Absorption for Overhead Projects / Direct Cost Projects / Service Orders / Production lots. Only execute activities relevant to your scope. WIP Clearing (Work in Process) Inventory Valuation and Valuation Differences Close Accounting Periods for All Postings Check Trial Balance and G/ L Accounts - Line Items Click on Reports. Check reports, e.g. Journal; Schedule of Fixed Assets Check Financial Statements: Balance Sheet and Income Statements, Cash Flow Statement In some countries, legally required statuary reports must be executed VAT or Sales and Use Tax Return What You Should Know At the end of a period, the tax accountant carries out a VAT or Sales and Use Tax return run to generate the tax return for that specific period. This released tax return contains all relevant tax items. For VAT - depending on the country s tax law, the tax return can be sent to the tax authority as a form or as a file. There is no predefined form for sales and use tax reporting, the tax accountant needs to transfer the tax data generated from the tax return run to the tax authority according to the country s practice of submitting tax information. If you have already started the closing activity: Advance Returns for VAT and VAT Returns or Sales and Use Tax Return from the Closing Cockpit, you can skip this step and directly go to the Tax Returns subview and check the details of the created tax return. July 28,

9 FINANCIAL02 (Accountant / Iris Green) Tax Management Periodic Tasks Sales and Use Tax Return Runs Sales and Use Tax Return Runs view Click New Tax Return Run. New Tax Return Run screen Run Description Correction Run Tax ReturnArrangement ID From To Sales and Use Tax Return Run <reporting period> SALESUSETAXRETURN First day of the reporting period Last day of the reporting period Set this indicator only to create an amending tax return that replaces a tax return already submitted. Click Set to Active. Schedule Job screen Schedule Tax Return Run screen Keep the system default <start immediately>. Click Schedule. Click Save and Close. Make a note of the tax return ID:. Click Save and Close. Sales and Use Tax Return Runs view Click on Go or the screen. to refresh Select the tax return you have created before. July 28,

10 Status Finished Click on the Application Log ID link to see the execution details from the tax run Release to Tax Authority FINANCIAL02 (Accountant / Iris Green) Tax Management Tax Returns Sales and Use Tax Returns Tax Returns view / Sales and Use Tax Returns subview Sales and Use Tax Return: <ID> screen Tax Returns view / Sales and Use Tax Returns subview Select the tax return you have created before. Click View. Click the Tax Return tab. To get detailed information select a line item and click on Details. Having checked the details and the amounts calculated by the system, you can execute the report by clicking Release. Show Status All Tax Returns Reported Click on Go or the screen. to refresh Select the report you have released before. July 28,

11 3.1.5 Tax Payment What You Should Know If the tax return generates a tax payable item, the company executes the payment to clear the tax liability. FINANCIAL02 (Accountant / Iris Green) Tax Management Tax Returns Sales and Use Tax Returns Sales and Use Tax Returns subview Show New Tax Payment window Payment Method Reported Tax Returns e.g. Bank Transfer Choose the relevant tax return report you have released before. Click Pay. *Pay is active only if a tax payable item exists. If necessary, you can manually change the payment and posting date for the tax payment. Click Post Approve Tax Payments (Optional) FINANCIAL01 (Chief Financial Officer / Edward Black) Managing My Area Approvals July 28,

12 Work screen Select the item to be approved and click Approve. By clicking on the subject title you get more information about the document to be approved Example: General Ledger Posting for Adjusting Journal Entries During the fiscal year, you make various postings that are relevant for cost accounting. The purpose of these postings is to collect costs. At the end of the period, you have to perform postings to transfer the costs collected to the cost centers that cause those costs. For example costs for marketing material which have been posted to a finance cost center should be corrected to a sales cost center. This can be directly done from the closing activity Adjusting Journal Entries or in the General Ledger work center in the Journal Entries sub-view: FINANCIAL02 (Accountant / Iris Green) General Ledger Journal Entry Vouchers Journal Entries Voucher view New Journal Entry Voucher screen Company 1000 Set of Books 9011 Journal Entry Type Manual Posting Journal Entry Voucher Screen Variant Posting Date G/L Account Debit in Transaction 601 Journal Entry voucher Select a Marketing Expense account Enter an amount Click New Journal Entry Voucher. Click Add Row. July 28,

13 Currency Cost Center Choose a Sales Cost Center Click Add Row. G/L Account Credit in Transaction Currency Select the same Marketing Expense account Enter the same amount Cost Center Choose a Finance Cost Center Click Post Profitability Analysis Profitability is a key indicator of the company s operation result and an important variable in the company s long-term existence. In the Cost and Revenue work center, you can view and analyze profitability. FINANCIAL02 (Accountant / Iris Green) Cost and Revenue Reports List Reports view Click Profit Detail by Contribution Margin Scheme. Profit Type Company 1000 Set of Books 9011 Contribution Margin Scheme 3 Earned Profit ZU12 - US I/S by Function of Expense Click Go to view the report. In the Profit Detail by Contribution Margin Scheme report view, add the characteristic Associated Sales Order to rows by clicking on the box and review the gross profit generated from each sales order. July 28,

14 Sales Order Overview view Left-click one of the associated sales orders, click View Sales Order and view the sales order details. Click More to check the document flow. Click New, and then choose Task to send a task to the relevant employee if necessary. It is very important to analyze profitability. You can add this activity as a manual activity to your closing cockpit. 3.2 Reporting After the accountant has executed financial period-end closing, the financial manager reviews all necessary reports and makes sure the legal requirements are fulfilled correctly and on time. This section covers reports that are relevant to month-end, quarter-end or year-end closing Financial Statement Reports FINANCIAL01 (Chief Financial Officer / Edward Black) General Ledger Reports List Reports view Financial Statement Reporting Structure ZU10 US- Balance Sheet Click Financial Statements. Click Selections Edit. Balance Sheet Type 1 Click Go to view the Financial July 28,

15 Financial Statement Reporting Structure ZU12 US I/S by Function of Expense Statement report. Balance Sheet Type 2 Click Go to view the Financial Statement report. Financial Statement Reporting Structure ZU15 US Cash Flow Statement (Ind. Method) Balance Sheet Type 2 Click Go to view the Financial Statement report. Some countries have specific legal formats for financial statements. If you need to comply to this requirement, open the General Ledger work center. In the Periodic Tasks view, select the Statutory Reports subview and create your statutory reports accordingly Tax Reports FINANCIAL01 (Chief Financial Officer / Edward Black) Tax Management Reports List Reports view Choose the tax reports covered for your country: Click Reported VAT / Sales Tax Items. Reported VAT / Sales Tax Items Click Go to confirm the system selection default, or change the field data according to your individual analytic needs. View the tax details per period. July 28,

16 3.3 Check Financial Postings (optional) What You Should Know Fully integrated and automated financial accounting is one of the key capabilities of the system. Provided that the financial master data has been correctly defined and the required fine tuning settings for account determination have been adjusted, journal entries will be posted automatically. Authorized users can check and monitor these postings any time, for example the completeness and details of the financial postings including the complete document flow. FINANCIAL02 (Accountant / Iris Green) General Ledger Journal Entries Journal Entries view Show list Today s Postings As an alternative, you can choose Last 3 Days Postings or All Postings. Group By list Journal Entry Type Click Go. All different journal entries are listed (for example, Customer Invoice, Goods Issue for Customer, Internal Service Confirmation, Supplier Invoice, Check Deposit). To identify the relevant accounting postings for this scenario, refer to the scenario outline diagram, where the different posting types are mentioned and assigned to the respective process steps. Related Source Document ID Related Source Document Type < source document ID > < source document type > Click Go. Click Advanced to limit your search criteria to the documents you want to check. Click View to see the details of the posting. Select the Document Flow tab to view the complete document history. Click Go. July 28,

17 Click Close. July 28,

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