Financial Accounting Basics in SAP Business One
- „ There is a debit to the customer account for the total price of the sale
- „ There is a credit to the tax account for sales tax and a credit to the revenue account for the sales price (excluding tax)
„The Account Balance
The transaction summary or the balance of a certain G/L account or business partner is the initial information the accounting system can provide about the business. With every journal entry transaction, a certain account increases and another decreases in value. The result is the recording of balancing debit side and credit side postings.
The effect on the account balance would be:
- Assets, Expenses, and Drawings accounts are generally in debit
- Liability, Revenue, and Capital (Equity) accounts are generally in credit
The control accounts are the links between the Business Partner’s sub-ledger and general ledger. They are the Accounts Receivable (A/R) for the Sales process and Accounts Payable (A/P) for the Purchasing procedures.
Chart of Accounts
The Chart of Accounts presents the complete financial status of the company. It reflects the accumulation of the customers’ and vendors’ transactions in their balances within the receivable and payable control accounts.
How The Software System Knows the Values
The Business Partner Master Data balances are represented in the chart of accounts in the receivable and payable control accounts that accumulate the customer and vendor transactions in their balances. In an A/R Invoice the system “˜knows’ the value to be credited and debited in the automatic journal entry using the default price list as defined in the customer master record and the item price in this price list. In a Delivery the system “˜knows’ the value to be credited and debited in the automatic journal entry using the item cost value that is calculated automatically, behind the scenes, according to the valuation method chosen for the item.
„Why is SAP Business One an Amazing Enterprise Resource Planning (ERP) Business Management Software System for The Manufacturing and Wholesale Distribution Industries?
SAP Business One SAP’s best selling ERP system. It is the fastest selling ERP solution on the market for these reasons:
1. It is simple to use. Please see the SAP Business One iTour
2. It is affordable. Professional (super) users approx. $3,000. Limited (financial, logistics, CRM) users approx. $1,500
3. Built by the world leaders in ERP, SAP, on the latest software and technology platform. Can be run on iPads and iPhones
SAP Business One is a fully integrated business management system which includes functionality around financials, sales, purchasing, distribution, HR and customer relationship management (CRM). In short, all the functionality you expect from a larger enterprise system, but substantially less to purchase and much faster to implement ““ a low risk option for your growing manufacturing, wholesale distribution or online retail business.
SAP’s best selling ERP for small and midsize businesses (SMB and SME) can be installed and run on your on-premise server or in a cloud. The database options are MS SQL and SAP HANA (for querying data at lightning fast speeds). MS SQL is a traditional database. SAP HANA is an in memory database.
As a singular data system, right “out of the box” the software offers completely integrated:
- Sales Opportunity Management
- Order Entry
- Accounts Receivable
- Accounts Payable
- Customer Relationship Management (CRM)
- Business Partner (Customer/Vendor) Management
- Production Entry
- Material Requirements Planning (MRP)
- Service Management
- HR Management
- Crystal Reports Reporting Engine
- Dashboard and Analytics Displays
If you are researching enterprise resource planning business management software systems, and would like more information about the fastest selling ERP program on the market, Cornerstone Consulting specializes in:
- SAP Business One
- SAP HANA in memory database
- Electronic and Mobile Commerce
- Enterprise Mobility
- Bar codes and Scanning
- Business Intelligence (BI)
- Business Analytics
- Cloud Computing
- Custom Programming
- Web Development
See SAP Business One to Believe it!
With integrated accounting, CRM, inventory management, and warehouse management, your business can maximize performance. Call us today to schedule your web demonstration of this amazing ERP software system.
SAP Business One Free 30 Day Software Trial | No Cost or Obligation
You can try this business management software at no cost or obligation now. Please call Cornerstone Consulting at 813-321-1300 for your 30 Day Free Trial of SAP Business One.
SAP Business One Consulting
Want your growing small or medium business enterprise (SMB and SME) to run better? SAP Business One is designed to make workflow more efficient through out your entire enterprise. We can help you streamline warehouse inventory management with the use of mobile solutions, out-maneuver competitors, improve interactions with each customer, have better solutions for finding new customers, and transform your business with the latest in technology. Looking forward to helping you and your business get to the next level. For immediate answers to questions about SAP Business One sales, support, and services, Contact Cornerstone today!
SAP Small Business Enterprise Resource Planning (ERP) Systems | SAP Business One Software, Related Services and Tech Support
Why do so many growing Manufacturing, Online Retail and/or Wholesale Distribution businesses located in FL, as well as companies located through out the U.S., rely on Cornerstone for enterprise resource planning (ERP) business management systems, software services and technical support? As an award-winning Business Partner and Value Added Reseller as well as SAP Business One Gold Partner, our expertise is outstanding. Cornerstone Consulting has been providing state-of-the-art business software systems, as well as related technical support, to small and mid-sized manufacturing and wholesale distribution enterprises for more than thirty years. Looking forward to helping your business leverage SAP Business One software and cutting-edge technology.