Every day, more than thousand transactions are created in a company. These transactions are identified by their categories or document types and stored in sap. Now the question is why these transactions are to be identified with a category or document type. In this article we will be discussing major reasons of having document types in sap fico. Document entry in SAP … [Read more...] about Why we have different document types in sap fico
Archives for December 2013
How to clear both vendor and customer open items with each other in sap
In a business, you may be required to clear open items related to both customer and vendor with each others. This type of clearing will take place only when vendor and customer of a company are same. For example; it may happen in a business that you are procuring certain raw materials for your finished products and after producing it you are selling certain portion to the … [Read more...] about How to clear both vendor and customer open items with each other in sap
The risk of being a guarantor for your friends debt
As a guarantor, you promise the bank that you will pay your friend’s debt. Banks are generally asked for a guarantor when they are not convinced with the borrower’s asset. In case, the borrower did not repay the loan amount then bank will first sell the asset that kept as a security with them to recover the money. After such set off, if any balance loan amount left out then … [Read more...] about The risk of being a guarantor for your friends debt
Why line item display is not set for reconciliation account – Sap Fico
Line item display is set for those accounts which are specifically required to display both side of a transaction in its report display i.e. debit and credit side of a transaction. When you post a transaction to gl account which has been set to line item display in its ledger master, system will store it in a special index table in addition to storing it in the documents. When … [Read more...] about Why line item display is not set for reconciliation account – Sap Fico
How EMI Is Calculated For Your Loan
EMI stands for Equated Monthly Installments. When you take a loan from bank or financial institutions, you are required to pay fixed monthly payments or EMI calculated based on the amount of loan and contracted period. The best part of fixing Equated Monthly Installments or EMI at the time of taking loan is that the borrower will know precisely how much money they need to … [Read more...] about How EMI Is Calculated For Your Loan
Understanding Minimum Balance Requirements for saving accounts
Till date RBI has not stipulated any minimum balance requirements that need to be maintained by a customer in his saving or current account. Banks are prescribing these requirements based on the cost involved in maintaining accounts. If you do not maintain your minimum balance then bank will levy specific charges for it. In private banks these charges are higher compare to … [Read more...] about Understanding Minimum Balance Requirements for saving accounts
What does KYC mean to a bank?
KYC stands for Know Your Customer. KYC norms regulate the collection of relevant information that your bank must obtain from you for the purpose of opening a bank account or doing business with you. The objective behind KYC or Know Your Customer is to prevent money laundering, financial fraud and other fraudulent activities. This also helps the bank to understand their … [Read more...] about What does KYC mean to a bank?
What is alternative payee or payer in sap fico
Alternative payee is the party to whom you will be making payments on behalf of the original vendor. Alternative payee is a vendor who is recognized as having a right to access to receive some or all the benefits on behalf of the original vendor. Address of the alternative payee will be used for sending reminder. The payment program in sap can make payment to such vendors other … [Read more...] about What is alternative payee or payer in sap fico
5 things to consider before opening your bank account
Choosing a bank for opening your saving or current account will not be a difficult task if you know your requirements. Here is a checklist that everyone should consider before opening a saving or current account to ensure that you are getting most out of it. Choose a Bank for opening your account Before choosing a bank, you should look at several other banks to know what they … [Read more...] about 5 things to consider before opening your bank account