The aim to post the values of receivable and payable to reconciliation accounts: To prepare Financial Statements quickly To maintain detailed accounts of receivable and payable. The Reconciliation account field exists in: General Data field of master record Company code segment of master record. Special GL transactions are displayed separately in general ledger and sub ledgers True False. If sub ledger account assignments are made using Special GL indicator, then they are posted to alternative reconciliation accounts and do not show separate transactions. True False. Tick the special GL transactions: Payment to vendors bills of exchange down payment request Guarantee of payment individual value adjustments. The SAP application provides preconfigured programs and screens for administration of down payment and down payment requests. Correct False. The processing of down payment is not configured with dunning and payment programs. True False. In SAP you can use bills of exchange to deal with country specific particularities. True False. Special GL classes are included: Down payments Bills of exchange individual value adjustments dunning of receivable guarantee of payment. There are three special GL types: Automatic offsetting entries(statistical) Noted items Adjusting entries Free offsetting entries Provision of bad debts. Posting of Guarantee of payment is example of? Noted item Statistical entry. Down payment request is example of? Noted item Free offsetting entries. Bank posting of a received down payment is example of? Noted item Free offsetting entry Automatic offsetting entry. Statistical items are shown as: part of financial statements notes of financial statements. Noted items are used to remind respective department for payments and not intended to display in general ledger. False True. Free offsetting entries are the part of financial statements. True False. Automated offsetting entries are always made to same offsetting account. True False. What is true for Noted items? Update only one line item SAP system does not make offsetting entry Zero balance is not checked These are informational character Payment program and dunning program can access it. Free offsetting entries create appropriate postings in general ledger and are part of financial statements. True False. Procedure for making down payments involved? Down payment is requested Down payments is received Customer is invoiced Down payment is posted and cleared with invoice Payments are cleared. The individual value adjustments are entered with out tax. False True. You can use special posting keys and special GL indicators to post special GL transsactions. True false. Special posting keys for customers are 09 / 19 29 / 29. Special posting keys for customers are? 09 29 19 39. Special posting keys for vendors are? 19 29 09 39. Special GL transactions have been defined as reconciliation accounts for ? D account type K account type S account type. Line item display is normally active in special GL accounts for? Customers Vendors Material. Special GL TRANSACTIONS are the part of scope of delivery of the standard SAP system True False. The characteristics of each special GL indicator are defined under Properties. True False. The characteristics of each special GL indicator are defined under Properties with connection to account type? True False. Following are the properties of special GL indicators: Noted items Relevance of credit limit check Warning against commitments Target special GL indicator Secial GL transaction class posting key. Alternative special GL account is selected when special GL indicators are used and it is saved separately in account determination for each chat of account. True false. Creation of purchase order is carried in exclusively? MM FI controlling. Goods receipt debited the Material stock/consumption and credited the GR/IR in FI. True False. Invoice receipt is posted in MM which debited the GR/IR and credited the vendor in FI. True False. Accounting procedure involved when down payment is made in purchasing? Posting of purchase order with down payment information Down payment is posted using ME2DP. Goods are received and posted Receiving and posting of invoice. Sale order is posted in SD and FI. True False. Shipping of goods create document in SD and in FI sold goods is debited and goods/stock is credited. True False. Billing document is created in FI SD. The down payment request (sales) is automatically posted in FI as noted item using special GL indicator F. True False.
