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Managing Financials With SAP Business One

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Managing Financials With SAP Business One Training

Continuing our deep dive into the financial workings of SAP Business One, Pioneers Oren and Beth gave an in-depth look at Managing Financials with SAP Business One in our most recent training session.

Read on to get an overview of this training session, or watch the recording below or OnDemand on our Youtube channel.

Managing Financials Objective & Agenda

Starting off, Oren explains that the objective of this session is to educate SAP Business One users about various foundational financial elements of the B1 software, and expand on their existing knowledge of supplementary financials features.

To do that, they covered the following topics:

  • Chart of Accounts
  • Structure and Editing
  • Financial Report
  • Templates
  • Journal Entries & Vouchers
  • Recurring Transactions & Postings
  • G/L Account Determination
  • Advanced Items
  • Reports

They then round off the session with Documentation and Q&A.

Chart of Accounts (COA)

Heading straight into SAP Business One, Oren opens up the Chart of Accounts (COA) under the Financials section.

Green Accounts / Control Accounts

When you go into the COA, by default all of your accounts will appear black. But when you define an account as a Control Account or G/L Account it will turn green so that you can quick see which accounts may have some automation associated with them.

Segmentation for Accounts

With the COA, you also have the ability to assign different segments. You can then use those different segments to narrow down PNL or Balance sheets to see specific information. Every company uses segments differently, so you may want to experiment to see what works for you!

Drill Down Capability & Reconciliation

On any account you also have the ability to Drill Down in the the Balance to see all the postings for that specific account. This is particularly useful for when you want to do Internal Reconciliation as you can even make adjustments directly from this page.

Cash Account & Cash Flow Relevant

Also in the COA you’ll find your Cash Account and Cash Flow Relevant sections. Cash Flow Relevant is related to the Statement of Cash Flow, and the Cash Account is related to the Cash Flow Report.

*Note: Once you Enable Cash Flow Relevant and start having transactions, you cannot change it

Edit Chart of Accounts

If you wish to control the structure of the COA, you have the option to Edit it. You have a few options for this, but the easiest uses a different menu under the Financials tab called the Edit Chart of Accounts.

Financial Report Templates

In general if your run a financial report, it will pull the report in the exact format of your COA. Sometimes this isn’t exactly what you want or need. For that you can create a Financial Report Template. With these templates you can right-click and add, move, or remove sections of the Financial Report as well as rename sections in the report.

This template does not change your actual COA. It just adds new options for running reports.

Journal Entries & Journal Vouchers

journal Entries and Vouchers can be considered by many an underutilized treasure, so to give you a little more insight, Oren digs into their most important points.

First is the Origin, which shows you were the entry came from, and allows you to drill down into the specific information associated with it.

Under the Contents and G/L Account section you have the Expand Editing Mode allows you to see different things on the highlighted line.

With Form Settings you can choose what to see and what not to see in your Journal to get better organized and less cluttered information.

A Journal Voucher is basically a draft of a Journal Entry.

Automate Recurring Financial Processes

There are 3 different ways you can automate Financial Processes.

Posting Templates

Recurring Postings

Recurring Transactions

*Can be found under Sales – A/R

G/L Account Determination

Managing Financials with SAP Business One Resources

Looking for more information? Below are a few links carefully selected by our experts that should give you everything you need to know about Managing Financials with SAP Business One. Feel free to browse our resources or check out our knowledgebase. If you have any questions about Financials with SAP Business One, or want to know how you can run your business better with SAP B1, reach out to us by phone 602-888-2100 or email info@pioneerb1.com.

Managing Financials with SAP Business One Presentation

Managing Financials Webinar on our Youtube Channel

1099 Processing Documentation

SAP Business One LinkedIn Tips and Tricks Group

Year-End in SAP Business One Blog

1099 Changes in 2020 Blog

Year-End Activities with SAP Business One Blog

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