SOLUTION: Enterprise Resource Planning | My Assignment Tutor

4 -1Enterprise Resource PlanningLab. 4ObjectiveSetup parameters for Accounts ReceivableCreate Sales ordersThe Accounts Receivable module has the same principles as the Accounts Payable module.When completing the Lab you will be warned that you are completing tasks that require adocument to be printed but you will not be printing the document. Select OK when amessage is displayed.Setup Customer GroupsYou need to establish Customer Groups of Australia and Foreign.Go to Accounts Receivable -> Setup -> Customers ->CustomerGroupsCreate the groups shown in the following form.4 -2Close the formSet-up Customer Posting ProfilesOpen Accounts receivable -> Setup -> Customer posting profilesUse the New function to create a posting profile Profile1.Expand the Setup area and establish Group “Australia” postings and group Foreign postings.Set the Foreign group to 64200 (Accounts Receivable Foreign). The Settle Account is thebank account (65100).Use the setup tab to establish Group “Australia” is posted to account 64100 (AccountsReceivable Australia) and that group Foreign is posted to 64200 (Accounts ReceivableForeign). The Settle Account is the bank account.4 -3Close the form.Setup ParameterGo to the parameter formAccounts Receivable –> Setup -> Accounts Receivable ParametersChange the order type to Sales Order. This makes a sales order the first status of an ordera Journal is a document that is a proposed sales order that needs to be authorised.4 -4Select the Ledger and GST Tab and set the Posting Profile to Profile1.Select the Number Sequence option (on the left of the form at the bottom).Find the Customer Account entry. Right click on the number sequence field and choose4 -5View Details.Select Edit. Use the General area to the Manual field.This allows you to type a customer code rather than a system generated one.Close the forms.4 -6Setup CustomersGo to the Customer form – Accounts Receivable -> Customers -> All CustomersUse the New option to create the following customers. CustomerGroupCurrencyQantasAustraliaAUDVirginAustraliaAUD BAForeignGBPAmericanForeignUSD If you cannot locate the currency use the All tab or type in the currencyIf the following form is displayed press Add.4 -7On the Customer form press F5. Choose each customer in turn, select Edit, expand theSales order default area and enter the default Warehouse and Building.4 -8Setup Posting For Sales OrdersThe lecture will discuss the posting options. The sales order must credit revenue, debitCOGS, credit inventory, debit debtors. It is therefore necessary to establish theInventory, COGS and Revenue Accounts posting criteria.Got to Inventory Management -> Setup -> Posting –> PostingSelect the Sales Order tab.Click the Issue radio button. This identifies the inventory account that will be creditedwhen items are sold. Use Add to enter the following Item CodeGroupAccount NumbGroupLaptop62500 (Finished Goods Laptop) 4 -9Group Mobile 62200 (Finished Goods Mobile)All 62400 (Raw Materials)This identifies that the value of Laptops and Mobiles that are sold will be credited to thefinished goods inventory accounts (finished goods will be debited when the items aremanufactured). Items that are sold other than Laptops and Systems, will be componentsand they are debited to raw materials when purchased and, therefore, credited to rawmaterials when sold.When items are sold the cost of buying or manufacturing the items is posted to the cost ofgoods sold account. Click the Consumption radio button. This identifies the cost ofgoods sold account that will be debited when items are sold. Enter the followingItem CodeGroupGroupLaptopAccount Numb22000 (COGS Laptops)GroupAllSystem 21000 (COGS Systems)23000 (COGS Components)Click the Revenue radio button. This identifies the revenue (sales) account that will beCredited. Enter the following4 -10Item Code Group Account NumbGroupGroupLaptopMobile12000 (Sales Laptops)11000 (Sales Mobiles)All 13000 (Sales Components)Close the Posting form.Create Sales OrdersGo to the Sales Order form: Accounts Receivable -> Sales Orders-> All Sales ordersSelect New in the top left of the form. Create an order for Qantas. The warehouse ofJoondalup and site of Building 16 should populate from previous setup.Select OK.Create an order for item Intel333(Your company ID) with a quantity of 2 and a UnitSales price of $200.Select Pick and Pack. Then Picking List.4 -11Untick Print picking list.Press OK.The warning message is due to the Picking List not being printed in the warehouse asprint is not selected due to printers not being configured.The Picking List document would usually print in the warehouse and be used by storespersonnel to identify the items to pick.When the items had been picked the store person would write on the form the number ofitems actually picked (this may be less than required). The details of the form would thenbe entered on the computer. A reduced form would be used for this purpose.Select Picking List Receipt or Registration.The system displays the expected quantity, in this case 2. The quantity can be amended tobe less than the order. Leave the quantity at 2, select Update at the top of the form andselect Update All.4 -12Close the form.The items can now be delivered and a delivery note, that will accompany the product,needs to be produced.Select Delivery Note.Change the Quantity to All, ensure Print Delivery Note is unticked and press the OKbutton.4 -13Press OK.This is the stage when the stock quantity is decremented.Close all forms.Go to Inventory Management -> Inquiries-> On HandLook at the quantity of Intel333 in stock. The quantity in stock will be the number youhave purchased less the number you have delivered.The value should be 13.4 -14Press the Transactions button on the On-Hand form. You will see the stock movements ofthe items into and out of stock.Close the Transactions and On Hand form.Go back to the Sales Order form (Accounts Receivable -> Sales Orders-> All Salesorders) and Post the Invoice by selecting Tax Invoice and Generate Tax Invoice.The quantity defaults to the delivered quantity. The quantity and values could beamended.4 -15Press OK to post the invoice. The invoice would be sent to the customer.Close the Sales Order form by pressing the left arrow at the top of the screenAccounts Receivable LedgerOpen form Accounts Receivable->Customers-> All CustomersSelect Qantas and the Balance option.4 -16The form displays the outstanding balance for customer Quants.Select Open Transactions. This would display a list of all outstanding transactions forcustomer Qantas.On the transaction you have made select Voucher.The form shows the Revenue, Debtors, COGS and Inventory transactions that have beenposted using the setup that has been established.4 -17Look at the postings and see if you can identify the setup that has managed the accountupdates. When you highlight individual lines the account name is displayed at the bottomof the form.Close all forms.Create a sales order for BA for 1000 Intel333Comp.Use a Unit Price of 200.Run through the process as above e.g.Select Pick and Pack, Picking List and select OK.Picking List Registration, Update, Update All.4 -18What happens when you try to Update the Picking List Registration?The error message is displayed as you do not have sufficient stock to be able to pick thequantity of 1000 items.Reduce the picking list quantity to three and update the picking list by select Updates,Update All4 -19Close the form.Select Delivery Note and change the quantity to Picked.4 -20Press OK to create the Delivery Note.Create the Tax Invoice.Ensure the Quantity is Delivery Note.Select OK.Close all forms.Open form Accounts Receivable->Customers-> All CustomersSelect BA and the Balance option.Close the forms.Create more Purchase and Sales order for Processor and ensure you understand the4 -21parameters that are controlling the system.Close the forms.Setup Product Pricing.Open form: Product Information Management -> Released ProductsSelect Intel333Comp.Press Edit.Enter a Purchase Price of $120Enter a Sales Prices of $2204 -22Close the forms.You should now complete Assignment 1.END