Get to know SAP Accounts Payable module

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Get to know about SAP Accounts Payable module in detail.

Accounts payable plays an important role in the SAP ECC module. You can easily record and go on to manage your vendor’s accounting data. SAP refers to sundry creditors as accounts payables whereas accounts receivable refers to the sundry debtors.

Every transaction you process in accounts payable can be directly recorded in the general ledger account. You can get the real-time updating done via the settings through the general ledger master while you create the account.

Why do you need SAP accounts payable process?

Accounts payable

The major reason you can shift to accounts payable is moving towards comprehensive invoice and payment management. With this feature in mind, SAP went on to introduce the process in the system for facilitating more effective and error-free Management to ensure that the vital data is safe. You can also view this functionality as a file where you keep record of whatever your firm would owe to its different suppliers.

Reason to shift to SAP Accounts Payable process

 

  • Streamline reconciliation process
  • Manage the data you receive from your suppliers
  • Make better business decisions
  • Facilitate error-free process
  • Keep record of what you owe to every supplier

You can also term this functionality as trade payables. Every invoice you receive from the supplier for the goods or services that you deliver would go on to add to this file as well as removed when the payment has been done fully.

This process is extremely valuable to permit your business establishment to manage the data which they received from their suppliers. You can easily streamline every critical process to reconcile such information with your own payment records to efficiently e-manage business decisions.

What do you need to implement in the SAP accounts payable process?

For exploiting the capabilities of this feature every business entity should maintain a fully capable and dedicated team. These are the following teams that are in need:

  • Invoice posting
  • Payment and vendor reconciliation teams
  • Query handling
  • Invoice sorting and indexing

Features available when you implement SAP accounts payable process:

  • You can request a down payment
  • You can enter incoming invoice as well as credit memo, change Park and display Park invoice
  • Enable reversal as well as mass reversal with clearing
  • View Balance analysis
  • Post manual outgoing payment and automatically manage payment
  • Correspond with vendor
  • Valuate foreign currency
  • Regroup using balance sheet analysis
  • Carry forward your payment processes

Do you want to know more about this module, and how to make the most out of its features? Our team at iQuantM can help you out effectively. Contact us if you are in need of assistance.

FAQs

Accounts Payable (AP) is a vital application of SAP ECC module helping you manage and record your vendor’s accounting data.

There are plenty of benefits associated:

  • Easily request for a down payment
  • Enable mass reversal and reversal
  • Valuate foreign currency
  • Carry forward all your payment processes

 

There are ample reasons to shift to SAP Accounts payable:

  • Streamline your reconciliation process
  • Manage the data received from suppliers
  • Make proper business decisions
  • Facilitate more error-free process
  • Record whatever you owe to your supplier

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