Exercise 03-02 Basic Financial Accounting Process MCC V2-0

Exercise 03-02 Basic Financial Accounting Process MCC V2-0...

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Unformatted text preview: Chapter 03: Financial Accounting Exercise 03-02: Accounting Transactions Multiple Company Codes Rev: 01/17/2011 General Notes and Information I t 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 pencil prompts you to write down an important piece of information. Each student or group will be assigned a unique two-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 Introduction Chapter 03, Exercise 03-02, Revised: 1/17/2011 Page 2 of 26 acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. The exercise is about paying off liabilities within the accounting statements. Exercise Prerequisites Exercise 3-1 MCC Financial Accounting Master Data 2 Chapter 03, Exercise 03-02, Revised: 1/17/2011 Page 3 of 26 Exercise Workflow Exercise Deliverables Deliverables are consolidated into one worksheet at the end of this exercise. For this exercise you will need the following deliverables. In the System: Journal Ent ries On Paper Document numbers for each step. Answers to the Questions You may be assigned additional deliverables. Be sure to check with your instructor! In this step, an outside investor invests $60,000 into GBI. You must record this transaction in GBIs books within SAP. You will credit $60,000 to GBIs common stock (shareholder equity) account and debit the same amount to GBIs 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 3 Step 1: Invest in Global Bicycles Inc. Chapter 03, Exercise 03-02, Revised: 1/17/2011 Page 4 of 26 Q1: What is the transaction code to post a journal entry: You may be required to enter in your Company Code: US## If you are not asked to enter in your Company Code, go to the very top of the screen and select Edit Change Company Code. Step 1.2: I n the Enter G/L Account Document: Company Code US## screen, enter the following information: Field Name Data Entry Document Date Todays Date Posting Date Todays Date 4 Chapter 03, Exercise 03-02, Revised: 1/17/2011 Page 5 of 26 Step 1.3: At the bottom of the screen, enter the following information: Field Name Data Entry (Line 1) Data Entry (Line 2) G/L acct Code for Bank Account Code for Common Stock D/C Debit Credit Amount in doc.curr....
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This note was uploaded on 04/05/2011 for the course MGT 351 taught by Professor Smith,w during the Winter '08 term at Grand Valley State University.

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Exercise 03-02 Basic Financial Accounting Process MCC V2-0...

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