SAP FI FAQs – Invoice Verification
1.Â Â Â Invoice verification provides a link between which modules?
Invoice verification provides a link between Materials Management and the Financial Accounting, Controlling and Asset Accounting modules.
2.Â Â Â What are the two ways to enter taxes on invoices?
(a)Â Â Â Manually enter it in the Tax field
(b)Â Â Â Leave the Tax Amount field blank and turn on the Calculate Tax indicator to have the system calculate the tax based on the Tax Code.
3.Â Â Â When a Vendor invoice is posted in the system, what 5 things happen?
â€¢Â Â Â An Invoice Receipt document is created
â€¢Â Â Â The Material Master record is updated when appropriate.
â€¢Â Â Â The Purchase Order History is updated when appropriate.
â€¢Â Â Â Entries are posted to the appropriate General Ledger Accounts
â€¢Â Â Â The Vendor account (Sub-ledger) is updated.
4.Â Â Â When the Vendor Invoice is posted which accounts are effected?
A debit is posted to the GR/IR Clearing Account and a credit is posted to the Vendor Account.Â At the same time, a credit is posted to the appropriate General Ledger Reconciliation Account (i.e., A/P account) assigned to the Vendor.
5.Â Â Â What are the four types of variances in Invoice Verification?
â€¢Â Â Â Quantity Variance
â€¢Â Â Â Price Variance
â€¢Â Â Â Order Price Quantity Variance
â€¢Â Â Â Schedule Variance
6.Â Â Â What are subsequent debit/credit memos?
Subsequent debit/credit memos are used to process additional invoices or credit memo(s) received from a vendor after the (Purchase Order) transaction has been settled (paid).