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So far BEST SAP has created 41 blog entries.

General Ledger Reconciliation in SAP: Mastering SAP

We were able to record Chris Brooks' talk on how to automate General Ledger Reconciliation in SAP if you weren't able to make the Mastering SAP Financials Online Conference 2020 this year. Traditionally SAP users have had no option but to reconcile balance sheets and other GL accounts outside of SAP. This meant downloads to Excel or interfaces to 3rd party systems. Now personnel time can be saved by automating General Ledger Reconciliation directly in SAP, using BEST GL Reconciliation add-on module. No more [...]

2022-08-04T08:28:33+00:00November 4th, 2020|

Vendor and GL Reconciliations in SAP with BEST

VENDOR AND GL RECONCILIATIONS IN SAP WITH BEST SOFTWARE CERTIFICATION & RECENT ADVANCES BEST GL Clearing & GL Recons Module Enhancements: Out of Tolerance and residual item totals now displayed. Comparable Balance functionality available per Currency Type. Intercompany Matrix Combinations can be approved as individual Reconciliations. Trading Partner included as an Intercompany Matrix Attribute. Comparable Balance Tolerance available for small differences. Approvers Per Strategy Master Data setting to control approvers for all level per strategy. Bank Statement Balance check can be set to identify [...]

2022-08-04T08:28:57+00:00September 30th, 2020|

Managing Intercompany Balances in SAP

Managing Intercompany Balances in SAP is a critical business function that needs to be managed at multiple levels within your organisation. From the entry of transactions through to your Group Accounting Consolidations, having tight controls and automated tools to assist are a great advantage. The BEST GL Reconciliation module provides functionality to manage and approve your Intercompany Reconciliations all within SAP. Using the BEST Intercompany Matrix functionality, you can maintain complex Intercompany relationships to be able to: ·        Run an Automated Reconciliation for each [...]

2022-08-04T08:29:17+00:00August 17th, 2020|

Clear Customers in SAP

“Clear Customers in SAP – can you help?” When discussing clearing of open items in SAP with our Clients, one common question arises is because of the following common issues across SAP businesses managing their Customer Accounts: ·        A single lump sum payment is made into the bank account. ·        This payment may be for multiple customer accounts. ·        A detailed Remittance is sent for the payment - detailing numerous Invoices, Credit notes, discounts etc. And finally, and most importantly: ·        Someone spends a [...]

2022-08-04T08:32:42+00:00August 14th, 2020|

Bank Reconciliations in SAP with BEST GL Recons

When completing Month End Reconciliations in SAP, a Bank Reconciliation is unique.  This is because of the way in which Bank Statements are handled within SAP – from the setup of the Bank GL accounts to the processing of the Bank Statement transactions. This unique approach to Bank Accounts in SAP is why the BEST GL Reconciliation Module has a unique and tailored approach to bank reconciliations in SAP. What makes a Bank Reconciliation in SAP unique? Firstly, the accounts involved make the bank [...]

2022-08-04T08:33:00+00:00August 4th, 2020|

Accrual Reconciliations in SAP with BEST GL Recons

Accrual reconciliations in SAP should be straight forward, but often this is not the case. As a result, they can become time consuming reconciliations that can hide unnecessary accruals that can overstate your month end liabilities. What should you be trying to achieve with your month end accrual reconciliations in SAP? And how can the BEST GL Reconciliations module help to facilitate this? What are the main Reconciliation objectives for an Accrual Reconciliation? In terms of a generic accrual reconciliation, the following reconciliation actions [...]

2022-08-04T08:33:19+00:00August 4th, 2020|

Intercompany Clearing in SAP

The use of intercompany clearing in SAP is sometimes an unused tool to combat intercompany balances spiralling out of control. Probably the main reason why it is not used extensively is because intercompany clearing in SAP is highly manual. SAP users are required to manually match open items across the intercompany relationship and post manual and complex intercompany clearing transactions. BEST GL Clearing module automates  intercompany clearing in SAP, making it quick and easy to clear intercompany open items and reduce intercompany balances. The [...]

2022-08-04T08:33:36+00:00August 4th, 2020|

Fixed Asset Reconciliations in SAP using BEST

Fixed Asset Reconciliations in SAP is an exercise most business undertake each month, over and above the Subledger relevant activities. Whilst Fixed Asset Reconciliations vary from business to business, what is common amongst all – is ensuring that the Fixed Asset General Ledger Balances agree to the sub ledger Fixed Asset Module. SAP provides standard transactions to perform this GL to Sub Ledger reconciliation. In addition to this however, most business still insist on a manual check that is performed each month to validate [...]

2022-08-04T08:33:53+00:00July 20th, 2020|

How To Perform Intercompany Reconciliations in SAP

Performing Intercompany Reconciliations in SAP can be one of your challenging month end General Ledger reconciliations. 50% of businesses consider Intercompany Reconciliations in SAP to be their biggest month end headache. BEST has created the Intercompany Matrix within the BEST GL Reconciliations Module to tackle this month end nightmare. So why is managing Intercompany Reconciliations in SAP so difficult? In most large organisations, the first issue is volumes of both of accounts and transactions. These alone make the reconciliation process difficult . But when [...]

2022-08-04T08:34:11+00:00July 14th, 2020|