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Our SAP Consultant Ixpert, Özen Ergüt, shares his experiences related to SAP MT940 Bank Integration.
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SAP MT940 Bank Integration is a critical solution that makes financial processes more efficient and error-free for businesses. Money movements with banks are easily integrated into the SAP system, improving financial processes through effective and accurate configuration.
MT940 is a format defined by SWIFT in international banking standards, providing a detailed record of daily account movements. It helps you save time by allowing you to post account movements in bulk. Using this format in SAP ERP systems ensures transparency, speed, and efficiency in accounting and financial processes.
Step-by-Step Processes:
Agreement with the Bank: The bank commits to sending account statements in MT940 format daily or at specified intervals for a specific account.
File Transfer to the SAP System: The MT940 file can be automatically received via a secure connection (FTP, SFTP, etc.) between the bank and the SAP system or uploaded manually.
SAP Integration: This file can be read in SAP through FF_5 and tracked on the FEBAN screen. It is read and processed using standard operations.
Data Transformation: The file is read by SAP and processed into the company's accounting accounts in predefined formats. During this process, parceling rules and matching algorithms are used to link incoming bank movements to the appropriate accounting accounts in SAP.
Record Creation: Accounting records (vouchers, collections, payments) are created based on account movements. At this stage, the appropriate bank accounts and corresponding accounting accounts are automatically determined in SAP.
Benefits of Use:
Automatic Data Exchange: Enables automatic transfer of bank statements to SAP without manual processing.
Reduces Error Risk: Eliminates manual data entry errors, ensuring transactions are accurately recorded in the SAP system.
Saves Time: Helps accounting and finance teams save time with automated processes.
Financial Transparency: Instant presence of daily bank movements in the system ensures financial reports are more accurate and up-to-date.
Cash Position Monitoring: The company's cash status can be monitored in real time, allowing for quicker decisions regarding payments or collections.
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