It basically organizes and provides you with the Information that Is necessary for the particular vendor you are entering in the computer. 8. From the accounting perspective, why do you need to enter all these data? This data Is used to facilitate the submission of a vendor. It Identifies and organizes all the information so when accessed later the vendor information is already set up. Accountants can use this information to gather what type of vendor they are looking for, the type of logistics that will be used, and the limitations of the vendor (The relationship level). C.

What is the purpose of the “Reference” section? The reference section is the same information as the company code, purchasing organization, and account group. This section Is probably a brief, easy accessible section to skim vendors. 2. A. What Is the purpose of the Account control section? Explain the four fields (Customer. Trading Partner, Authorization, and Corporate Group). The account control section informs the user who the vendor is. Customer: The customer is the company that we are working with. The customer is given a number which Is like Identification on the system.

Trading Partner: A trading partner is a company that belongs to the customer. Authorization: An affirmative response Corporate Group: If the company is affiliated with a certain group, there is a number that you enter to Identify that group. B. In the Tax Information section, there are many items applicable for foreign 1 OFF the U. S. A. The necessary information for taxes in the United States is: 1 . Social security number 2. Employee identification number 3. The tax type 4. Jurisdiction type 3. A. What is “BAN”? (You can search the term on the Internet. The international bank account number is a way for countries to identify bank accounts internationally with the benefit of reduced costs and taxes. It is globally agreed upon which makes it easy for all business to work with. B. Click any one of the icons (>) in the BAN column. What is a “SWIFT code”? Close the popup windows when you finish. ) Each bank is associated with a SWIFT code that makes it identifiable for international transactions. 4. A. What is a “Recon. Account”? Explain the purpose of this account. The reconciliation account assures that the money on the general ledger is balanced.

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B. What is the purpose of the Interest Calculation section? Give an example where you would use this setting. The interest calculation section gives information about how much, how frequent, and the ending date for interest collection. You would probably see the interest calculation section in a bank or insurance company. C. What is the purpose of the Withholding Tax section? Give an example of withholding tax in the U. S. The customer does not pay the withholding tax when they pay taxes. This is the amount of tax withheld. 5. A. What does “Check double NV. ” mean?

This feature searches the database for a duplicate entry. If an invoice is entered twice, the company might accidental pay a bill twice. B. What is exactly payment term 0001? Payment term 0001 means that the invoice is payable immediately. A number in the payment term box classifies the means of payment. C. What does “Met DVD. By DE'” mean? What is DE’? The transaction must occur by DE’. EDI stands for electronic data interchange. This is a standard by which a business exchanges information with another business. D. In the Invoice Verification section, what is the purpose of the Prepayment setting?

This function tells the user if the company is allowed to prepay or wants to prepay. 6. A. What is “Dunn. Procedure”? What is “dunning”? Dunning includes that act of sending out a request for payment. A Dunn. Procedure may include a pre-configured set-up. 7. A. What does “incomers” mean? These terms are internationally agreed upon standards for shipping and receiving. B. What is the purpose of the “BBC indicator” setting? What is “BBC analysis”? This function indicates the importance of the vendor. BBC analysis classifies the inventory worth of the vendor. 8. Perspective)?

Possibly the names of the people we are working with; the history with the vendor, the capabilities, and the possibilities for future relationships. Creating Material A. Some data have already been entered. How did this happen? I must have done something wrong because I did not see any data entered. If there was information entered, it would most likely be because I created a name for my material and put that into the “copy’ section. Once I create a name and select pre-selected features he system inputs the known data into the categories that it recognizes. B.


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