Earnest Money deposit in SRM
Hi SRM gurus,
I am new to SRM whether is there possibilty of implementing
Earnest Money Deposit (EMD) in SRM.
In auction we have to deposit this money before bidding
Is this a Standard functionality in SRM
Please have your views
G.Ganesh Kumar
Hi,
Please go through the below link. I doubt whether this is possible with EBP4.0.
https://websmp102.sap-ag.de/~sapidb/011000358700001246152008E.PPT
Rgds,
RRK
Similar Messages
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How to configure Tender fee and Earnest money deposit in srm 7.0
Hi,
can you tell me the configuration steps involved in Tender fee and Earnest money deposit in srm 7.0Hi,
I am assuming you are not in PPS. The Information are available in sap help documentation
[Tender Fee Processing|http://help.sap.com/saphelp_srm701/helpdata/en/73/bf0af1223b405d8380cd2dfc9e5fd3/frameset.htm]
[Earnest Money Deposit Processing|http://help.sap.com/saphelp_srm701/helpdata/en/ef/fab812e046468396262858d447d8aa/frameset.htm]
Hope it helps..
Best regards.
YS -
Mapping EMD (Earnest Money deposit) in SAP
Hi Experts,
We have a scenario where we (the Vendor) need to pay an EMD amount to bag a contract from our (potential) customers. Please let us know the way to map this process in SD.
Regards,
SrikanthHi,
Please go through the below link. I doubt whether this is possible with EBP4.0.
https://websmp102.sap-ag.de/~sapidb/011000358700001246152008E.PPT
Rgds,
RRK -
Help about the last SRM version and interaction with suppliers
Hello, I need the confirm that the last SAP SRM versione is the 7.0. Which are the differences between 5.0 and 7.0? Do you have materials about the interaction with suppliers for bids? Thank you!
DanyHi,
There are a lot of differences between the SRM 5.0 and SRM 7.0.regarding the Bidding Scenario.
Infact SRM 7.0 is released with Public Procurement service(PPS)
The main differences
SRM 5.0 -tender fees payment and EMD (Earnest Money deposit) is thro' Development
SRM 7.0 -Tender fess -Payment can be made in SRM thro'Payment Gateway
- EMD Fees can also be paid in the SRM 7.0 which is Standard Functionality..
There are lot of differnce
Just Wait for a day or two I will send the difference to your Business Id
Regards
G.Ganesh Kumar -
SRM error 'process time remaining' for Rfx
The simultaneous opening of the RFxs were performed. But it was not possible to open the offers as the system was showing ' process time remaining'. At that time the times remaining for the 3 RFxs was shown around 4 hours 30 minutes. The offers were tried to open next day. Again the system was showing ' process time remaining', but the time remaining for the 3 RFxs are shown about 2 hours .Please suggest .
Hi Srvinivas,
The following documents may be of some help to you:
http://help.sap.com/saphelp_srm701/helpdata/en/38/37aa392d61407089454548b98355a8/content.htm
SRM, Strategic Sourcing Innovations
http://help.sap.com/saphelp_srm701/helpdata/en/1f/4b5f5130eb4c7db21f03fa94e5bb3f/content.htm
Tender Fee Processing
http://help.sap.com/saphelp_srm702/helpdata/EN/73/bf0af1223b405d8380cd2dfc9e5fd3/content.htm
Earnest Money Deposit Processing
http://help.sap.com/saphelp_srm702/helpdata/EN/ef/fab812e046468396262858d447d8aa/content.htm
Simultaneous Logon at RFx Response Opening
http://help.sap.com/saphelp_srm702/helpdata/EN/38/37aa392d61407089454548b98355a8/content.htm
Also as far as I am aware, by default, simultaneous logon is only available for RFXs with two-envelope RFX responses. The following is a detailed explanation of the process from 1 of my colleagues:
Two-Envelope response opening process:
01. Buyer creates a RFx/Bid invitation with the transaction type that
is configured for two envelope bidding.
02. Enter the mandatory datas: submission deadline, bidders, items,
permissions for technical/price/tender fee opening, etc
03. Publish RFx.
04. Login with bidder and "Participate" to receive emails.
05. If tender fee is requested, then pay tender fee with bidder user.
06. Create a Response with bidder user and submit.
07. Now you have to wait till the submission deadline has been passed
to give the chance for the other bidders to participate in the RFx
process.
08. After the submission deadline has been passed the buyer has to
"Initiate Price/Technical RFx Response Opening" for a certain given
time (which can be set earlier.)
09. A new window will pop up to start the simultaneous logon.
10. Provide password and hit the approve button.
11. The pop up window will display Technical Opener's name.
We can see the time remaining to perform the Technical opening
12. In the next step, we will have to login to perform the technical
opening. Do NOT close this window or do NOT logoff from the portal.
If you think you will require more time to perform the technical
opening you can extend this time. This will give additional minutes
to perform the opening.
13. To perform technical opening:
Login to WTS or open a new session of Internet Explorer and login
to Portal. At this point in time, you will have two sessions:
- one on your local computer
- and one in WTS/New session
14. Open the rfx and click on Open technical rfx response.
15. The Technical Opener/Reviewer now authenticates himself/herself by
entering the password. After it hit "Approve" button.
16. In the next step you will receive a message:
"User approval successful"
17. The Simultaneous Logon and opening of technical/price RFx response
is now performed.
18. Hit on Close button to close the pop up.
19. Hit on Close to close the RFx screen.
20. You have to wait till the Response opening time has been passed.
21. After the time has been passed the Response can be opened.
If the document changes in the meantime and if it needs approval (no
automatic approval is configured) then you have approve the documents
in the process with a given user.
I hope that this helps.
Kind regards,
Conor -
hi dear gurus,
can u explain me the Advance Payment to Vendor ,(Down payment cycle in SAP), if any T.Code plz send me.
hopeeeeeeeee.............VENDOR INVOICE VERIFICATION
The detail process related to invoice verification is documented in Materials Management Document.
On receipt of vendor bill the following entry will be passed:
GR/IR Account DR
Freight Clearing Account DR
Cenvat Clearing Account DR
Vendor Account CR
Invoice Verification for Foreign Vendor
On receipt of vendor bill the following entry will be passed:
GR/IR Account DR
Vendor Account CR
Invoice Verification for Custom vendor
On receipt of Vendor bill the follo wing entry will be passed:
1) RG 23A/RG 23C Part 2 A/c (CVD) A/c DR
Cenvat Clearing A/c CR
2) G/R I/R A/c DR
Cenvat Clearing A/c DR
Vendor A/c CR
3) Cost of Material A/c DR
Vendor A/c (Customs) CR
Invoice Verification for Freight / Clearing Agent
Cost of Material A/c DR
Vendor A/c (Clearing Agent) CR
Invoice Verification for Octroi Expenses
Cost of Material DR
Vendor A/c (Octroi) CR
TDS (Work Contract Tax) for Service Orders shall be calculated and deducted accordingly.
The following entry will be passed on bill passing:
Expenses Account DR
Vendor Account CR
TDS Account CR
The material shall be returned to the vendor using the
Return to vendor movement type in SAP
Creating a Return PO
These transactions will be processed in the MM module.
The accounting entries will be :
Returns after GRN
GR/IR A/c Dr
Stock A/c Cr
The accounting in respect of debit / credit memos for FI vendors, the process will be similar to that of invoice processing. The accounting entries will be:
On issue of debit note
Vendor Account DR
Expenses Account CR
In respect of import vendor - capital goods exchange differences are to be accounted manually through a Journal Voucher for capitalization.
Exchange rate differences will be accounted at HO. An example of the accounting entry in this case shall be:
Invoice entry @ 40 INR: 1 USD
Asset / Expense A/c DR 100
Vendor A/c CR 100
Payment Entry @ 41 INR: 1 USD
Vendor A/c DR 100
Bank A/c CR 110
Exchange rate loss Capital A/c DR 10
Asset A/c DR 10
Exchange rate loss Capital A/c CR 10
A new G/L account shall be created for the special G/L transactions.
The accounting entry for making the down payment shall be:
Advance to supplier account Debit
Bank A/c Credit
When the invoice is booked the following entry is passed
GR/IR account Debit
Vendor account Credit
Clearing of Invoice against Down Payment
Vendor A/c Debit
Vendor down payment account Credit
Wherever, TDS is applicable, the TDS will be deducted at the time of down-payment to the vendor.
Down Payment for Capital (tangible) Assets
Down payment to vendors for capital acquisitions is to be reported separately in the Balance Sheet under the head Capital Work in Progress. Hence down payment for capital goods would be tracked through a separate special general ledger indicator.
The procedure to be followed is:
Definition of alternative reconciliation accounts for Accounts Payable for posting down payments made for Capital assets
Clearing the down payment in Accounts Payable with the closing invoice.
A new G/L account shall be created for the special G/L transactions.
The accounting entry for making the down payment shall be:
Vendor Advance for Capital Goods Account Debit
Bank A/c Credit
When the invoice is booked the following entry is passed
Asset A/c / Asset WIP Debit
Vendor A/c Credit
Clearing of Invoice against Down Payment
Vendor A/c Debit
Vendor Advance for Capital Goods Account Credit
The Following are the TDS Rates (to be confirmed with the recent changes)
Particulars Tax Rate Surcharge Rate Total
Contractors 194 C 2% 5% 2.10%
Advertising 194 C 1% 5% 1.05%
Prof. Fees 194 J 5% 5% 5.25%
Rent Others 194 I 15% 5% 15.75%
Rent Company 194 I 20% 5% 21%
Commission 194H 5% 5% 5.25%
Interest - Others 194 A 10% 5% 10.50%
Interest Company 194 A 20% 5% 21%
Special Concessional Tax
Works Contract Tax
SECURITY DEPOSITS /EARNEST MONEY DEPOSIT RECEIVED FROM VENDORS
Bank A/c DR
Security Deposit Vendor CR
EMD to give the age so as to enable the same to be transferred to unclaimed EMD account.
PAYMENT OF TOUR ADVANCE DOMESTIC TOURS
Employee Advances will be paid by the Accounts Department unit wise based on the requisition or recommendation of the respective departmental head.
Employee Travel Advance A/c DR
Cash / Bank Account CR -
Insert Text file based on URL Parameter
Hello! I have been able to get data to load using PHP into my
document. BUT - that is only data that is IN the URL. So, for
example, the URL might be ...index.php?profile=123456789
In that case I can make the customer ID appear in all the
other URLs on the page.
i.e. : <a href="page2.php?profile=<?php echo
("$profile"); ?>">Click Here</a>
Today, I would like a section of code (probably in a text
file) to load in the page based on a parameter in the URL.
Something like a URL ...index.php?destination=Australia
And then in the body would something like "load australia.txt
file here".
I know this is probably bigger than I am making it sound. But
I don't know how to load a chunk of code inside another chunk of
code.
Any starting points would be much appreciated. Are there any
built-in Dreamweaver CS3 features that do this?
JonThe purpose is to enter an earnest money dollar amount (Real Estate Short Sale contracts), and based on the amount, a corresponding file with a copy of a check with the proper amount will be inserted into the file at page 16. A button would be fine , but it needs to be on the earnest money deposit line (the look of the form may not be altered). The earnest money amounts are $1,500, $2,000, $2,500, $3,000, $3,500, $4,000, $4,500 and $5,000.
-
Dear Friends,
Any body explain the following please?
The basic settings for EMD (Earnest money Deposit) and Security Deposits. Are both one and same?
When i am giving Sp GL Request in f-37 i am not able to find feild "Tendering Document" as Reference and my SD & Proj Management Colics are wants to give Tendering Document as a Reference while creating a Spl GL for EMD.
Please explain the scenario... I may incurrect .... please correct me...
thank youHi
You are correct. EMD and Security Deposit have to be created as Special GL. But I guess they are part of Balance Sheet and as such have to be created as Other Special GLs. You need to maintain the required settings for your special GL in FBKP. The differentiation between EMD and Security Deposit is purely a Buisness Call and depened on your Business requirement, though in true sense, both are same.
Please check with your customer/Client/User, how do they want to show these deposits and depending on the same, you can define a new Special GL for the same
Regards
Sanil K Bhandari -
hello,
if we want to give advance to the employee,how will we make the entry for this.
Thanks.Hi Pari
In this Case u use Special GL
there are different types of Special GL
for example Tour advance , Salary advance, imprest, simple advance, earnest money deposit, security deposit ,
in this case u create a Special GL, settings in SPRO, where u maintain Special GL
if u use simple advance to vendors then use T.code F-43 / F02 and A special GL use, A for advance
entry post
29A Vendor Dr 500
50 Bank A.c Cr 500
if u see this amount in Vendor Ledger
Going to Fbl1n
Select vendor
Company code
Posting date
down Click on left side Special GL Button then execute
if any query revert back
Regards
Roobal -
USDA Direct Rural Loan (502 Direct) for very low or low income
This is going to be a long post, so only invest the time to read this if you're considering taking one of these loans out. When I first started looking for information on the USDA Direct Loan, there is not a lot of information on the FICO forums or online in general. The information that is out there is often limited or loaded with misinformation. I've seen quite a bit of confusion or misinformation even on these forums regarding the direct loan. My Timeline:1. Prequalification stage: 5/10/112. Determined eligible for processing: 5/26/113. Returned complete application: 5/31/114. Eligibility interview: 7/20/115. Under contract on house: 7/22/116. Projected closing: 9/22/11 Beginning with the prequalification stage, the USDA service center in your area will send you a short prequalification application. This application does not request any thing other than your basic identifying information and a disclosure agreement. I did have a collection on my credit which I sent documentation for so I wouldn't be automatically declined for having the collection. Around three days after pulling the initial TransUnion credit report (sometime around 5/23/11) a representative from their office called and said that it appeared I'd be eligibile, had been chosen for processing, and that they would be sending a complete application. I was asked to provide three alternative credit letters, two months of bank statements, one month of paycheck stubs, and any documentation for adverse credit. The application that the USDA uses is a standard mortgage industry application. It will ask for all of your information for where you've lived and worked the past two years, assets, obligations, etc. You have to send them EVERY page of your bank statement even if the last page is a summary of the bank's privacy policy. If the last page of the statement you send says something like "5 of 6" and there is no page six, you're going to get a phone call. At this point they will begin your verifications and check all three of your credit reports. It's at this stage you're deemed to have acceptable credit or unacceptable credit. I'll elaborate below on the verifications. Credit:While the direct version of the USDA is not AS strict as other programs when it comes to your credit history, they are pretty strict. Your credit score absolutely does not matter. It's what is actually on your credit. You may have no unpaid collections or judgments and any collection or judgment you have paid must have been at least six months for collections and 12-months for judgments. You can have no more than one 30-day late on any credit card, student loan, etc. within the past 12-months. I assume there can be waivers depending on situations, but this didn't come up for me. Income:You must be considered low-income for your area. If you are $1 over the income cutoff, you will be sent to a bank to apply for a guaranteed loan. Your income must be consistent and must show a history. If my income had been just a little higher I would have had to apply for a guaranteed loan. Employment:Even though you send paycheck stubs, your employment will be verified. A verification will be sent to determine your eligibility and a follow-up phone call will be made before closing to make sure you are still employed. The USDA does NOT like The Work Number as it costs them money to verify your employment. If your company will only use The Work Number, log into The Work Number's website and print out your verification (you may have to pay for this yourself). Landlord verification:Your rental verification must be good. If you are currently late with your rent, have damaged your rental, or have been more than 30 days late more than once in a 24-month period, you are not considered to have acceptable credit. After the USDA has determined you are eligible for the program, you will be scheduled for an eligibility interview. People have asked what happens at these interviews on this forum and received answers like "Just go and see...." I was completely stressed out when I had to go for my interview because I was unsure what would happen at this interview. At the eligibility interview you will verify that all the information you put on your application was correct. You'll initial and date your application to verify that you confirmed the information. Your interviewer will discuss your credit history, credit score (even though they don't care what it is - mine was 565 mid), and they'll let you know what you've been determined eligible for. You'll discuss a few program guidelines, sign off on a few disclosures, and have a quick program orientation discussing things like monthly payments, improvements, etc. The interview lasts one to one and a half hours. You'll receive a certificate of eligibility at the end of this interview. Your certificate of eligibility will show how much you are eligible for, what your projected taxes and insurance will be, and what the note interest rate will be. The note rate can change until you are under contract on a house and the USDA has obligated your funds. My note rate is 4.25% and I was approved for $153,000. After you have the certificate of eligibility, you are free to sign a contract on a house. Your contract will need to allow for up to 60 days to close. My projected close date is by 9/22/11 but it could be as short as 30-45 days. One thing I do want to mention is dealing with real estate agents. Most people have never heard of this program and are quick to question it. One agent even told me she thought it was a scam and didn't want to be involved. My buyer's agent I eventually decided on then told me she didn't know how she would present my certificate of eligibility as an approval letter since it looks nothing like an approval letter. She stated I should look for alternative financing before we could contract on a house. I informed her that this loan is my alternative financing and if she doesn't know how to present the letter to a seller or seller's agent that we should void our contract and I would find someone who would. I looked at six houses with her and made an offer on the sixth house on Friday, July 22nd. My offer was accepted with no counter offer on Saturday, July 23rd. I haven't explained the complete process in this post and I will make another post at a later time covering things like property eligibility, closing, etc. I'll also let you all know how the process is going for me. If this is your only hope of a home loan as it was mine, DO NOT GET DISCOURAGED. These loans do get approved and they do get closed. Applying for a direct loan and being approved is not an overnight process. As with any government program, they do take time. There will be days and weeks when you have no idea what is going on. There will be times when you want to give up. Just stick with it. The payoff is there eventually. I'm purchasing a home that I would not have been able to purchase for many years using FHA or probably never using a conventional loan. My mortgage with the subsidy is $100 less than my rent and when I no longer need the subsidy my mortgage payment will only be $150 more than my rent. I'm moving from a 35 year old 650 sq. ft. apartment to an almost 2,000 sq. ft. four year old house. If you have any questions, please feel free to post them and I'll be happy to answer to the best of my ability!
I'll try to answer all of the questions I've been asked at once... How did I find a house so quickly? While you can't contract on a house using this program until after you have an eligibility letter, nothing is stopping you from looking. I began looking at houses online, driving by them, and going to open houses in May of this year right after I applied. I narrowed the houses I was interested in down from 28 to six and the day after I received my certificate of eligibility my buyer's agent and I looked all all six of those houses. This is a program that is entirely dependent on the availability of funding, as others who have posted have shared. Once you have the certificate you need to be ready to move. If you wait to find a house, it is very possible that the program could lose funding during your home search. Know your area you want to live in, visit a few houses, just don't get your heart set on anything. In the two months it took me to be approved I saw houses I loved go under contract everyday. These were houses I loved, but I also had a list of 28 other houses to choose from. During the time it takes to get approved, make sure you are saving everything you can towards your prepaids. You can finance everything with the exception of the earnest money deposit and the first year of homeowner's insurance. My seller is paying my closing costs and my appraisal, home inspection, termite letter, and radon test will be billed to my closing statement. So far all I'm out of pocket is the $32 for the credit report, $75 for first time homeowner's education class (I'll mention this next), and $500 for the earnest money deposit. Regarding the homeowner's education, you can do this online. It's $75 through a company USDA will refer you to. It is literally the most boring two hours you will ever spend if you are already aware of how the real estate industry works. If you truly are new to this, it can be informative. You don't have to complete the education course until after you're approved but before you close, however my USDA office urged me to complete it as soon as possible. If funding gets limited, they close the loans that are ready to go and aren't waiting on anything. Wednesdayaddamsd, I don't mind telling you what my annual income is. I live in Greenville, SC and my annual income is $30,700. I go to school part time in the evening and work full time during the day. I qualified for the program and was $1,300 away from not being considered low income for my area. I was approved for $153,000 with a current note rate of 4.25%. The subsidy I qualified for brought down my rate to 1.25%, my annual insurance is estimated at $540, and my annual taxes are estimated at $1,040. I honestly don't know how the subsidy is calculated, however 1% is the lowest interest you will ever pay after the subsidy. The house I've contracted on is $135,000 with the seller paying my closing costs of about $3,500 and my payment with the subsidy, taxes, and insurance will be $540 over 33 years. This is $110 less than my rent on a 650 sq. ft. 30 year old apartment. Keep in mind that if you take the subsidy, it is recaptured. It's recaptured when you refinance, sell, or transfer title to your heirs when you die. There are limitations on the subsidy and they can never take more than half your equity minus things like initial equity, capital improvements, etc. If you refinance and don't roll the subsidy recapture into your new loan, it is indefinitely deferred and does not accrue interest. You can roll the subsidy recapture into your new loan with a 25% discount as long as you are not cashing out your equity and you retain the title to the house. As you can see, there are a lot of hoops you have to jump through to be eligible for and to purchase a home using this program. It's not easy. This was my only chance and only hope of purchasing a home and with this program I can afford a house in a decent and safe area. I'm getting everything I wanted in a house and then some. If you're trying to purchase a home through this program and funding is lost, your application is delayed, etc., I know it's difficult but hang in there. It will happen. I'm extremely fortunate that my area does not have a lot of rural areas and my USDA service center closes only 20 or so of these mortgages a year. There are areas that are very rural and the USDA offices are understaffed, overworked, under funded, and under paid. It's just a part of dealing with the government. You should definitely also keep in touch with the USDA office. If you are out of sight, you are out of mind... I called them on Monday and followed up with an email on Thursday of each week. I was never pushy, I always worded my emails to make it seem as if I would like to help ease the trouble of processing my application. Of course when the email was sent and the phone hung up, I cussed and screamed and called them names I felt bad about - especially after my eligibility interview and meeting them and my originator being a nice and sweet older lady. it's been my experience that the USDA staff wants to help you buy a home. If you treat them with respect and courtesy, they will do the same. They may not be able to tell you what you want to hear, but if you develop a working relationship with them they at least won't keep you in the dark. Best of luck to everyone trying to make it through this process! BTW - my home and termite inspection are Monday!
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Question about pre-approval for new construction
I am interested in doing an FHA loan for a new construction home. The builder allows buyers to put down only $2000 upfront if you get pre-approved through their preferred lender. My question is do we have to have ALL the monies we need for down payment and closing costs in the bank before the lender will do a pre-approval? We still need to save a bit but I know we will have everything by the time the building is completed and it's time to close on the loan. Any folks out there with experience that can help me understand how it might work? I don't want to be premature on applying for the preapproval but I'd love to start the process soon if possible.
I am a sales counselor with a national home builder. We require preapproval with our lender in order to sign a purchase agreement. AT signing we require an earnest money deposit [not to be confused with downpayment for mortgage purposes] and it varies from $3,000 to $10,000. The EMD is kept in escrow and is returned to the buyer at the closing table. A downpayment is how much money the buyer is bringing to the closing table and that determines how much mortgage money your lender will deliver to the closing table. The EMD can be used for downpayment as it remains the buyer's money. At our discretion, we will allow a buyer to sign a purchase agreement and allow them to save for the downpayment over the 5 months of construction time. It is always preferable that the downpayment money is already sitting in an account up front ... but that is not always the case. It reallly depends on the builder whether or not the downpayment has to be already available at preapproval time.
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Complete mm and fi related postings needed-urgent
dear friends,
i am in need of complete mm- fi related postings.
kindly help
regards,
flemmingsInventory Accounting Entries
All the Inventory transactions will look for the valuation class and the corresponding G.L. Accounts and post
the values in the G.L accounts.
For Example: during Goods Receipt
Stock Account - Dr
G/R I/R Account - Cr
Freight Clearing account - Cr
Other expenses payable - Cr
During Invoice Verification
G/R I/R Account - Dr
Vendor - Cr
When the Goods are issued to the Production Order the following transactions takes place:
Consumption of Raw Materials - Dr
Stock A/c - Cr
When the Goods are received from the Production Order the following transactions takes place:
Inventory A/c - Dr
Cost of Goods Produced - Cr
Price difference - Dr/Cr
(depending on the difference between standard cost and actual cost)
When the Goods are dispatched to customer through delivery the following transactions takes place:
Cost of Goods Sold - Dr
Inventory A/c - Cr
When the Goods are issued to a Cost Center or charged off against expenses the following transactions takes place:
Repairs and Maintenance - Dr
Inventory A/c - Cr
When the Goods are stock transferred from one plant to another, the following transactions takes place:
Stock A/c - Dr (Receiving location)
Stock A/c - Cr (Sending location)
Price difference - Dr/Cr
(due to any difference between the standard costs between the two locations)
When the stocks are revalued, the following transactions takes place:
Stock A/c - Dr/Cr
Inventory Revaluation A/c - Cr / Dr
When the Work in Progress is calculated the following transaction takes place:
Work in Progress A/c - Dr
Change WIP A/c - Cr
Physical verification /shortages and excesses : Shortages/excesses on authorizations shall be adjusted using the physical inventory count transaction.
Sales and Distribution Accounting Entries
INVOICE GENERATION
Invoices will be generated at the Smelters and stock points. The accounting entries for the sale of goods despatched will flow from the Sales invoice generated in SAP Sales and Distribution module. The following entries shall be passed
Customer Account Dr
Revenue Cr
Excise Duty Payable Cr
Sales Tax Payable (local or central) Cr
Note: As mentioned above in the FI document, which is created in the background, the SD invoice number shall be captured. However as per the current accounting procedure the accounting entry passed is as follows :-
Customer Account Dr
Revenue Cr
Excise Duty Billed Cr
Sales Tax Payable (local or central) Cr
Excise duty paid a/c Dr
Excise duty payable a/c Cr
EXPORT SALES
There have been very few export transactions in the past. SAP system will be designed to handle export business. Exports are mainly from the mines and will be handled at the mines, however the documentation part will be taken care at the Head Office. The accounting entry is:
Customer Account Dr
Revenue (Exports) Cr
The realisation of export sales will be directly credited to the bank. The accounting entries will be as follow:
Bank Dr
Customer Cr
Exchange Fluctuation Dr/ Cr
The accounting entries will be:
Rebates/Discounts Dr
Customer Cr
DEBIT MEMOS
Debit Memos shall be issued in case of price difference, sale tax difference and interest on usance period and overdue payments.
The accounting entries for two possible scenarios are as follows:
Price Undercharged:
Customer Account Dr.
Revenue Cr.
Sales tax payable Cr.
Sales tax undercharged
Customer Account Dr.
Sales tax adjustment Cr.
Interest on delayed payments/usance period and other charges
Customer Account Dr.
Interest Others Cr.
In case of HZL a complete retirement or a partial retirement of asset is done. The system uses the asset retirement date to determine the amount to be charged off for each depreciation area. The existing accounting policy is to provide depreciation for the full quarter in which the asset is sold/discarded, recommended that the depreciation be provided from the date of acquisition on prorata basis .
Accounting entry for sale of Asset to customers:
Customer Account Dr
Asset Sale Cr
Accumulated Depreciation Dr
Loss on Sale (if applicable) Dr
Asset Sale account Dr
Asset account Cr
Profit on sale (if applicable) Cr
Note: In case of any Sales Tax /Excise duty applicable for this transaction, SAP will calculate the Sales Tax/Excise Duty based on the Tax Code selected the entry is posted to the GL Account (Sales Tax Payable)
Accounting entry for sale without a customer:
Accumulated Depreciation Dr
Loss on Sale (if applicable) Dr
Asset Sale account Dr
Asset account Cr
Profit on sale (if applicable) Cr
Accounting entry for scrap
Accumulated Depreciation Dr
Loss on Sale of Assets Dr
Asset account Cr
SALE OF SCRAP
The sale of scrap (non-stock) shall be mapped as a direct manual FI entry. The customer will be created as a FI customer. No Logistics module will be involved in the process.
A FI Invoice will be prepared for the sale of scrap with the following entries:
Customer Dr
Sale of Scrap Cr
Excise Duty Payable Cr
ADVANCES FROM CUSTOMERS
Advances are received from the customers against delivery. These advances will be recorded in a special general ledger account. The accounting entry for the same will be:
Bank Account Dr
Advance Customer Payments Cr
These advances will be later on adjusted against the invoices raised on the customers. Advances can be adjusted against more than one invoice at the time of clearing of the invoices against advances.
Adjustment of Advances
Customer Account Cr
Advance Customer Payments Dr
A financial document would be created for each Bank Guarantee received and this document number will be referred to in the Sales Order which would then monitor the value and the validity of the of the Bank Guarantee instrument wise while doing the billing.The letter of credit /Bank guarantee given will be recorded as a noted item.
Accounting Entry for Goods receipt
Stock/Inventory account Dr
GR/IR account Cr
Freight clearing account Cr
Accounting Entry on invoice verification of supplier
GR/IR Dr
Vendor account Cr
Accounting Entry on invoice verification of freight vendor
Freight clearing account Dr
Freight Vendor account Cr
GOODS RECEIPT
Based on the Purchase order and the Quantity actually received Goods Receipts (GR) will be done. Based on the GR done the following accounting entry will be passed in the Financial Accounts
RM/PM Stock Account Dr
GR/IR Account Cr
Freight Clearing Account Cr
EXCISE INVOICE VERIFICATION
On receipt of the excise invoice *** gate pass the following entry will be passed
RG 23 A / RG 23 C Part 2 Account Dr
Cenvat Clearing Account Cr
Vendor Invoice Verification Accounting Entries
VENDOR INVOICE VERIFICATION
The detail process related to invoice verification is documented in Materials Management Document.
On receipt of vendor bill the following entry will be passed:
GR/IR Account DR
Freight Clearing Account DR
Cenvat Clearing Account DR
Vendor Account CR
Invoice Verification for Foreign Vendor
On receipt of vendor bill the following entry will be passed:
GR/IR Account DR
Vendor Account CR
Invoice Verification for Custom vendor
On receipt of Vendor bill the follo wing entry will be passed:
1) RG 23A/RG 23C Part 2 A/c (CVD) A/c DR
Cenvat Clearing A/c CR
2) G/R I/R A/c DR
Cenvat Clearing A/c DR
Vendor A/c CR
3) Cost of Material A/c DR
Vendor A/c (Customs) CR
Invoice Verification for Freight / Clearing Agent
Cost of Material A/c DR
Vendor A/c (Clearing Agent) CR
Invoice Verification for Octroi Expenses
Cost of Material DR
Vendor A/c (Octroi) CR
TDS (Work Contract Tax) for Service Orders shall be calculated and deducted accordingly.
The following entry will be passed on bill passing:
Expenses Account DR
Vendor Account CR
TDS Account CR
The material shall be returned to the vendor using the
Return to vendor movement type in SAP
Creating a Return PO
These transactions will be processed in the MM module.
The accounting entries will be :
Returns after GRN
GR/IR A/c Dr
Stock A/c Cr
The accounting in respect of debit / credit memos for FI vendors, the process will be similar to that of invoice processing. The accounting entries will be:
On issue of debit note
Vendor Account DR
Expenses Account CR
In respect of import vendor - capital goods exchange differences are to be accounted manually through a Journal Voucher for capitalization.
Exchange rate differences will be accounted at HO. An example of the accounting entry in this case shall be:
Invoice entry @ 40 INR: 1 USD
Asset / Expense A/c DR 100
Vendor A/c CR 100
Payment Entry @ 41 INR: 1 USD
Vendor A/c DR 100
Bank A/c CR 110
Exchange rate loss Capital A/c DR 10
Asset A/c DR 10
Exchange rate loss Capital A/c CR 10
A new G/L account shall be created for the special G/L transactions.
The accounting entry for making the down payment shall be:
Advance to supplier account Debit
Bank A/c Credit
When the invoice is booked the following entry is passed
GR/IR account Debit
Vendor account Credit
Clearing of Invoice against Down Payment
Vendor A/c Debit
Vendor down payment account Credit
Wherever, TDS is applicable, the TDS will be deducted at the time of down-payment to the vendor.
Down Payment for Capital (tangible) Assets
Down payment to vendors for capital acquisitions is to be reported separately in the Balance Sheet under the head Capital Work in Progress. Hence down payment for capital goods would be tracked through a separate special general ledger indicator.
The procedure to be followed is:
Definition of alternative reconciliation accounts for Accounts Payable for posting down payments made for Capital assets
Clearing the down payment in Accounts Payable with the closing invoice.
A new G/L account shall be created for the special G/L transactions.
The accounting entry for making the down payment shall be:
Vendor Advance for Capital Goods Account Debit
Bank A/c Credit
When the invoice is booked the following entry is passed
Asset A/c / Asset WIP Debit
Vendor A/c Credit
Clearing of Invoice against Down Payment
Vendor A/c Debit
Vendor Advance for Capital Goods Account Credit
The Following are the TDS Rates (to be confirmed with the recent changes)
Particulars Tax Rate Surcharge Rate Total
Contractors 194 C 2% 5% 2.10%
Advertising 194 C 1% 5% 1.05%
Prof. Fees 194 J 5% 5% 5.25%
Rent Others 194 I 15% 5% 15.75%
Rent Company 194 I 20% 5% 21%
Commission 194H 5% 5% 5.25%
Interest - Others 194 A 10% 5% 10.50%
Interest Company 194 A 20% 5% 21%
Special Concessional Tax
Works Contract Tax
SECURITY DEPOSITS /EARNEST MONEY DEPOSIT RECEIVED FROM VENDORS
Bank A/c DR
Security Deposit Vendor CR
EMD to give the age so as to enable the same to be transferred to unclaimed EMD account.
PAYMENT OF TOUR ADVANCE DOMESTIC TOURS
Employee Advances will be paid by the Accounts Department unit wise based on the requisition or recommendation of the respective departmental head.
Employee Travel Advance A/c DR
Cash / Bank Account CR
Banking Transaction Financial Accounting Entries
Settlement Of Tour Advances Domestic/Foreign
1) Settlement of advance will be done by the Accounts Department based on the Travel Expense Statement submitted by the employee, which is approved by the Concerned Department Head.
2) Expenses Account DR
Cash/Bank Account DR (if, refund)
Employee Advance Account CR
Cash/Bank Sub ledger Account CR (if, payable)
3) Banking Operations - Maintenance Of Bank Master
4) A House Bank is a combination of a Bank and a Branch. Account id is the account number. A house bank can have multiple account IDs.. There could be a main account as also payable account, which will be defined as separate account ids. General Ledger accounts have to be created for each combination of a house bank and account ID. The bank master details are to be provided by HZL.
5) General Ledger accounts have to be created for each account ID in the house bank. Bank Account Master data will be maintained by the Finance Department centrally.
6) Each house bank and account ID combination shall have one main general ledger account and several sub accounts mainly based on broad transaction types. These sub accounts are necessary to facilitate automatic bank reconciliation process in R/3 system.
Bank Accounting
7) The accounting entries will be generated automatically according to the posting rules attached to the Transaction type. The following accounting entry is passed by the system in respect of cheque deposit on account of collection from domestic customers.
Bank cheque deposit account Debit
Customer account Credit
8) In this case, a bank sub account is selected based on the transaction code entered by the user. The customer account is cleared i.e. invoice is cleared against the receipt. In respect of any other deposits, the relevant accounts to be credited will depend on the nature of transaction.
9) Payment against bills for collection. Based on the bank advices falling due on a particular day one payment advice is made debiting the vendors and crediting bank.
Cheque Deposit - Customer Receipts
10) All cheques received from customers shall be accounted at the point of receipt. The entry posted shall be
Bank Sub account Dr
Customer Account Cr
Cheque Deposit - Other Than Customer Receipts
11) All other receipts will be accounted through the Incoming Payment Transaction of the Accounts Receivables module.
Cheque Bouncing Other Than Customer Receipts
12) Based on the information of cheque bounced from the Bank, the accounts Department will pass accounting entries for the cheque that have been bounced. The procedure to handle bouncing of a cheque has been discussed under the following
13) Reset the clearing document If the document has been cleared i.e. an open outstanding item has been cleared against an incoming receipt, then the clearing document has to be reset to its original status of open item. This process is known as reset of cleared document.
14) Reverse the entry passed for cheque deposited earlier Once the document has been reset it will be reversed. The following accounting entry will be passed.
FI Customer DR
Bank cheque deposit account CR
15) In case of cheques being damaged while printing, the concerned cheques no. has to be voided and the payment will be rerun.
thanks and regards,
G.V.SHIVAKKUMAR
9894150275
[email protected] -
Purchase Order Response in SRM from R/3 through XI
Hello friends,
While sending Purchase Order Response from R/3 to SRm through XI Iam getting this error in SXMB_MONI of XI and also in SRM:
<?xml version="1.0" encoding="UTF-8" standalone="yes" ?>
- <!-- Response
-->
- <SAP:Error xmlns:SAP="http://sap.com/xi/XI/Message/30" xmlns:SOAP="http://schemas.xmlsoap.org/soap/envelope/" SOAP:mustUnderstand="">
<SAP:Category>Application</SAP:Category>
<SAP:Code area="ABAP">APPLICATION_ERROR</SAP:Code>
<SAP:P1 />
<SAP:P2 />
<SAP:P3 />
<SAP:P4 />
<SAP:AdditionalText><?xml version="1.0" encoding="utf-8"?><nr1:StandardMessageFault xmlns:nr1="http://sap.com/xi/SRM/Basis/Global"><standard><faultText>An error occured within an XI interface: Exception occurredE:BBP_PD:069 -Product data could not be intepreted E:BS:013 -System status INCM is active (Purchase Order Response 1000000037) Programm: CX_BBP_BD_ERROR===============CP; Include: CX_BBP_BD_ERROR===============CM002; Line: 57</faultText></standard></nr1:StandardMessageFault></SAP:AdditionalText>
<SAP:ApplicationFaultMessage namespace="http://sap.com/xi/SRM/Basis/Global">StandardMessageFault</SAP:ApplicationFaultMessage>
<SAP:Stack>The application triggered an exception</SAP:Stack>
<SAP:Retry>M</SAP:Retry>
</SAP:Error>
can anyone please help me out in this...........
Thanks in Advance...Dear Friends,
I am SAP MM Certified Consultant & did my training for MM Module from Siemens ( Sapient College )& paid 2.5 lac for that and Since then I am working as a SAP MM consultant in an MNC since past 2 years, done 2 implementations and had a functional experience of 4 years in purchasing .
Had work for MNCs only & having good expertise in Domain area .Total Experience 5 years out of that 2 years SAP MM experience .
Dear all can you tell me what should i do so as to make a successful career in SRM.? How long should i stay in MM and what should I learn besides MM.I have already started working on SRM .
I wish to do SRM training again from Siemens but this point of time , I dont have enough money to do SRM training from Siemens . Could anyone suggest , where I can learn SRM in Bangalore & get trained in this New thing and do i need some programming knowledge in it.
Could anybody send me some SRM documentation on my mail id [email protected]
Thanks in advance.
Regards,
Savita Munshi -
Date and currency in business apps
Last year, I was concerned about the difficulty to use java.util.Date class in business applications.
See thread "Date is a mess for business use" at http://forum.java.sun.com/thread.jsp?forum=4&thread=464726
And yes, I continue to think that a Date with 61 seconds in a minute is unusable in a business environment !
We need to store business dates, not timestamps.
Working for an insurance company, suitable date and currency classes are of paramount importance, but Java doesn't include such classes, rendering its use very difficult, not to say almost impossible.
I just give here a pointer to some very interesting articles I just came across lately.
I think it can be of some help to people facing the same problems as me about Date and currency storage.
http://www.idinews.com/darkside.pdf
http://www.idinews.com/freeware.html
http://www.idinews.com/sourcecode/DateJava.html
http://www.idinews.com/sourcecode/MoneyJava.html
At last, with these two classes, we can do the same data processing as we did with all our cobol programs.
Happy reading !I tried using the Money class on the compound interest example from http://www.cs.princeton.edu/introcs/91float/. Here's my code:
Money deposit = new Money(1000d);
System.out.println("Deposit = "+deposit);
System.out.println("Double precision interest = "+
deposit.mpy(Math.pow(1 + .05 / 365, 365)));
Money dailyAmount = new Money(deposit);
for (int i = 0; i < 365; i++)
dailyAmount = dailyAmount.mpy (1 + .05 / 365);
System.out.println("Daily calculated interest = "+dailyAmount);The output looks like:
Deposit = $1,000.00
Double precision interest = $1,051.26
Daily calculated interest = $1,049.40But the second value should be $1,051.27. Because Money uses a long to represent the amount I end up missing a penny when double precision rounding is applied, and because it rounds down I end up missing almost $2 when the amount is calculated daily. -
Our USDA Direct timeline- 99% there after 103 days
Yesterday we were told our Certificate of Eligibility was being sent out, so I figured it's time to start a journal-type post for all those hunting for info. I spent a lot of time searching for timelines, so I hope someone else finds the following helpful. I'll come back to add updates as they occur. *edit to correct ^Right after we got the phone call that our Certificate would be mailed out on 3/26, our USDA loan specialist received word of a family emergency. She had to suddenly leave the office & took a week off work. We understood & waited patiently for her to return on 4/2 so we could drive an hour each way to pick up our paperwork & begin house shopping. Our state is Virginia. Submitted pre-qualification application via email 1/14/15USDA did a single hard credit pull 1/23/15Letter arrived & we were invited to apply 1/30/15Submitted standard application via email 1/31/15Letter arrived stating we were selected for processing 2/17/15Mailed requested documents and payment for credit reports via USPS Priority w/ tracking 2/20/15Documents arrived at USDA office 2/23/15Tri-merge credit inquiry by USDA 3/10/15$32 check to USDA for credit reports hit bank 3/17/15Certificate of Eligibility issued 3/26/15Under contract 4/15/15Inspection completed 4/25/15 (only minor issues that the sellers will fix)Survey completed 5/14/15 (a plot plan or survey is required by the USDA & the sellers, our realtor, our title agent, the town, & county couldn't find one on record anywhere, so we had to pay $300 & wait 2 weeks for this to be completed before we could submit our full application to the USDA)Application submitted to USDA 5/14/15Appraisal ordered by USDA 5/15/15 --Read the 1st half of our problems with scheduling our appraisal here. The 2nd half is posted in the comments below.Appraisal performed on 6/23/15 -- Read about our strategy for an accurate appraisal here.Appraised at $176,000Insurance purchased, Truth in Lending signed, & GFE delivered on 6/30/2015Commitment of funding on July 13, 2015 Added from the June 2015 closers post because much of this info is missing above: After all of your helpful advice, tons of research, & a bit of stress, we finally got our letter to officially house hunt. We went under contract yesterday with a closing date of June 15th. The sellers are having a modular built for themselves & we're using USDA Direct, so the long time frame is beneficial to all involved. These will be the longest 2 months to get through! Home Location: VirginiaPurchase Price: $174,900Property type: Single family brick ranch 3 br/ 1 ba 1,767 sq. ft recently renovated with a 2 car garage on 1/2 acre. The roof is 2 years old & has a 35 year transferable warranty!Lender Name: USDANotes about Lender: This is a loan directly from the USDA with no downpayment requiredType of Loan: Single Family 502 Direct / 33 year termApproved on: The USDA issued our Certificate of Eligibility on March 26, 2015 but before mailing it, our LO had a family emergency & suddenly left the office for one full week. We drove an hour each way to pick up our letter in person the day she got back-- April 2, 2015.Submitted Offer on: April 14, 2015Ratified Contract on: April 15, 2015Ernest Money Deposit: $500Inspection: Passed with only minor issues on April 24, 2015Purchase contract addendums: All minor issues from the insp. will be fixed by sellerLoan Rate: 3.0% 3.25% (Even though our Certificate of Eligibility states 3.0%, our rate won't lock until the loan obligates according to our state's office.)Survey Ordered: April 30, 2015Survey Completed: May 14, 2015Application submitted: May 14th, 2015 (delayed due to USDA requiring a plot plan/survey that didn't seem to exist, so we had to order & pay $300 for a survey)Loan Processing: The USDA doesn't communicate very well, so I'm not sure about this date.Appraisal Ordered: May 15, 2015Appraisal Completed: June 23, 2015Mortgage Commitment Letter: July 13, 2015Went to underwriting: No idea, but we went through full underwriting early in the process.Underwriting Complete: Final Approval:
Walk Through: Closing Date: Scheduled for June 15, 2015 Extended to on or before July 31, 2015 Closing is set for June 15, 2015 & the USDA says this should be no problem. According to our USDA loan specialist, as of May 14, 2015, the USDA in Virginia has plenty of money remaining! May 29, 2015 update- Our specialist ordered the appraisal 14 days ago on May 15th. Yesterday, (5/28) I got an email from our USDA specialist saying, "The request is with our contracting officer for payment authorization. When she cuts the check they will let me know." I called our specialist & she said this means they still haven't cut a check for the appraisal so it can be scheduled & performed. We're set to close in 17 days! What if there are repairs that require another visit by the appraiser? Will there be time for them to saunter back out to the house before closing? I'm pretty upset & want out of this apartment building with its hallway that smells like old man farts & cigarettes. Oh, how slowly the wheels turn with a government loan. It'll still be worth it in the end though. June 22, 2015 update- The appraisal is finally happening tomorrow. The house is totally move-in ready, so if the appraiser starts nit-picking little stuff to be repaired, I may lose my mind. The sales contract has been extended to on or before July 31, 2015. Also, our a/c is broken & the landlord won't fix it. I don't feel like arguing it even though we could win because after 5 months of dealing with the USDA, I don't have the energy or desire to deal with this. It's easier to just sit in front of a fan & sweat. You can also follow our progress & that of others on the June 2015 closers post. For more information about the incredible options available from the USDA for low income households, start here to check eligibility, go here to read the Rural Development handbooks (3550 is the Direct loan, 3555 is the Guaranteed loan), & for thorough understanding, read the HUD master handbooks too!LeavingTheCity wrote:
That property sounds like a dream! Currently, there are precisely ZERO houses on the market that fit the USDA requirements, our preferences, & our guestimated budget. Luckily, we're able to rent month-to-month, so we're not panicking yet. Hopefully something will come on the market soon. We'd like to start looking at houses next week....don't get discouraged ...we've been looking since 11/14 and only found one other home that we made an offer on ...and I'm grateful the sellers didn't accept because we found this much better one ...a short sale on an estate property that the bank had already agreed to the price on and completed all the paperwork ...then the buyer couldn't close ...our agent works for the listing broker and had us down as back-up buyer ...the asset manager verbally agreed to the terms we offered which net them the same money and we're waiting on the signed contract ...then its off to the USDA where we don't anticipate a problem ...crossing my fingers ...having a really good agent was key ...she kept encouraging us to wait for what we really wanted instead of settling for less ...this property had been under contract for months(short sale) ...when she heard her boss complaining about the buyer's agent not responding to a request for docs, she took one look at the listing and called to ask if we were interested in being a back-up in case the original deal fell through ...lo and behold, here we are ...hope your results are every bit as good as ours have been
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