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Former Member

PARK & POST Journal Entry and auto reversal

Dear All,

Our auditors has offered the following changes to be implemented in SAP system.

1. JE approval: Configure the system functionality to place journal entries in a u201Choldu201D status when entered into the system, then the supervisor/manager review and approval then required to release the journal entry from the u201Choldu201D status and post the entry to the general ledger. The reviewer should not have the ability to initiate a journal entry.

2. JE reversals: Utilize the functionality to automatically reverse journal entries, booked in prior month as u201Creversing,u201D when new period is opened.

3. 3-way match: Utilize the SAP functionality to perform an automated 3-way match process between invoice, purchase order, and goods receiving documentation. If invoices meet the 3-way match criteria based on established variance thresholds, invoices should automatically be approved for payment. If variances are noted, which exceed tolerance thresholds set by Management within the system, work flows should be used within the system to automatically route the invoice for the require approval.

How this changes can incorporated in the system.

Do suggest.

Regards,

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2 Answers

  • Best Answer
    Dec 16, 2010 at 03:30 PM

    HI,

    Regarding 2), Post the JE with FBS1 , run F.81 as part of your period opening procedure(Reverses all entries made with FBS1)

    Kind regards

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    Former Member
    Dec 16, 2010 at 06:33 PM

    For point 1, there is a functionality in SAP where all parked documents will be blocked and then released by the authorized person. There is a standard workflow for that. You may want to check Make and CHeck Settings for Document Parking. If this doesn't satisfy, then there's a need to create a customized workflow. Plus authorizations must be checked so that the users will not be able to Post but only Park. Note that, there is another functionality in Document posting called "Hold" this one, system doesn't assign any financial document. You can assign any reference/number to the document.

    For point 2, there is a Mass Reversal functionality in SAP called the F.80. For accruals, you may use FBS1 which you can input the reversal date and run F.81 to run the reversal.

    For point 3, it is a standard SAP functionality. You must set tolerance as to qty or price variance and the system automatically blocks the invoice for posting and the authorized person is required to release the approved invoices to remove the block for payment. In SAP, when you enter the PO for a particular invoice, it will give you how much or how many is actually goods received for that particular PO. in that sense you will be able to see whether the invoice is completely billed for the whole PO or not.

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