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Flya Kite FI CO

Also a utilities expense account is to be created

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Unformatted text preview: d. Using a reference account copies much of the detail data from the reference account to the account being created thus saving time making repetitive entries. FI/CO Transactions EXERCISE FI/CO04: CREATE GENERAL LEDGER EXERCISE P&L ACCOUNTS P&L – To process billing we will need Profit & Loss Statement accounts for Sales Revenue and Sales Discounts EXERCISE FI/CO05: RUN GL ACCOUNTS REPORT This report will give you a summary of all accounts assigned to your company code. EXERCISE FI/CO06: CREATE PRIMARY COST EXERCISE ELEMENTS ELEMENTS – Primary cost elements: are costs that arise through the consumption of goods and services that originate from outside the company. They represent the link between FI and CO. This exercise creates the linkage between FI cost elements (GL accounts in FI) and the cost element categories to which they will link in CO. FI/CO Transactions EXERCISE FI/CO07: CREATE VENDOR EXERCISE MASTER RECORD MASTER – Flya Kite has rented new office space. The accountant in charge is requested to create a new vendor account for the real estate company. EXERCISE FI/CO08: G/L DOCUMENT ENTRY – You receive the utility bill for the month for the plant and it must be paid immediately. The bill is for $1,000. The expense must be recorded in the General Ledger. It will be initially charged to the Administration cost center and charged out to manufacturing cost centers later. EXERCISE FI/CO09: DISPLAY ACCOUNT EXERCISE BALANCES (OR LINE ITEMS) BALANCES FI/CO Transactions EXERCISE FI/CO10: POST VENDOR INVOICE – Ross’ Rockin Rentals has sent the invoice for the first month’s rent of $350. Please post the invoice using the accounts you have created in your Company code. EXERCISE FI/CO11: DISPLAY ACCOUNT EXERCISE BALANCES (AND/OR LINE ITEMS) BALANCES EXERCISE FI/CO12: POST OUTGOING EXERCISE PAYMENT PAYMENT – The invoice of Ross’ Rockin Rentals 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...
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