Basic Bank Account Management Overview
With Basic Bank Account Management, cash managers and bank accountants can centralize the management of bank accounts using bank account master data, using a table view of banks and bank accounts.
You can manage bank and bank account master data centrally. Furthermore, you have the option to upload or download master data as needed.
Bank Account Management Process
Cash managers and accountants in subsidiaries can eliminate tedious manual reconciliation processes when creating, changing, or closing a bank account.
Basic Bank Account Management is equipped with the direct revision activation process flow. No information is lost along the way and the bank account information is always harmonized. Once a bank account has been opened with an external party, the creation of information in SAP S/4HANA Cloud software is straightforward.
Bank account master data is identified as house bank information and is linked to a general ledger account in financial accounting.
Using Basic Bank Account Management in SAP S/4HANA Cloud, cash managers and cash specialists can standardize and harmonize bank management.
All of the main business processes can be mapped directly to the functions and features provided by Basic Cash Management. The application supports the maintenance of general master data, the creation of bank hierarchies, the export of information to a spreadsheet, and so on.
This greatly supports cash specialists and managers in their day-to-day business to run more efficiently using best practice business processes.
SAP Bank Account Management Benefits
SAP S/4HANA Cloud and the functions of Basic Bank Account Management help enterprises to run more effectively by breaking down silos, reducing manual effort, and standardizing processes.
Managing bank hierarchies for banks and accounts helps organizations to manage bank accounts and bank account relationships.
- Revision Process
For the approval process of bank accounts opening, changing, and closing, the solution provides direct revision activation. In the Basic Bank Account Management scope item, only this simplified version is available.
- Mass Maintenance
The Upload and the Download Bank Accounts functionality helps customers to migrate bank account or make mass changes to bank accounts. Customers can download all the bank accounts into a Microsoft Excel file, make the mass change, and upload the file again to the system.
All of the above facilitate simplified and auditable bank account management processes. Organizations are thereby enabled to streamline the processes of opening, maintaining, and closing accounts. Reduced effort to administer workflows and reports results in cost savings in the overall Cash Management area.