Innowera - RDM: Financial Accounting

Innowera - RDM: Financial Accounting

RDM | Financials | Financial Accounting

The main objective of Financial Accounting is to provide an overall external accounting as required by various accounting principles (IFRSS, US-GAAP, local GAAP). Collecting and storing all business events from different business systems in an integrated system ensures that account management is complete and synchronized at all times.

General Ledger Provides a comprehensive picture for external accounting and accounts. Records all business transactions (primary postings as well as settlements from internal accounting) in a software system that is fully integrated with all the other operational areas of a company to ensure that the accounting data is always complete and accurate.
 
Accounts Receivable Records and manages customer accounting data via the Accounts Receivable (AR) component. Connects AR directly to the G/L using a special reconciliation account.
 
Accounts Payable Records and manages vendor accounting data via the Accounts Payable (AP) component. Connects AP directly to the G/L using a special reconciliation account.
 
Contract Accounting Covers all standard accounts receivable and accounts payable functions and provides new functions with a high degree of flexibility. Manages receivables and payables in a subledger that follows the aspects of mass data processing and system integration.
 
Fixed Assets Accounting Maintains and analyzes fixed assets according to generally accepted rules in the company's country. Delivers country templates with the system.
 
Bank Accounting Includes the management of bank master data, cash balance management (check and bill of exchange management), and the creation and processing of incoming and outgoing payments.
 
Cash Journal Accounting Manages cash transactions via Cash Journal Accounting. Calculates and displays the opening and closing balances and the receipts and payments totals automatically.
 
Inventory Accounting Supports the valuation and reporting of inventory according to different regulations. Carries inventory values in two additional currencies/valuations via the Material Ledger component. Performs all goods movements in the Material Ledger in up to three currencies or valuations. Translates currency amounts into foreign currencies at historical exchange rates at the time of posting. Supports the determination of actual costs (compared to standard costs) for externally procured materials and materials produced in-house via Actual Costing. Valuates material inventories, such as raw materials as well as semi-finished and finished products, accordingly.
 
Tax Accounting Supports the calculation and reporting of taxes on sales and purchases and withholding tax.
 
Accrual Accounting Manages accounts payables and receivables differently than the required periodic assignment of costs and revenues. Records revenues when they are earned, not when the receivables are disclosed; costs according to the consumption of material or services, not when the obligation arises, via Accrual Accounting.
 
Local Close Supports speed and transparency of the closing process by means of application integration, process automation, reconciliation and collaboration functionality.
 
Financial Statements As part of the period or year-end closing, individual companies create financial statements according to country-specific regulations.
 
Audit Information System Supports external, internal, and tax auditors as well as data security officers. It is aimed at streamlining and improving the quality of system, business, and tax audits. The Audit Information System (AIS) consists of a set of roles with pre-configured SAP standard programs and reports disclosing audit relevant information from multiple SAP applications such as general ledger, asset accounting, inventory management, cost accounting, or consolidation. In addition to these online controls, AIS provides an export interface for totals and documents that is compatible with leading external auditing tools.
 
Data Retention Tool (DART) Allows the regular extraction and storing of data from ERP systems and provides tools for the flexible evaluation of the data stored. Furthermore, DART provides support for the export of data in SAP Audit Format, appealing internal and external auditors alike.
 
Travel Management Travel management provides a fully integrated end-to-end trip life cycle solution to improve processes in pre-trip approval, online booking, expense reporting and data warehousing. This process optimization results in cost reduction of indirect travel costs, lower agency transaction fees and possible enhanced supplier negotiations.