Exercise 8: Set Up Cash Management

Task 1: Create a bank account

Scenario

Contoso has opened a European bank account to process customer payments of their web shop computer hardware sales. These payments will be recorded in euros. They would also like to pay their European vendors through this bank account using the SEPA Credit Transfer format.

Details of this bank account are:

IBAN: BE13 3200 0461 4139 – BIC: BBRUBEBB

You will perform:

  1. Create a bank account.

  2. Assign a payment export format.

Steps

  1. Create a bank account.

    1. Select the Search icon in the top-right corner of the page, enter Bank Accounts and then choose the related link.

    2. In the Bank Accounts page, select + New.

    3. In the new bank accounts card, fill in the following fields:

      1. On the General FastTab:

        1. In the No. field, enter EUROP.

        2. In the Name field, enter European bank

      2. On the Posting FastTab, in the Currency Code field, select EUR.

      3. On the Transfer FastTab:

        1. Click Show more.

        2. In the SWIFT Code field, enter BBRUBEBB

        3. In the IBAN field, enter BE13 3200 0461 4139

  2. Assign a payment export format.

    1. On the Transfer FastTab, in the Payment Export Format field, enter SEPACT.

Exercise 2: Set up and assign a Bank Account Posting Group

Scenario

All transactions on the European bank account have to be posted on the balance account 10250.

(This general ledger account was already created in a previous Excersize 5 – Task 1. If not, complete this first.)

You need to complete the correct bank posting group setup.

You will perform:

  1. Create a bank account posting group.

  2. Assign the bank account posting group.

Steps

  1. Create a bank account posting group.

    1. Select the Search icon in the top-right corner of the page, enter Bank Account Posting Group and then choose the related link.

    2. In the Bank Account Posting Groups page, select + New.

    3. In the Code field, enter EUROP.

    4. In the G/L Account No. field, enter 10250.

Note – If you do not find the G/L Account No. – Please proceed with creating a new.

  1. Assign the bank account posting group.

    1. Select the Search icon in the top-right corner of the page, enter Bank Accounts and then choose the related link.

    2. In the Bank Accounts page, open the bank account card for the European bank.

    3. On the Posting FastTab, in the Bank Acc. Posting Group field, select the new bank account posting group EUROP.