The Accounts Payable application component records and manages accounting data of all vendors.
Creating Vendor Master Data
The vendor master records are maintained in sub-ledger and are used in Financial Accounting and Materials Management. By storing vendor master data centrally and sharing it throughout whole organisation, it is only needed to enter it once. It gives an ability to prevent inconsistencies in master data by maintaining it centrally.
A vendor master record contains:
The vendors are maintained with a unique number. any number of digits can be used and they can be assigned internally/externally. To create a master record, it is obligatory to specify an account group. The account group cannot be changed after the master record is created.
The vendor account groups should be created as per the requirement.
Editing & Blocking & Deleting Vendor Master Data
Editing
o The account group cannot be edited
o The account assignment cannot be edited
Blocking
A vendor account can be blocked and unblocked any time.
Deleting
Vendor accounts to be deleted are first marked for deletion. No transaction figures should be stored for this vendor account. The account must be blocked for posting before it can be deleted.
Displaying Changes
The system logs all changes to vendor master records. For each changed field, it stores the time of change, the user’s name, and the current and previous field contents.
Reconciliation Account
When any entry is posted to a subsidiary ledger, the system automatically posts the same data to the general ledger (see the following illustration). Each subsidiary ledger a reconciliation accounts in the general ledger. These reconciliation accounts ensure that the balance of G/L accounts is always matching with the sub ledger. This means that you can draw up balance sheets at any time without having to transfer totals from the sub ledgers to the general ledger.
Transaction Codes
Vendor Master Finance View : FK01
Vendor Master Purchasing View : MK01
Vendor Master centralised maintenance : XK01
Tags#
SAP Vendor Master, Vendor Account Groups, Vendor Reconciliation Account
The vendor master records are maintained in sub-ledger and are used in Financial Accounting and Materials Management. By storing vendor master data centrally and sharing it throughout whole organisation, it is only needed to enter it once. It gives an ability to prevent inconsistencies in master data by maintaining it centrally.
A vendor master record contains:
- The General Data: Vendor’s name, address, language, region and phone numbers
- Company Code Data: Reconciliation account, bank details, cash management information, payment methods and tax data
- Purchasing data: Purchasing organisation data
The vendors are maintained with a unique number. any number of digits can be used and they can be assigned internally/externally. To create a master record, it is obligatory to specify an account group. The account group cannot be changed after the master record is created.
The vendor account groups should be created as per the requirement.
Editing & Blocking & Deleting Vendor Master Data
Editing
o The account group cannot be edited
o The account assignment cannot be edited
Blocking
A vendor account can be blocked and unblocked any time.
Deleting
Vendor accounts to be deleted are first marked for deletion. No transaction figures should be stored for this vendor account. The account must be blocked for posting before it can be deleted.
Displaying Changes
The system logs all changes to vendor master records. For each changed field, it stores the time of change, the user’s name, and the current and previous field contents.
Reconciliation Account
When any entry is posted to a subsidiary ledger, the system automatically posts the same data to the general ledger (see the following illustration). Each subsidiary ledger a reconciliation accounts in the general ledger. These reconciliation accounts ensure that the balance of G/L accounts is always matching with the sub ledger. This means that you can draw up balance sheets at any time without having to transfer totals from the sub ledgers to the general ledger.
Transaction Codes
Vendor Master Finance View : FK01
Vendor Master Purchasing View : MK01
Vendor Master centralised maintenance : XK01
Tags#
SAP Vendor Master, Vendor Account Groups, Vendor Reconciliation Account
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