reading_sample_sappress_1815_Configuring_SAP_S4HANA_Finance.pdf - First-hand knowledge Browse the Book This sample chapter introduces the new data model

Reading_sample_sappress_1815_Configuring_SAP_S4HANA_Finance.pdf

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Browse the Book This sample chapter introduces the new data model in SAP S/4HANA and how it improves financial processes and reporting. It describes con- figuring global finance settings in SAP S/4HANA, such as organizational structure, ledgers, document types, currencies, and taxes. Stoil Jotev Configuring SAP S/4HANA Finance 756 Pages, 2019, $89.95 ISBN 978-1-4932-1815-8 First-hand knowledge. “Financial Accounting Global Settings” Contents Index The Authors
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73 3 Chapter 3 Financial Accounting Global Settings This chapter introduces the new data model in SAP S/4HANA and how it improves financial processes and reporting. It describes config- uring global finance settings in SAP S/4HANA, such as organizational structure, ledgers, document types, and other settings. After completing the requirements gathering phase of the project, which produces signed-off business requirements definition documents, it’s time to start configuring SAP S/4HANA Finance. The configuration process starts with configuring the finan- cial accounting global settings, which provide the organizational structure and basic configuration elements such as ledgers, document types, currencies, and tax codes. As briefly discussed in the introduction, SAP S/4HANA offers a new simplified data model, which greatly increases the speed and performance of the finance processes. It’s of paramount importance to understand this new data model, the real-time integra- tion of financial accounting and controlling, and how the new Universal Journal func- tions. So we’ll start with detailed explanations of the new data model in SAP S/4HANA Finance. 3.1 The New Finance Data Model in SAP S/4HANA SAP is a highly integrated system, which manages data from various areas of the busi- ness, such as accounting, sales, purchasing, production, and so on. This integration comes with a certain degree of complexity, which results in the data being stored in many different tables, and sometimes even for experienced consultants it’s a chal- lenge to pick the best way to find and retrieve the relevant data. In the area of finance, traditionally financial accounting and controlling (management accounting) were separate applications in SAP, which was a design mainly driven from traditions in the German-language world. However, in today’s globalized world there is a strong case for integration of processes and applications and simplification
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3 Financial Accounting Global Settings 74 of systems. SAP’s answer to and excellent solution for this is the SAP S/4HANA Finance solution, which provides full integration of the financial accounting and con- trolling applications, both from a process point of view and a database point of view. We will discuss in detail the two key elements of the new finance data model in SAP S/4HANA: the Universal Journal and the real-time integration between financial accounting and controlling.
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