Sap Business One Implementation Notes: Financials Module

By: Andrew Karasev

ERP implementation term itself suggests something hard or at least not easy or not pleasant things to do. However if you are installing SB1 it is more likely not going to be the case, as installation, initial balances entry and modules settings are relatively intuitive and users or trainees are quick in getting basic SAP BO interface navigating skills. In this small article we would like to give you highlights on Financials module
1.General Ledger. Accounts. Each account you can classify as Title or Active account. Titles are simply to say headers of the groups and active account is the one, where you can post your transactions. Active accounts you associate with category (such as Balance Sheet->Cash for instance), categories as you can see allow you to build P&L, BS and Cash Flow reports automatically. Plus you can include the account into Analytical accounting by making it associated with the Project. If you select the Project, then account transactions will be included into project financial and managerial reporting. If you ask how it is possible - the answer is this - SB1 also requires you to specify account type: Other, Sales or Expenditure - this is how you can include the account in Project P&L

2.Journal Vouchers. In SAP Business One you do not have direct mechanism for batch processing, however on the level of the modules you can use various transactions grouping and saving. In GL, for example you save transactions for future review and posting in Journal Voucher

3.Business Partners. As in SB1 you have business partners, such as customers, vendors and leads in the same functionality (which by the way enables customer/vendor consolidation via internal reconciliation for multiple partners in one screen) - they are typically reviewed in Financials training

4.Financial Reporting. Here, besides standard and expected Balance Sheet, Profit & Loss, Cash Flow and Trial Balance, you have such cool features as Comparison reports (BS, P&L and Trial Balance only). Comparison report allows you not only compare two different periods, but also compare two different companies, which is not what you commonly find in other ERP packages

5.Collection management. In SB1 you have up to 10 levels of dunning or collection letter formats, which you can setup for the delinquent account in sequence of collection attempts. Collection management is not a separate module, it is integrated in Financials, as Financials itself is tightly integrated with Business Partners section, where customers are.

6.Multicurrency. This functionality is really on the advanced level, comparing to other small business MRP packages in US. This is probably attributable to the fact, that SAP Business One is very popular in international environment. Multiple versions of currency revaluations are very impressive.

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