Opening a Bank Account in the Manage Bank Accounts app

Objectives

After completing this lesson, you will be able to:

  • Use the Manage Bank Accounts app to map information from external banks into the internal SAP system
  • Manually open a bank account in the Manage Bank Accounts app
  • Summarize the four control modes for bank accounts
  • Establish and manage a successful connection for the house bank connectivity

Mapping Information

So, how do you map bank accounts to an SAP structure? In the following video, we will learn how banks provide information, from direct contact to online banking portals. After gathering this data, we'll examine how to import it into the SAP S/4HANA system. Then, we'll guide you through the mapping process.

Watch this video to:

  • Identify the process of mapping bank accounts to an SAP structure.
  • Apply the process of mapping bank accounts to an SAP structure.

Banks provide information for mapping bank info to SAP structures through various methods, including direct contact, statements, downloads, APIs, and portals. After importing data into the SAP system, the mapping process includes:

  • Defining the House Bank
  • Configuring electronic profiles
  • Identifying the bank's GL accounts
  • Creating bank determination for payment transactions

This ensures accurate representation of bank accounts and transactions.

Manage Bank Accounts app

The Manage Bank Accounts app in SAP S/4HANA is a tool that helps companies create, modify, and manage bank account information. Access bank account information by using the following tabs:

Header: This tab provides an overview of the bank account, including the account ID, bank key, account number, bank account name, contract type, and currency.

General Data: This tab provides detailed information about the bank account, including entity details such as company code, account holder, and account type.

Bank Relationship: This tab displays information about bank statements and contact persons.

House Bank Connectivity: Connect your bank account to the relevant house bank. Find House Bank Account ID, Bank Reconciliation Account, and G/L Account details here.

Payment Approvers: The tab lists authorized individuals for payment approval, showing their limits, dates of authority, and other relevant details.

Overdraft Limits: See details on the bank account's overdraft limit, including the limit amount, currency, and validity period.

Multi-Language Descriptions: This tab manages bank account descriptions in multiple languages.

Cash Pool: See details on the cash pool - which groups multiple bank accounts for efficient liquidity management. It includes the cash pool ID, type, and the bank account's role in the pool.

Attachments: Attached here are related bank documents like contracts, statements, and instructions, securely stored for easy access.

Want to learn more about how to navigate the Manage Bank Accounts app?

Watch this video to:

  • Navigate the functions of the Manage Bank Accounts app.
  • Utilize the functions of the Manage Bank Accounts app.

The Manage Bank Accounts app lets users oversee their accounts and master data. It offers features like search, filters, editing, and export. Users can review, create, or delete accounts, and access other apps for further management needs.

Bank Account in the Manage Bank Accounts app

Business Scenario

Page receives the following email from her manager:

Hi Page! As our new employee, you will assist in handling our company's finances. Today, I would like you to set up a bank account. Use the Manage Bank Accounts app to set it up, and remember we are activating directly after the creation of our bank accounts. Don't worry, the app guides you through the entire process. Remember, we are just a call away if you need any support.

Page needs to learn how to do the following:

  • Learn how to set up a new bank account using the Activate Directly Mode on the Manage Bank Accounts app.

Select the play button below.

Page’s Summary

Open the Manage Bank Accounts app to set up a new bank account. Enter the required details like:

  • Company Code
  • Account type
  • Account Description
  • Account Number
  • Account Currency

Generate the IBAN, if necessary, and select the House Bank Account Connectivity tab. Assign a House Bank Account ID and a G/L Account to the bank account. Save the bank data and activate the account to start using it.

Create Bank Account Master Data

In this exercise, you will create a new bank account.

Control Modes for a Bank Account

Direct Change: Direct Change is a control mode for personal or small business accounts. An authorized user can create an account or modify settings, such as withdrawing funds or making payments. After creating a new bank account, you must proceed with an activation step. The user who created it or other authorized users can activate the account by choosing the Activate button.

Dual control: Dual control is often used in businesses or organizations where two authorized users must approve changes or transactions. It enhances security by requiring approval from both users, preventing unauthorized transactions, and reducing the risk of internal fraud.

The dual control is applied for the following activities:

  • Opening a new bank account
  • Copying an existing bank account to create a new one
  • Modifying a bank account
  • Changing a signatory in multiple bank accounts
  • Closing a bank account
  • Reopening a bank account that had been closed

Workflow: Workflow control mode allows for customizable transaction rules and approval structures based on specific business processes. This provides greater control over transactions. SAP provides predefined workflow processes for bank accounts. These can be applied in the following cases:

  • Copying an existing bank account to create a new one
  • Making changes to a bank account
  • Changing a signatory in multiple bank accounts
  • Closing a bank account
  • Reopening a bank account that had been closed

Two-Person Verification: Two-person verification mode requires two individuals to verify each transaction using separate login credentials. Use the Bank Account Change Requests app to easily view and manage all bank account change requests triggered in this mode. You can use this app to:

  • View all bank account change requests.
  • Use various attributes to filter bank account change requests.
  • Check the details of each request, including a log of all changes.

You cannot delete an activated bank account. You can only close it through the account closing process. However, you can delete a bank account before activation.

House Bank Connectivity

Now, let’s look at how to maintain House Bank Connectivity in SAP S/4HANA. In this video, we’ll guide you through linking bank accounts to house banks and the general ledger, assigning G/L accounts, and determining the number of clearing accounts needed. We’ll also cover gradual implementation approaches using Bank Account Reconciliation.

Watch this video to learn how to:

  • Maintain House Bank Connectivity in the SAP S/4HANA system

Page's Summary

To maintain House Bank Connectivity, specify the account's ID category, Company Code, House Bank ID, House Bank Account ID, and G/L account. Use one of the following two procedures to assign a G/L account to the house bank account:

  • Balance Sheet Accounts
  • Bank Reconciliation Accounts

The number of necessary clearing accounts depends on financial complexity and factors such as transaction types, business units or departments, geographical locations, currency types, and regulations.

Maintain House Bank Connectivity

In this exercise, you will link house bank account data, like the G/L account, to your bank account.

Log in to track your progress & complete quizzes