Accounting - General Ledger

The given statement is true. When accessing a General Ledger account, the search functionality can be used to find the account number if it is not known. This feature allows users to easily locate specific accounts within the General Ledger, even if they are not familiar with the exact account number. By using the search functionality, users can save time and effort in finding the desired account.

Intercompany documents in SAP are indeed referred to as cross company documents. This term is used to describe documents that are shared between different entities or subsidiaries within the same organization. These documents are used for various purposes such as intercompany sales, intercompany transfers, and intercompany billing. By using cross company documents, organizations can streamline their internal processes and ensure accurate financial reporting across all entities.

In most document management systems, it is common practice to record the user id, date, and time stamp whenever a document is created or modified. This information helps track the history of changes made to the document, allowing for accountability and version control. By capturing the user id, date, and time stamp, organizations can easily identify who made the changes and when they were made, ensuring transparency and facilitating collaboration. Therefore, the statement is true.

The given statement suggests that SAP is a fully integrated system where all the components such as the general ledger, subsidiary systems, transaction data, and reports can be accessed within a single system. This implies that once all phases of OPUS (presumably a project or implementation) are complete, users will be able to access all the necessary information and functionalities within SAP without the need for separate systems or tools. Therefore, the statement is true.

Cost centers and profit centers can be grouped together to form cost center groups and profit center groups. These groups serve the purpose of organizing and categorizing the centers for reporting purposes. By grouping them together, it becomes easier to analyze and present financial information related to these centers. Therefore, the statement "True" is correct.

The company codes 3000, 4000, and 5000 represent separate legal entities, which means they are distinct entities with their own financial records. Additionally, these entities have a balanced set of books, indicating that their financial statements are in balance and all transactions are properly recorded. Furthermore, they are GAAP compliant, meaning that their financial statements are prepared in accordance with Generally Accepted Accounting Principles. Therefore, the statement is true.

The statement is false because once a journal entry has been posted in SAP and a document number has been assigned, it cannot be deleted. SAP follows strict accounting principles and regulations, and once a transaction has been recorded, it cannot be simply deleted or removed. If there is an error in the dollar amount, a corrective entry or adjustment needs to be made to rectify the mistake, but the original entry cannot be deleted.

The field at the header level that links the two documents together is "Revers. Doc. for".

The correct answer is "Binoculars" because binoculars are commonly used to search for distant objects or details. In the context of SAP, the search functionality is represented by the binoculars icon, indicating that users can use it to search for specific information or data within the SAP system.

The given statement is false because it states that the majority of transactions will post to company code 7766. However, without any further information or context, it is not possible to determine which company code the majority of transactions will actually post to. Therefore, the answer is false.

In SAP, an Asset account (a general ledger account) will begin with the number 1xxxxx. This numbering convention is used to categorize and identify asset accounts within the system.

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In today's terminology, a distribution center is referred to as a "Plant" in SAP.

In SAP, posting keys are used to determine the type of posting that will be made in FI. Each module has its own specific posting keys. In this case, the question is asking about the posting key that will be used for debits in G/L (General Ledger) documents. The correct answer is 40, which means that a debit posting will be made in the G/L account.

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During the transition to SAP, journal entries will be posted to both SAP and the legacy system. FY11 entries will be posted to the legacy system, FY12 entries will be posted to SAP, and FY11 reversing entries with posting dates in FY12 will also be posted to the legacy system. Therefore, all of the options mentioned in the question are correct.

In today's terminology, a department in SAP would be classified as a cost center. A cost center is a specific unit or department within an organization that incurs costs but does not directly generate revenue. It is used to track and allocate expenses within the organization, helping to determine the costs associated with specific departments or functions.

In SAP, an Operating Expense account (a general ledger account) will begin with the number 6xxxxx.

The transaction code FSP0 is used to display the G/L account master record at the chart of account level.

The legacy account number 1100-01 A/R Trade will be mapped to account 121000 within SAP.

In SAP, a Liability account (a general ledger account) will begin with the number 2xxxxx.

H. D. Smith is implementing an SAP enterprise resource planning system for multiple reasons. Firstly, they are preparing to become a public company, which requires them to have efficient and standardized systems in place. Secondly, they aim to improve access to information by implementing an "all in one" solution, which will streamline their operations and enhance data visibility. Lastly, the implementation of the SAP system will also enable them to improve their analysis of profitability, allowing them to make more informed business decisions. Therefore, the correct answer is "All of the above".

Today our divisions and distribution centers in SAP are represented by a combination of a profit center and a plant. This means that each division or distribution center is assigned a specific profit center and a specific plant in the SAP system. The profit center represents the financial aspect of the division or distribution center, while the plant represents the physical location or facility where the operations take place. This combination allows for better tracking and management of the financial and operational aspects of the divisions and distribution centers.

H.D. Smith is using the document parking functionality because the document is incomplete and they need to wait until they receive the necessary information before they can post the document.

The Finance Module (FI) is used for external reporting. This means that it is primarily used to generate financial reports and statements that are intended for external parties such as investors, creditors, and regulatory authorities. These reports provide an overview of the company's financial performance and position, allowing external stakeholders to make informed decisions. Internal reporting, on the other hand, is focused on providing information to management for decision-making and control purposes.

The explanation for the given correct answer is that in the new SAP general ledger account structure, the cost center (department) is not embedded in the six-digit G/L account code. This means that unlike today's legacy G/L account structure, the cost center is not included as part of the account code. Therefore, the statement is false.

The transaction code FB50 is used to create an intercompany document. This transaction allows users to enter a financial document that involves multiple company codes within the same organization. It is commonly used for intercompany transactions such as intercompany sales, intercompany loans, or intercompany transfers.

The document type number received after reversing the document is AB.

The statement is false because once the SAP G/L goes live, data from the legacy G/L will not be automatically transferred to the SAP G/L on a real-time basis. Instead, it will be transferred through a daily batch process.

The correct answer is "All of the above depending on which Division". This means that the legacy department number 40 Admin can be mapped to any of the cost centers 301100, 304100, 400100, or 501100 within SAP, depending on which division it belongs to. The specific cost center will vary depending on the division's requirements or organizational structure.

The legacy account number 2364-50 Accrued Expenses will be mapped to account 217217 within SAP.

The correct answer is 13. The document number for the general ledger journal entry began with the number 13.