ERP Test 1 GODIN

final factor that determines the type of data included in the material matter, the way a material can differ.

Organizational Levels

Identify the three types of data in an ERP

Organizational, Master, Transaction

what are some different assets?

what a company owns, cash, inventory of materials and buildings

physical and measurable assets that are used in a company's operations.

Tangible Asset Define

property, plant, and equipment

Tangible Asset Examples

Examples of ERP System and its Benefits

-Focus primary on internal operations of an organization -Supports multiple languages and currencies -SAP is a fully integrated, global ERP system

Examples of Enterprise System and its Benefits

-Support end-to-end processes -Large companies -Improve productivity and efficiency EX: ERP System, Supply Chain, Customer Relationship Management

Procurement steps

1. trigger 2. requirements determination (purchase req.) 3. source of supply known? 4. determine source of supply (request for or quotation) 5. vendor section and evaluation 6. purchase order processing (purchase order) 7. goods receipt (delivery doc.) 8. invoice verification (invoice) 9. payment processing (payment

Fulfillment steps

1. trigger customer; inquiry or purchase order 2. pre-sale activities- contracts, quotations 2. sales order processing (sales order) 3. shipping (picking doc) 4. billing (customer invoice) 5. payment (customer payment)

what is means to have integrated business processes?

All the data from a company being put together into 1 system, so all the departments can have access to it

What are the different financial accounting accounts

A/P, A/R, assets

A general ledger is a company's set of numbered accounts for its accounting records. ... The ledger holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owners' equity, revenues and expenses

Bank ledger Accounting

How do ERP systems connect with customer enterprise systems?

Customer relationship management Customer systems

DATA is used in a Goods Receipt!!!

DATA

consists of all the steps involved in selling and delivering the products to the organizations customers

Fulfillment

are typically nonphysical assets used over the long-term.

Intangible Asset Define

Patents, Trademarks and Franchises

Intangible Asset Examples

Media can be used to communicate with vendors in SAP

MEDIA

Define Master Data

Master data is the entities within a business process that are used repeatedly; they help the business process to flow.

What are the goods used in goods receipts?

Material ordered, Quantity delivered, Verification, and Storage location

uses historical data and sales forecasts to plan which materials will be procured and produced when and in what quantities

Material planning

What type of accounting uses multiple ledgers for different purposes?

Parallel Accounting

refers to all the activities involved in buying or acquiring the materials used by the organization, such as raw materials needed. comprised of five steps completed in three functional areas

Procurement

What is the role of the purchasing organization?

Procuring Materials. One role of the purchasing department is to procure all necessary materials needed for production or daily operation of the company

Product Lifecycle Management helps companies administer the process of research, design and product management

Product Lifecycle Management

actual creation of products. the production process is concerned with acquiring materials needed internally

Production

deals with the planning, forecasting, and production, or marketing of a product or products at all stages of the product lifecycle. Similarly, product lifecycle management (PLM) integrates people, data, processes and business systems.

Project-management

materials that are purchased from an external source (a vendor) and used in the production process

Raw materials

General Ledger Accounts are known as?

Reconciliation Accounts

two sets of records (usually the balances of two accounts) are in agreement

Reconciliation Accounts

a system in which works complete their tasks in separate departments without regard to the consequences for the other components of the process

Silo Effect

refers to the technical structure of the software, how users interact with the software, and how the software is physically managed on computer hardware.

Software architecture

accounts specific to something ex: customer, vendor, and item

Sub-ledger accounts

Examples of Invoice Verification

Three-way Match

business processes

a set of tasks or activities that produce desired outcomes

a general ledger account that consolidates data from a group of related sub-ledger accounts. ex:A/R, A/P, and assets

accounting reconciliation

What is a key process in financial accounting

accounts receivable accounting

What is the three step process of invoice verification?

enter the invoice, release blocked invoices, and service purchase order (assign cost center and such)

materials that are created by the production process from other materials

finished goods (FERT)

How does ERP play a role in research design and product management?

helps to bring a business together more easily and can help to identify problem areas and needs for more efficiency while providing information ?

Enterprise System

integrate a number of different applications, protocols and formats.

ERP system

integrates software applications just as a company integrates business processes

storing and tracking of materials

inventory and warehouse management

characteristics of a wholesale channel

it does not include sales tax when calculating the price, it requires a min. volume of purchase, volume discounts, and it may designate a specific plant or plants from which deliveries are made

What are the material classifications?

raw materials, trading goods, semi finished goods, and finished goods

goods still in production

semi finished goods (HALB)

materials purchased from a vendor

trading goods