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10000 of your chart of accounts fico transactions

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Unformatted text preview: chart of accounts. FI/CO Transactions EXERCISE FI/CO13: POST OUTGOING PAYMENT – The invoice of Widgets & Things (created in the Procurement Logistics exercises) is due for payment now. You are requested to clear the invoice amount by posting an outgoing payment using the bank account (no. 10000_ _ _) of your chart of accounts. EXERCISE FI/CO14: RECEIVE PAYMENT FROM EXERCISE CUSTOMER CUSTOMER – A sale to a Crosby Trinkets was processed and billed in the Sales Logistics system. That customer has now received the invoice and sends you payment. The payment will be posted to his G/L account. FI/CO Transactions EXERCISE FI/CO15: CREATE DISTRIBUTION CYCLE – Distribution accomplishes the charging of primary costs from a collection cost center to all of the cost centers that benefit from the incurrence of that primary cost. Periodically, usually at the end of the month, the primary cost element will be allocated (charged) to the receiving cost objects. The distribution process distributes the balance(s) from the original sender(s) to the receivers. The original sender account is credited and the original receiver account is debited by the distribution. In this manner the distributed primary cost retains its identity in the receiving cost object’s expense list. EXERCISE FI/CO16: REVIEW ACTUAL LINE ITEM REPORT – This exercise allows you to see how the rent expense cost element has been distributed to the various receiving cost objects using the statistical key figure set up as the basis for the distribution. FI/CO Transactions EXERCISE FI/CO17: CREATE ASSESSMENT CYCLE – With assessment both primary and secondary postings can be allocated. You can define cost allocation by assessment if the composition of costs is not important for the receiver – for example, receiver cost centers rarely require detailed breakdowns of cafeteria costs. In our case, certain charges from the local utility company are known to be exclusively attributable to the Manufacturing cost centers. Therefore, once a month the utility charges are assessed from the Administration cost center to the Manufacturing cost centers. EXERCISE FI/CO18: REVIEW ACTUAL LINE ITEM EXERCISE REPORT REPORT – Review how the utility expenses have moved from cost center to cost center as assessed costs with no indication as to coming from the utilities cost element 750000....
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