Exercise 9 : Process Cash Management

Task 1: Create and post journal entries

Scenario

As the functional consultant you have prepared a configuration package for the import of the opening balance.

The excel file contains all journal lines for all balance sheet accounts and is prepared in the OPENING general journal, with the BALANCE journal batch, containing dimension information.

The accounting manager at Contoso has provided you with the following opening balance to be posted on December 28th, 2022.

You will perform

Prepare the journal for the G/L opening balance.
Create and export a configuration package including dimension information.
Prepare data in excel.
Import and apply the configuration package.
Post the general journal.

Steps

Prepare the journal for the G/L opening balance.
1. First make sure your work date is set to Today.
2. Select the search for page icon in the top-right corner of the page, enter General journals, and then choose the related link.
3. On the General journals list page, select the OPENING journal.
4. Open the assist edit(…) button to the right of the Batch Name field.
  1. Select the BALANCE journal batch.
  2. Click OK.
5. Select Actions, then select Opening Balance, then select Prepare journal and then select G/L Accounts Opening Balance.
6. Click OK.
7. The journal lines are automatically filled in for all balance accounts.
Create and export a configuration package including dimension information.
1. Select the search for page icon in the top-right corner of the page, enter Configuration Packages, and then choose the related link.
2. In the Configuration Packages page, click + New to create a new configuration package.
3. In the Code field, enter OPENING.
4. In the Package Name field, enter Opening Balances.
5. On the Tables section of the Config. Package Card, enter a new line as follows.
6. Open the assist edit button to the right of the Table ID field.
7. In the window that opens, select the Gen. Journal Line table, and click OK.
8. Then press ENTER or TAB.
9. Make sure the general journal line table line is selected.
10. Select the Dimensions as Columns checkbox.
11. Select the Delete Table Records Before Processing checkbox.
12. Select Table and then Fields.
13. Click on NO.
14. Click on Fields again.
15. On the field list page, first select Clear Included, to deselect the Include Field checkbox for all the fields.
16. Then select the Include Field checkbox for the following fields:
  1. Account Type
  2. Account No.
  3. Posting Date
  4. Document Type
  5. Document No.
  6. Description
  7. Currency Code
  8. Amount
  9. Amount (LCY)
  10. Document Date
  11. External Document No.
17. The Validate Field checkbox is automatically selected.
18. Click Close.
19. Select Export to Excel.
20. Click Yes to export the configuration package.
Prepare data in excel.
1. Open the exported excel file from the download folder.
2. Keep only the first 2 lines on the exported to Excel and delete all other, so that you can start from a blank Excel template.
3. Save the excel file.
Import and apply the configuration package.
1. In the Configuration Packages page, select the new configuration package for opening balances and select Manage and then Edit.
2. In the Config. Package Card page, select Import from Excel.
3. Click on Click here to browse and select the excel file.
4. Click Open
5. In the preview page, select Import.
6. In the Config. Package Card page, select Apply Package.
7. Click Yes.
8. Click OK.
Post the general journal.
1. Select the search for page icon in the top-right corner of the page, enter General Journals, and then choose the related link.
2. Click on OPENING.
3. Select the first line and enter the information as provided below.
  1. Enter C03 in the Document No. field
  2. Enter 10100 in the Account No. field.
  3. Enter 400.00 in the Amount field.
  4. Enter 10200 in the Bal. Account No. field
4. Select the second line and enter the information provided below.
  1. Enter C04 in the Document No. field
  2. Enter 10100 in the Account No. field.
  3. Enter 400.00 in the Amount field.
  4. Enter 10200 in the Bal. Account No. field
5. In the search area, enter General Ledger Setup and make sure the Allow Posting From field, is set to Today. Close the page.
6. Go back to General Journal page and then select Post.
7. Click Yes.
8. Click OK.

Task 2: Create and post journal entries

Scenario

The accounting manager at Contoso also provided you with the open customer and vendor ledger entries.

You receive the configuration package, that you can import into the correct general journals, review, and post.

(Remark: if you do not have the configuration package for this lab, you can use the configuration package from Task 1 and use the excel sheet to import these opening ledger entries)

You will perform

Import and apply a predefined package containing historical data (customer and vendor open entries).
Post the general journal.

Steps

Import and apply a predefined package containing historical data (customer and vendor open entries).
1. Select the search for page icon in the top-right corner of the page, enter Configuration Packages, and then choose the related link.
2. On the Configuration Packages page, select the OPENING package and then select Import Package.
3. Click on Click here to browse.
4. Select the rapidstart package.
5. In the Config. Package Card page, select Package and then Apply Package.
6. Click Yes.
7. Click OK.
Post the general journal.
1. Select the search for page icon in the top-right corner of the page, enter General Journals, and then choose the related link.
2. On the General Journals list page, select the OPENING journal.
3. Open the assist edit button to the right of the Batch Name field.
  1. Select the CUST journal batch.
  2. Click OK.
4. Select the first line and fill in the following details.
  1. Update the Posting Date field of all the lines
  2. Enter D01 in the Document No. field
  3. Enter 10100 in the Account No. field
  4. Enter 400.00 in the Amount field
5. Repeat the above for line number 2, 3 and 4
6. Enter 10200 in the Balance Account No. field of all the lines
7. Select Post.
8. Click Yes.
9. Click OK.
10. Close the General Journals Page.
11. Enter General Journals in the search and select the related link.
12. Open the assist edit button to the right of the Batch Name field.
  1. Select the VEND journal batch.
  2. Click OK.
13. Update the Posting Date field of all the lines.
14. Select Home, and then select Post.
15. Click Yes.
16. Click OK.

Task 3: Process vendor payments

Scenario

At the end of each month all euro payments are transferred from the EUROP bank account to the European vendors, using an electronic SEPA file. Each time a payment is performed a new payment journal batch is created.

Vendor First Up Consultants has recently changed their bank account and has asked you to make sure the next euro payment will be done on that Belgian account. They also request to be paid for all invoices as a single payment.

The bank account details: SNS - IBAN: BE67 2900 0461 4187 - SWIFT Code: BBRUBEBB

The first payment to this vendor V9005 will be performed on January 31st, 2023, using the EUROP payment journal, with a new batch PAY1.

You will perform

Create a vendor bank account.
Suggest vendor payments.
Process payment journals.

Steps

Create a vendor bank account.
1. Select the search for page icon in the top-right corner of the page, enter Vendors, and then choose the related link.
2. On the Vendors list page, select vendor Graphic Design Institute.
3. Select Manage and then select Edit.
4. On the Vendor card, go to the Payments Fast Tab.
5. In the Preferred Bank Account Code field, click on the Look Up Value button and click + New.
6. On the opened Vendor bank account card, fill in the following fields:
  1. On the General FastTab, fill in the following fields:
    1. In the Code field, enter SNS.
    2. In the Name field, enter Graphic Design Institute.
    3. In the Country/Region Code field, enter BE.
    4. In the Currency Code field, enter EUR.
  2. On the Transfer FastTab, click Show more and then fill in the following fields:
    1. In the SWIFT Code field, enter BBRUBEBB.
    2. In the IBAN field, enter BE67290004614187.
    3. Select the Use for Electronic Payments checkbox.
  3. Click OK.
7. The new Vendor bank account is automatically filled in in the Preferred Bank Account Code field on the vendor card.
Suggest vendor payments.
1. Select the search for page icon in the top-right corner of the page, enter Payment journals, and then choose the related link.
2. Open the assist edit button to the right of the Batch Name field.
3. On the opened General Journal Batches page, click + New and fill in the following fields:
  1. In the Name field, enter PAY1.
  2. In the Description field, enter Payment January 2023.
  3. In the Bal. Account Type field, enter Bank Account.
  4. In the Bal. Account No. field, enter EUROP. (If you do not find the value, create a new value with EUROP)
  5. In the No. Series field, the value GJNL-PMT is automatically filled in.
  6. Click OK.
4. The new batch PAY1, is automatically filled in in the Batch Name field on the payment journal.
5. Select Prepare, and then select Suggest Vendor Payments.
6. On the Options FastTab, fill in the following fields:
  1. In the Last Payment Date field, enter 1/31/2023.
  2. Leave the Check Other Journal Batches checkbox selected.
  3. Select the Summarize per Vendor checkbox.
  4. On the Filter:Vendor FastTab, in the No. filter, enter 20000.
  5. Click OK to perform the batch job and automatically fill in the lines in the payment journal.

g. In the second line, fill in the details. Enter V9005 in the Account No. field. Enter 4000.00 in the Amount field

h. Process payment journals. Select Bank, and then select Export.

Select Home, and then select Post.
Click Yes.
Click OK.

Task 4: Process customer payments

Scenario

On January 24th, 2023, Contoso receives payment from customer C00010 Spotsmeyer’s Furnishings on their CHECKINGS bank account.

This payment is for all open invoices from the previous month:

S-ORD101009 - $ 5,828.00
Opening balance - $ 5,345.16
Opening balance - $ 5,345.16

You need to process this payment using the Payment Registration by applying the invoices.

You will perform

Review payment registration setup.
Process payment registrations.

Steps

Review payment registration setup.
1. Select the search for page icon in the top-right corner of the page, enter Payment Registration Setup, and then choose the related link.
2. On the Payment Registration Setup page, make sure following fields are entered.
  1. In the Journal Template Name field, enter CASHRCPT.
  2. In the Journal Batch Name field, enter GENERAL.
  3. In the Balancing Account Type field, enter Bank Account.
  4. In the Balancing Account field, enter CHECKING.
  5. Select the Use this Account as Default checkbox.
  6. Deselect the Automatically Fill Date Received checkbox.
  7. Click OK.
Process payment registrations.
1. Select the search for page icon in the top-right corner of the page, enter Payment Registrations.
2. Click on the Payment Registrations task, to open the Register Customer Payments page.
3. Select the line for document S-ORD101009.
  1. Select the Payment Made field.
  2. In the Date Received field, enter 1/24/2023.
  3. The Amount Received field is automatically filled in with 5,828.00.
4. Select the line for document Opening balance.
  1. Select the Payment Made field.
  2. In the Date Received field, enter 1/24/2023.
  3. The Amount Received field is automatically filled in with 5,345.16.
5. Select the line for document Opening balance.
  1. Select the Payment Made field.
  2. In the Date Received field, enter 1/24/2023.
  3. In the Amount Received field, enter 5,345.16.
6. Select the dropdown of Post Payments and then select Post as Lump Payment.
7. Click Yes to post all the three payments.