6.1.1.Acocunts Payable
- Definition: Accounts payable (AP) is an account within the general ledger that represents a company's obligation to pay off a short-term debt to its creditors or suppliers
- Example: AP has the following example: Raw Materials/Power/ Fuel Purchase, legal service use, etc.
- Synonym: AP
- Cloud Service: Electronic_Forms_and_CloudBased_Processing_System
6.1.2. Freight Payments
- Definition: The payment transportation invoices that the company was using during the last financial year
- Example:A typical freight payment process: Receive Invoices from Carrier, Validate Invoices, Audit Invoices, Conduct cost accounting, Manage exception, Make payment for carrier
- Synonym: Freight payment
- Cloud Service: none
6.1.3. Payroll, Travel and Expenses
- Definition: The processing of employee's payroll and expenses occurs during work
- Example: This process can include the following activities: business trip expenses, change in payroll of certain employees, etc.
- Synonym: Expenses
- Cloud Service: Capita_ePayment_Touch_Tone
6.1.4. Manage Fixed Asset
- Definition: The process of performing fixed asset accounting, depreciation, managing active assets and dispose unproductive assets
- Example: The process can include the following activities: Process and record fixed-asset maintenance and repair expenses, Calculate and record depreciation expense
- Synonym: Fixed asset
- Cloud Service: none
6.1.5. Accounts Receivable
- Definition: Accounts receivable is the balance for goods or services delivered or used but not yet paid for by customers.
- Example: An electric company that bills its clients after the clients received the electricity. The electric company records an account receivable for unpaid invoices as it waits for its customers to pay their bills.
- Synonym: AR
- Cloud Service: http://ikm-group.ch/archimeo/apqc#9_2_2_Invoice_customer_10743
6.1.6. Manage Credits
- Definition: The process of managing loans from customers to buy products/ services
- Example: In order to accept credit from a customer, an organization has to issue its own credit policies, and then assess the customer's credit history, produce credit report and reintate the necessary accounts
- Synonym: Advances
- Cloud Service: none
6.1.7. Manage Collection
- Definition: This is the process of posting entries to respective accounts, preparing accounts for receivables, managing the cash collected by the business from its debtors and recording it in the books of accounts to provide clear information about the availability of the cash.
- Example: When one of the debtors of the business goes bankrupt, the business immediately has to record it, discuss claims of value and writeoff balance on the respective account
- Synonym: Debt collection
- Cloud Service: none
6.1.8. Customer Billing
- Definition: The process of preparing invoices, send them to customers and report on receivable entries
- Example: In order to bill the customers, the company must first generate/ maintain customer master data (products purchased, address, etc) and then generate billing data. The company must then transmit this billing data to customers and the person in charge will write entries in AR for this data
- Synonym: Customer Billing, customer invoices, invoice customer
- Cloud Service: http://ikm-group.ch/archiMEO/bdata#Drive,
6.1.9. General Accounting
- Definition: Using accounting concepts and practices to prepare final account information for the organization
- Example:
Choose accounting method (cash-based or accrual-based).
Calculate Account Payables
Caluculate Account Receivable
Do Reconciliation
Rport Accounting Period
- Synonym: General accounting
- Cloud Service:
http://ikm-group.ch/archiMEO/bdata#Enterprise_Performance_Reporting_Cloud_Service
6.1.0. External Reporting
- Definition: External reporting is the issuance of financial statements to parties outside of the reporting entity
- Example: The recipients are usually investors, creditors, and lenders, who need the information to evaluate the financial condition of the reporting entity
- Synonym: conduct external reporting
- Cloud Service: none
6.1.11. Conduct Project Accounting
- Definition: Manage and account for ongoing activities related to projects, including setting up new projects, recording project transactions, monitoring and tracking spending, closing and capitalizing projects, and measuring the financial returns on completed projects.
- Example: Construction company takes on building a customer’s house; the materials and labor all play roles in the project’s finances
- Synonym: project accounting
- Cloud Service:
RecordPoint_for_SharePoint_2013_SharePoint_2016_and_Office_365_Hybrid_Cloud
6.1.12. Cost Accounting
- Definition: Conduct acounting of incurring costs
- Example: Examples of costs are inventory, cost of sales, cost of products, variable costs, etc.
- Synonym: cost analysis
- Cloud Service: none
6.1.13. Manage Cash
- Definition: Manage cash-related activities in the business
- Example: Manage cash equivalents, reconcile cash position, manage cashflow, etc
- Synonym: Cash
- Cloud Service: Opus_Case_Management_System
6.1.14. Conduct Tax Accounting
- Definition: The process of preparing accounts for tax reasons
- Example: Prepare tax returns, prepare foreign taxes, calculate deffered taxes, account for taxes
- Synonym: Taxation, Tax accounting
- Cloud Service: none
6.1.15. Tax Filling and Reporting
- Definition: Fill in tax forms, submit tax reports to authorities and pay taxes
- Example:
- Synonym: Process taxes
- Cloud Service: none