Vendor Account
There is a separate account in the sub-ledger for each
vendor
that all amounts concerning this vendor are posted to. Making a posting
to the vendor account is not the same as making a payment; payment is only
made when the Financial Accounting department posts the vendor's payment
to a bank account.
Stock Account
In the ERP system, there is no separate account for each material. Instead, different materials with similar features are grouped together in a common account (for example, raw materials: acids). The account relevant for a material is defined in the material master record when a material is created.
The system only posts to the stock account when a price
difference occurs for an invoice.
GR/IR Clearing Accounts
The GR/IR
clearing account is an intermediate account between the stock account and
the vendor account. At goods receipt, the net invoice amount expected is
posted to the stock account. The offsetting entry is posted to the GR/IR
clearing account. This posting is then cleared by an offsetting entry on
the vendor account at invoice receipt.
Tax Accounts
The system makes postings to special tax accounts when
invoices include tax.
Price Differences Accounts
Price differences have to be posted to a price differences
account if price differences have occurred in an invoice and when invoices
are posted net and no posting can be made to the stock account.
Cash Discount Clearing Account
When you post an invoice net, the cash discount amount
is taken into account in the invoice, it reduces the value of the items;
the offsetting posting is made to the cash discount clearing account, which
is then cleared when payment is made.
Freight Clearing Account
The stock account is debited with the planned delivery costs at goods receipt and the system makes the offsetting posting to a freight clearing account. This posting is then cleared by an offsetting entry to the vendor account at invoice receipt.
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Review Question:
Which of the following steps does not have any effect in FI?
a) Purchase Order Requisition
b) Purchase Order
c) Goods receipt
d) Invoice Verification
e) Payment
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Answer
a, b (First two steps does not affect FI and it does not post any documents)
