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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
– 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
– 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
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- Spring '14
- Balance Sheet