Filling in the Bank Data

Objectives

After completing this lesson, you will be able to:

  • Identify the bank data required for customers

Bank Data

Payment processing is the most sensitive part of the Accounts Receivable process. Michael wants to understand how the customer master data settings influence this process. Specifically, he is interested in reviewing how bank data can be updated in the customer’s file and how these modifications will flow to the Bank Master Data.

The bank accounts belong to the General Data settings of the customer and thus they are shared across all the company codes where the customer is extended to. Since this is very sensitive information, specific authorizations might be required to manage it: only authorized users will be able to edit the bank details of the customers.

In this case, a new bank, identified by the Country and Bank Key, might be required that is not yet created in the Bank List of SAP. To facilitate the process, the system will prompt the user to complete the missing bank details and will create the new bank on the fly. The Bank list will then be automatically updated without needing to go through a specific transaction. This ability may also be limited to authorized people to create a new bank record.

To facilitate the bank creation process in the business partner record, it is possible to derive the bank from the International Bank Account Number (IBAN). Conversely, it is possible to generate an IBAN proposal once all the bank account details are completed in the system.

  • Improved data accuracy and consistency: By maintaining bank keys as part of the customer master record, businesses can store and maintain accurate and up-to-date bank information for each customer. This helps you to reduce inconsistencies and inaccuracies in financial data, thereby improving overall data quality in the system.
  • Centralized data management: Creating bank keys in the customer master record enables centralized management of customer bank information. This makes it easier for payment processing, finance, and other relevant teams to access and update customer banking details whenever needed, reducing the chances of data discrepancies across systems.
  • Reduced lead times for payments: As bank information is readily available in the customer master record, payment processing lead times can be reduced. This helps in timely payments from customers and maintaining healthy working capital cycles for the business.

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