The Business Benefits of a General Ledger Migration at W.R. Grace & Co. Ed Taylor Mgr‚ SAP Global Financial Team May 6‚ 2008 Agenda Introduction and Speaker Biography W.R. Grace & Co. Background Business Drivers for GL Migration Best Practices / Project Methodology SAP Engagement Model Successful Outcome Lessons Learned SPPHIRE 08 OR4133 Introduction and Speaker Biography Edward Taylor Manager‚ SAP Global Financial Team Eleven years SAP experience SAP certified – FI-CO
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Fallen Knight Some people can remember where they were the day President Kennedy was assassinated and most can remember every detail of September 11‚ 2001‚ but the most vivid memory I have is the day Heath Ledger died. I know it sounds a little dramatic‚ but I swear my heart was ripped from my throat and I cried like a baby. I was in shock and to tell you the truth‚ I still am. Knights aren’t supposed to die; they are supposed to live forever. I know now that it was all a fairy tale because
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payments journal is used. What is a subsidiary ledger and what purpose does it serve? An addition to‚ and an expansion of‚ the general ledger is known as a subsidiary ledger. When a group of accounts have common characteristics it is known to be a subsidiary ledger. A subsidiary ledger serves the purpose of keeping the details of the individual balances off the general ledger. What is a control account and what purpose does it serve? A general ledger account that gives a brief summary of a subsidiary
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Folio Amount 2014 $ 02-Mar M. Davis 2‚890 06-Mar G.Hinkson 3‚560 P. Wendell 1‚470 19-Mar T.Rudder 930 transferred to sales account 8‚850 Jackie’s Grocery Sales Ledger Date Details Folio $ Date Details Folio $ M.Davis A/c 2014 02-Mar Sales 2‚890 G.Hinkson A/c 06-Mar Sales 3‚560 P.Wendell A/c
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Special Journals and Subsidiary Ledgers The four different types of special journals are sales journal‚ cash receipts journal‚ purchase journal‚ and cash payments journal. Special journals reduce the time needed to complete the posting process and they permit greater division of labor‚ this allows several people to record entries in different journals at the same time. When a transaction cannot be recorded in a special journal it is recorded in a general journal. A sales journal would
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from their account. A subsidiary ledger is a group of accounts with a common characteristic. Its purpose is to free the general ledger from the details of the individual balances. It is an addition to‚ and an expansion of‚ the general ledger. A control account is a general ledger account that summarizes subsidiary ledger data. Its purpose is to keep the general ledger free of details‚ yet have the correct balance for the financial statements. The two general ledger accounts that may act as control
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Journal Entries Example Company A was incorporated on January 1‚ 2010 with an initial capital of 5‚000 shares of common stock having $20 par value. During the first month of its operations‚ the company engaged in following transactions: Date Transaction Jan 2 An amount of $36‚000 was paid as advance rent for three months. Jan 3 Paid $60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office
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A subsidiary ledger is a ledger that includes all of the details of a general ledger‚ and it holds accounts with similar attributes. The purpose is that is can contain things such as accounts receivable and accounts payable and it can show the sum total. The advantages of using subsidiary ledgers is that the sum of all the accounts is kept in the General Ledger and all of the details of the accounts are kept in the subsidiary ledger which is separate so you can keep them in different columns so to
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1 )Manufacturing is the act of making or producing goods by utilizing labor and machineries especially in a large -scale‚ which includes large division of labor. Finished goods produced after manufacturing are further divided into two groups’ producer goods and consumer goods. Producer goods are those supplied to another company for manufacturing other complex products and consumer goods are the finished products which are purchased by the customers directly for the general usage. Casting is a widely
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Torchlight specification Brand: SONCA Cost: $3.20 Power: 2 x AA Battery Description (From Manufacturer): Av Krypton‚ a general purpose portable battery operated handlight torchlight made with super heavy duty rubber case. Grease and oil resistant and rugged deisgn for firm grip. Length: 140mm Body Diameter: 22mm Head Diameter: 30mm Operation: 3 modes: Beacon (Low / High) and off. Switch On: Rotate the head clockwise to switch the flashlight on; Switch Off: Turn the head counter-clockwise until the
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