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|

Vendor Invoice Reconciliations in SAP

Why is the BEST Vendor Recons module better than any other product for vendor invoice reconciliations in SAP? BEST FUNCTIONALITY: • Multiple methods of loading vendor statement data and formats into BEST SAP is available (inc excel, EDI, iDOC, paper or PDF). • All original statement documents, whatever the format, can be stored in SAP using the SAP Content Server. Important as allows the original statement to be viewed from SAP, by reconciliation approvers, auditors etc. No manual filing & helps to take your [...]

2022-08-04T08:34:28+00:00June 10th, 2020|

Reconciling SAP Bank Accounts

Reconciling SAP bank accounts to a physical bank account balance and statement can be a time consuming process. BEST provides an SAP add-on module for GL Reconciliations that reconciles all manner of GL (General Ledger) accounts including SAP bank reconciliation. There are essentially two parts to the BEST bank reconciliation in SAP. Bank Reconciliation In SAP of the Main Bank Account Firstly a 3 way match of the main GL bank account in SAP, to the bank statement balance in SAP, then to the physical bank [...]

2022-08-04T08:34:46+00:00May 27th, 2020|