Sap business-one-month-end-processes


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Recommended practices for closing months in SAP Business One

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Sap business-one-month-end-processes

  1. 1. ® SAP Business One A Single System to Streamline Your Entire Business
  2. 2. LBSi Whistle Stop Tour Regional SAP User Group Meeting 1. Welcome – Introductions 2. Kick-off to SAP Business One User Group is Whistle Stop Tours Virtual lunches to be scheduled every 6 – 8 weeks Whistle Stop Tours to be conducted from noon to 1:00 pm Consist of 45 min to one hour educational presentation Closing with question and answer period of approx. 15 minutes or as time permits Users will get copies of PowerPoint presentation and user feedback document to evaluate the topic and vote on next topics for consideration Feedback from Users will be used to prioritize subjects of interest Next step is User Group meetings at LBSi/customer sites – goal 2010 Let’s get started!
  3. 3. LBSi Whistle Stop Tour It’s time to “turn on the bells & whistles”! LBSI presents the first in a series of virtual lunch presentations to educate SAP Business One users on the latest tips and tricks and “how to’s ” utilizing SAP Business One tools to help you streamline your business. Are you using these features? Or would you like to more about them? These topics and more are being considered for upcoming Tours. • Month End Review Process • Sales Opportunities • Dunning Wizard • Customer Activities • Queries and Alerts • Budgets • Material Planning • Cycle Counting
  4. 4. First stop – Sept. 15th from 12:00 - 1:30 p.m. Topic: Month End Review Process Presented by: Vicki Smith A general overview will be presented to users on review of transactions and reports on a monthly basis to ensure results reported for the financial period are as accurate as possible. Topics: 1. Financial and operational transactions that affect financial reports 2. What the Open Items List screens tell us 3. How to identify Incoming Payments – Not Deposited 4. Review of Monthly Financial Reports 5. Balance Sheet Reconciliation and Control Reports 6. Comparison Reports
  5. 5. Getting started… Best practices establish a regular schedule for the month end processing routine with delegated task assignments and timelines for transaction cut- offs and reporting completion. Alerts can be utilized to remind users of: Delegated task assignments Cut-off dates for transactions
  6. 6. Standard Operational & Financial Transactions These transactions must be performed on a timely basis for accurate financial reporting matching expenses and revenues occurring in the same financial period Operational Transactions: PO Receipts Miscellaneous Goods Receipts or Goods Issues Inventory Transfers Between Warehouses Material Issues for Production Receipts from Production or Report Completion Status update to Closed for completed Production Orders Deliveries (Shipments)
  7. 7. Standard Operational & Financial Transactions Financial Transactions: Customer AR Invoices and Credits Incoming Payments Deposits AP Invoices and Credits AP Payments Re-occurring journal entries Reversing journal entries Payroll journal entries Any needed journal entries or adjustments to account for bank charges, automatic debits/payments, misc. accruals, transfers between cash accounts, etc.
  8. 8. Open Items List Screens detail open transactions at a point in time. Note: These values displayed on the Open Items List are currently not captured in any standard SAP report that offers time stamping; therefore this information must be gathered prior to any transactions being performed in the next financial period. Queries & Alerts can be used to capture this information at a point in time! These Open Items screens should be reviewed: Production Orders Deliveries Returns Goods Receipt PO’s Goods Returns
  9. 9. Incoming Payments – Not Deposited Review any Incoming checks or credit card payments not deposited Run the following reports to review: Check Register Report Credit Card Management Report
  10. 10. Profit & Loss Statement Displays the balance of all profit and loss general ledger (G/L) accounts. …. those in the Revenues, Cost of Sales, Expenses, Financing, and Other Revenues and Expenses drawers. Review of Profit & Loss Statement: Look at trends – compare figures from one financial period to another looking for irregularities in areas such as: Cost of Sales - % of COS compared to Revenues Profit - % of profit compared to Revenues Normal payroll and operating expenses Fixed expenses such as monthly leases, utilities, etc... Extraordinary (exceptional) income or expenses such as the sale of an asset or an acquisition Any significant change in any other account
  11. 11. Balance Sheet Report Displays the value of accumulated assets, liabilities, and equity amounts. …. Note: profit remains a separate line on the balance sheet until the fiscal year is closed and profit is rolled into Retained Earnings (Equity). Review of Balance Sheet Report: Look at trends – compare figures from one financial period to another looking for irregularities in areas such as: Balanced – check that total assets amount equals total liabilities + total equity Inventory – look for any large fluctuations in inventory Fixed Assets – look for any fixed assets purchases in the period Any significant change in any overall value of assets, liabilities, or equity
  12. 12. Balance Sheet Reconciliation Account balances in the Balance Sheet should be reconciled to other system control reports and Open Items List screens. Any differences should be investigated and corrected by completing necessary system transactions, or with journal entries or system reconciliations. Reconcile the following accounts: Accounts Receivable «»Customer Receivables Aging Accounts Payable «» Vendor Liabilities Aging Profit on P & L Statement «» Balance Sheet Inventory Accounts «» Inventory Audit Report Goods Received Not Vouchered «» Open Items List – Goods Receipts PO’s and Goods Returns Work in Process «» Open Items List – Open Production Orders
  13. 13. Trial Balance Report Displays the total activity resulting in the balance of all G/L Accounts (both Balance Sheet and Profit and Loss accounts) and Business Partners for a selected date range. Review the Trial Balance Report for: Look at trends – compare figures from one financial period to another looking for irregularities Check that total of debit side equals total of credit side Look for excessive debit or credits amounts in any specific account. This is done at the lowest account level.
  14. 14. Comparison Reports Use reports to compare results and look for any irregularities or trends One financial period to another One business segment to another One company to another One financial period to another based on CPI (Consumer Price Index) One financial period to another stating in foreign currency
  15. 15. Tour Wrap Up Questions & Answers Schedule for next Stops: (subjects to be determined by users) Tues., Oct. 20, 2009 Tues., Nov. 17, 2009 Tues., Dec. 15, 2009
  16. 16. Summary Thank you for taking time to participate in the first SAP Business One User Group meeting. Please take a few minutes to give us feedback of the meeting and any suggestions for going forward. We are always looking for new clients to work with. And we'd like to find more like you - companies that are engaged, smart, and focused on their future. Can you help us out?