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Name(s): Course & Selection: Identifier: Client:

Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011

Introduction
General Notes and Information
It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information as described below: An arrow highlights an important instruction that must not be overlooked. A text box prompts you to type-in an important piece of information. Each student or group will be assigned a unique three digit identifier. This identifier is used in all exercises to uniquely identify your data. Whenever you see ### in these exercises, replace it with your identifier. Always work with your data.

Business Process Overview
The financial accounting process allows GBI to pay vendors for services or materials acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. This exercise is about paying off liabilities within the accounting statements.

Chapter 04

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Exercise 04-02 Exercise Prerequisites Chapter 04: ProcurementFinancial Accounting Master Data-SCC Exercise 3-1 Process Exercise 04-02: Basic Procurement Process Exercise Single Company Code Workflow
Invest in GBI View Account Balances Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent

Exercise Deliverables
Deliverables are consolidated into one answer sheet at the end of this exercise. For this exercise you will need the following deliverables.

In the System:
 Journal Entries

On Paper:
 Document numbers for each step.  Answers to the Questions
You may be assigned additional deliverables. Be sure to check with your instructor!

Page 2 of 17
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Chapter 04

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Exercise 04-02

Step 1: Invest in GBI
Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process View Account Invest Balances Single Company Code in GBI
Purchase Supplies for Cash Purchase Supplies Via Payables - Misc. Pay Rent

In this step, an outside investor invests $60,000 in GBI. You must record this transaction in GBI’s books within SAP. You will credit $60,000 to GBI’s common stock (shareholder equity) account and debit the same amount from GBI’s bank account.

Step 1.1:

Navigate to the transaction to enter in general ledger accounts:

Navigation
Accounting  Financial Accounting  General Ledger  Posting  Enter G/L Account Document
Q1:
What is the transaction code to post a journal entry: ---------------------------You may be required to enter in your Company Code: US00.

Step 1.2:

In the “Enter G/L Account Document: Company Code US00” screen enter the following information:
Data Entry Today’s Date Today’s Date

Field Name Document Date Posting Date

In order to search for your Elbow Pads, click on the search box next to the text field. In the search window, enter *### in the Material field. This will bring up all of your materials.

Step 1.3:
Field Name G/L acct D/C

At the bottom of the screen, enter the following information:
Data Entry (Line 1) Bank Account Debit 60,000 Data Entry (Line 2) Common Stock Credit 60,000

Amount in doc.curr.

Page 3 of 17
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Exercise 04-02
(ENTER) Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process Single Company Code(SAVE)

Q2: Q3:

What is the resulting document number: ----------------------------------------What type of document is this: ----------------------------------------------------

Exercise Deliverables In the System:
 Completion of general journal entry, investment in GBI

On Paper:
 Answers to the Questions  The table with data for your materials

Page 4 of 17
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Exercise 04-02

Step 2: View Account Balances
Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process View Account Invest Single Company Code in GBI Balances
Step 2.1:
Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent

Navigate to the transaction to view account balances:

Navigation
Accounting  Financial Accounting  General Ledger  Master Records  G/L Accounts  Individual Processing  Centrally
Q4: Step 2.2:
What is the transaction code to view account balances:------------------------------------

In the “G/L Account Balance Display” screen, enter the following:

To search for the Bank G/L Account Number, click on the icon next to the account number field or press F4. Be sure to specify GL00 in the Chart of Accounts field. This search will show all of the G/L accounts.

Field Name Account Number Company Code Fiscal Year Select (EXECUTE)

Data Entry G/L Account Number for Bank Account US00 2011

Q5: Q6: Q7: Step 2.3:

What is the G/L account number for the Bank Account: -------------------------------------What is the document currency: --------------------------------------------------------------What are the current debit balance for the Bank Account: -----------------------------------

To view specific transactions for the Bank Account, double-click on the Total Cum. Balance (lowest right field). This will bring you to the "G/L Account Line Item Display G/L View” screen, which lists all of the transactions for the selected month. The “DocumentNo” column breaks down the changes in the Bank Account by separate transactions.

Page 5 of 17
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Exercise 04-02
Step 2.4: Within the “DocumentNo” column, search for document number in Step 1. Select

Chapter 04: Procurement Process the check box on the left of the document number, and click the (DISPLAY) Exercise 04-02: Basic Procurement Processdetails. icon for more Single Company Code Step 2.5: In the “Display Document: Line Item 001” screen, click on the Document Overview icon to view the journal entries. Two fields to the left of the account number is the posting key field. The posting key describes the type of transaction (expense, credit memo, stock initial entry, etc.) that is entered in a line item.
The Document Overview will bring up the “Display Document: Data Entry View” screen. This page will display the accounts used by the document from step 1 and indicate how they are affected by this transaction.

Q8: Q9: Q10: Q11:

How many accounts are being affected within this transaction: -----------------------------Which account is being debited: --------------------------------------------------------------Which account is being credited: -------------------------------------------------------------Which period did this transaction take place in: -----------------------------------------------

Exercise Deliverables In the System:
 None

On the answer sheet:
 Answers to the Questions

Page 6 of 17
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Chapter 04

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Exercise 04-02

Step 3: Purchase Assets & Supplies
Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process Purchase Invest in GBI Supplies for Single Company Code Cash
Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent

In this step GBI will purchase supplies with cash. Because it is a cash transaction, GBI will not assume a liability.

Step 3.1:

Navigate to the transaction to purchase assets and supplies:

Navigation
Accounting  Financial Accounting  General Ledger  Posting  Enter G/L Account Document
Q12: Step 3.2:
What is the transaction code to purchase assets: -------------------------------------

Purchase Office Supplies with Cash: In the “Enter G/L Account Document: Company Code US00” screen, enter the following:

Field Name Document Date Posting Date

Data Entry The 20 of the current month and year The 20 of the current month and year th th

At the bottom of the screen enter the following information: Field Name G/L acct D/C Amount in doc.curr. Cost Center Field (scroll to the right) Data Entry (Line 1) Supplies Expense Debit 500 NAAD1000 Data Entry (Line 2) Bank Account Credit 500 (leave blank)

(ENTER) and

(SAVE)

Page 7 of 17
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Exercise 04-02
A warning (YELLOW) message may occur concerning a future date. If this occurs, then click Chapter 04: Procurement Process on Enter to continue. Keep Exercise 04-02: Basic Procurement Process this in mind for Step 3 through Step 5. Single Company Code What was your document number for the purchase of Supplies: ------------------------Q13: Refer to a previous exercise for instructions on how to review account balances. Review the supplies account and bank account to answer the following questions.

Q14: Q15: Q16: Q17:

What is the G/L account number for Supplies Expense: --------------------------------What is the G/L account number for Bank Account: -------------------------------------What is the posting key for Supplies Expense: -----------------------------------------What is the posting key for Bank Account: -------------------------------------------

Exercise Deliverables In the System:
 Completion of general journal entry to purchase supplies

On Paper:
 Answers to the Questions

Page 8 of 17
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Chapter 04

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Exercise 04-02

Step 4: Purchase Supplies via Payable-Miscellaneous
Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process View Account Invest Single Company Code in GBI Balances
Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent

In this step GBI will purchase supplies via payables-miscellaneous and then pay for them at a later date from its bank account. This is a two-step process, (1) receive the supplies and (2) pay for them later.

Step 4.1:

Navigate to the transaction to purchase using payables:

Navigation
Accounting  Financial Accounting  General Ledger  Posting  Enter G/L Account Document
Q18: Step 4.2:
What is the transaction code to enter a G/L account document: -------------------------

Purchase Office Supplies on Account In the “Enter G/L Account Document: Company Code US00” screen, enter the following information:

Field Name Document Date Posting Date

Data Entry The 10 of the current month and year The 10 of the current month and year th th

At the bottom of the screen enter the following information: Field Name G/L acct D/C Amount in doc.curr. Cost Center Field (scroll to the right) Data Entry (Line 1) Supplies Expense Debit 500 NAAD1000 Data Entry (Line 2) Payable-Miscellaneous Credit 500

Page 9 of 17
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Exercise 04-02 Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process Q19: What was your document number for purchase of Supplies on account: -------------------Single Company Code
Refer back to the instructions for viewing account balances. Review the supplies expense and miscellaneous payable account to answer the following questions. (ENTER) and (SAVE)

Q20: Q21: Q22: Q23: Q24: Step 4.3:

What is the G/L account number for Supplies Expense: ----------------------------------What is the G/L account number for Payable-Miscellaneous: -------------------------What is the posting key for Supplies Expense: --------------------------------------What is the posting key for Payable-Miscellaneous: -----------------------------------What period did this transaction take place in: ---------------------------------------

Purchase Office Supplies Five Days after Purchase In the “Enter G/L Account Document: Company Code US00” screen, enter the following information:

Field Name Document Date Posting Date

Data Entry The 15 of the current month and year The 15 of the current month and year th th

At the bottom of the screen enter the following information: Field Name G/L acct D/C Amount in doc.curr. Data Entry (Line 1) Payable-Miscellaneous Debit 500 Data Entry (Line 2) Bank Account Credit 500

Page 10 of 17
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Chapter 04

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Exercise 04-02 Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process Q25: What was your document number for the payment of the payable: ------------------------Single Company Code (Will Vary)
Using the instructions for viewing account balances, review the supplies expense and miscellaneous payable accounts to answer the following questions. (ENTER) and (SAVE)

Q26: Q27: Q28:

What is the posting key for Bank Account: -------------------------------------------What is the posting key for Payable-Miscellaneous: ----------------------------------What period did this transaction take place in: ---------------------------------------

Exercise Deliverables In the System:
 Completion of general journal entries to acquire assets and consumables.

On Paper:
 Answers to the Questions

Page 11 of 17
For use with Magal / Word: Integrated Business Process with ERP; Copyright ©2011 John Wiley and Sons Publishers, Inc.

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Exercise 04-02

Step 5: Pay for Rent
Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process View Account Invest Single Company Code in GBI Balances
Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent

In this step GBI will pay the rent on its building for the current month and prepay the rent for the following two months. You must record this transaction in GBI’s books within SAP. GBI pays $5,000 per month, so you need to pay a total of $15,000 from GBI’s cash account. You must debit the current month’s rent from the rent expense account and assign it to the cost center for administrative costs. You must then debit the payment for the next two months from the prepaid expense account. The second part of this exercise step simulates the journal entry that will be made the following month when GBI’s rent payment is due. Because the Bank has already received the payment, the journal entry records the reduction in the prepaid expenses rather than as another cash payment.

Step 5.1:

Navigate to the transaction to prepay rent:

Navigation
Accounting  Financial Accounting  General Ledger  Posting  Enter G/L Account Document
Q29:
What is the transaction code to is used to pay the rent: -----------------------------

Step 5.2: Pay the rent on the Building
In the “Enter G/L Account Document: Company Code US00” screen, enter the following information: Field Name Document Date Posting Date Data Entry The last day of the CURRENT month The last day of the CURRENT month

At the bottom of the screen enter the following information: Field Name G/L acct Data Entry (Line 1) Prepaid Rent Data Entry (Line 2) Rent Expense Data Entry (Line 3) Bank Account

Page 12 of 17
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Exercise 04-02 Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process Amount in 10,000 doc.curr. Single Company Code
Cost Center Field (Leave Blank) D/C Debit Debit 5,000 Credit 15,000

NAAD1000

(Leave Blank)

Click (ENTER) and click (ENTER) again to get through the warning messages about the date being in the future. If no warning messages appear, then simply continue.

(SAVE) Q30: What was your document number for expensing next month’s rent: ------------------------

Refer to a previous exercise for instructions on how to check account balances. Review the miscellaneous and bank accounts to answer the following questions.

Q31: Q32:

What is the G/L account number for Prepaid Rent: ---------------------------------What is the G/L account number for Rent Expense: ---------------------------------

Step 5.3: Pay Rent from the Prepaid Rent Account
In the “Enter G/L Account Document: Company Code CC00” screen enter the following information: Field Name Document Date Posting Date Data Entry The last day of the NEXT month The last day of the NEXT month

At the bottom of the screen, enter the following information: Field Name G/L acct D/C Amount in Data Entry (Line 1) Rent Expense Debit 5,000 Data Entry (Line 2) Prepaid Rent Credit 5,000

Page 13 of 17
For use with Magal / Word: Integrated Business Process with ERP; Copyright ©2011 John Wiley and Sons Publishers, Inc.

Chapter 04

Save Reset Print Chapter 03: Financial Accounting Exercise 03-02

Exercise 04-02 Chapter 04: Procurement Process Exercise 04-02: Basic Procurement Process Cost Center NAAD1000 Field Single Company Code
(Scroll to the right) doc.curr.

(Leave Blank)

(ENTER) and hit (SAVE)
Q33:

(ENTER) again to get through the warning message

What was your document number for expensing next month’s rent: ------------------

Exercise Deliverables In the System:
 Completion of general journal entry to pay the rent.

On Paper:
 Answers to the Questions

Page 14 of 17
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Chapter 04

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Exercise 04-02 Chapter 04: Procurement Process Attachment 1: Exercise Answer Sheet Exercise 04-02: Basic Procurement Process Name(s): Single Company Code-------------------Course & Selection: ------Identifier: -----------------Client: ----------------------

Page 15 of 17
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Exercise 04-02
Q1:
What is the transaction code to post a journal entry: ----------------------------------------

Chapter 04: Procurement Process Q2: What is the resulting document number: ----------------------------------------------------Exercise 04-02: Basic Procurement Process Single Company Code
Q3: Q4: Q5: Q6: Q7: Q8: Q9: Q10: Q11: Q12: Q13: Q14: Q15: Q16: Q17: Q18: Q19: Q20: Q21: Q22: Q23:
What type of document is this::------------------------------------------------------- -----What is the transaction code to view account balances: -------------------------------------What is the G/L account number for the Bank Account: -------------------------------------What is the document currency: --------------------------------------------------------------What is the current debit balance for the Bank Account: ------------------------------------How many accounts are being affected within this transaction: -----------------------------Which account is being debited: ------------------------------------------------------------Which account is being credited: -------------------------------------------------------Which period did this transaction take place in: ---------------------------------------What is the transaction code to purchase assets: --------------------------------------What was your document number for the purchase of Supplies: ---------------------What is the G/L account number for Supplies Expense: -------------------------------What is the G/L account number for Bank Account: -----------------------------------What is the posting key for Supplies Expense: -----------------------------------------What is the posting key for Bank Account: --------------------------------------------What is the transaction code to enter a G/L account document: ---------------------What was your document number for purchase of Supplies on account: ------------What is the G/L account number for Supplies Expense: -------------------------------What is the G/L account number for Payable-Miscellaneous: -------------------------What is the posting key for Supplies Expense: -----------------------------------------What is the posting key for Payable-Miscellaneous: ------------------------------------

Page 16 of 17
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Exercise 04-02
Q24:
What period did this transaction take place in: ------------------------------------------------

Chapter 04: Procurement Process Q25: What was your document number for the payment of the payable: ------------------------Exercise 04-02: Basic Procurement Process Single Company Code
Q26: Q27: Q28: Q29: Q30: Q31: Q32: Q33:
What is the posting key for Payable-Miscellaneous: -----------------------------------What period did this transaction take place in: -----------------------------------------

What is the posting key for Bank Account: ----------------------------------------------------

What is the transaction code is used to pay the rent: ----------------------------------------What was your document number for the rent payment: ------------------------------------What is the G/L account number for Prepaid Rent: ------------------------------------------What is the G/L account number for Rent Expense: ------------------------------------------What was your document number for expensing next month’s rent: ----------------------

Page 17 of 17
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