Accounts receivables and Payables are subsidiary ledgers or sub ledgers in Accounting. They are sub ledgers cause they post to the General Ledger Accounts through reconciliation Accounts. The Reconciliation Account mentioned in the Master Data of the Customers/Vendors allows them to post to the GL Accounts and keeps the Financials up-to-date. The basic process in an Accounts Receivables and Payables would be a Sales cycle and a Purchase cycle. Accounts Receivables application records and administers accounting data of all the customers while the Accounts receivables does for Vendors. In Accounts Receivables the system provides functionalities supporting processes like down payment, invoicing, Bill of exchange etc. In Accounts Payables the system provided functionalities supporting Deliveries, Invoices, Payments etc. The Payment Program also makes It easier to post entries against bulk invoices and clearing the open invoices much faster then individual payment.
Let us study some postings which are made in Account Receivables and the sales cycle impacting the sub ledgers and eventually updating the General Ledgers.
- Post an AR Invoice in FI.
- Post an AR invoice through SD route.
- Send Dunning Notices.
- Post a Debit Memo.
- Post Payments (Manual).
Accounts receivables menu
FB70 Enter a Customer Invoice
Customer Invoice is posted as below add the necessary data in the fields and post the entry the system then gives a document number to the posting. SAP FI posting follow the accounting principles like Debit and credit amounts to be matched. Also other details are to be entered posting dates to be entered, expense GL accounts to be entered, Cost Object to be entered for FI-CO integration.
Once all the necessary criteria are satisfied the system allows posting the entry.
VF01 Billing Invoice
For Posting a billing invoice through the SD routea full SD cycle is created
Sale Order – Deliver – PGI – Billing (Invoice).
This Billing Invoice posts entry in FI generating an FI Accounting postings in FI Module.
Send Dunning Notices
Dunning is a process in itself there are various configuration required to activate the dunning process in the system. Through this functionality the user can derive benefits of an automation payment reminder by only running the dunning program and the system automatically checks the due items and throws a reminder as per the maintained criteria.
Post a Credit Memo
The posting of a credit memo is similar to an invoice.
Post Payments
To Post payments a bank account needs to be entered with the receivable amount, enter the customer from whom the payment is to be received, select the open invoices, match the credit and debit totals and post the entry.
Let us study some postings, which are carried out in Accounts Payables and the Purchasing Cycle.
- Post an AP Invoice in FI.
- Post an AP invoice through MM route.
- Post a Credit Memo.
- Post Payments.
Accounts Payables menu
Post an AP invoice in FI:
Accounts Payable or Vendor Invoice is entered in the same way as Customer Invoice.
MIRO - Post an AP invoice through MM route.
Likewise for a posting from MM module the MIRO (transaction code) requires a Purchasing Document Number to post the Invoice. To post the Invoice the below steps need to be completed in the system.
Purchase document – Goods Receipt (GRN) – Invoice
Post a Credit Memo.
Credit memo posting are also similar to an Invoicing document.
Post Payments.
To Post payments a bank account needs to be entered with the payable amount, enter the vendor to whom the payment is to be made, select the open invoices, match the credit and debit totals and post the entry
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