SAP Accounts Payable is an integral part of both Financial Accounting and Materials management purchasing. This FI-AP application manages the vendors, their deliveries, the invoices, the payables and their payments.
SAP Accounts Payable Process – P2P Process
The Accounts Payable (AP) is the amount of money that a business entity owes to vendors/suppliers for availing of their goods/services. It is the management of short-term payment obligations to the vendor/supplier. Additionally, it is part of the P2P process in SAP (procure-to-pay) that covers all activities from procurement to invoice processing & vendor payments.
Workflow of the SAP AP P2P process includes the following steps:-
Components in SAP Accounts Payable
For a better understanding of FI-AP, I will include the following sections:-
- Vendor Master Data
- Business Transactions
- Outgoing Payments
- Reporting
Summary for Accounts Payable in SAP
In this blog, you have learned about SAP Accounts Payable and Vendor Master Data. You should surely now have an understanding of how the information in a master record is organized under three segments. i.e.-
- General Data
- Accounting Data
- Purchasing Organization Data
Further, as a part of customizing business transactions in accounts payable, you learned how to define the terms of payment and cash discount base. You also learned various configuration settings required for payment release involving single and multi-level releases. We finally discussed highly structured detail, the settings required for outgoing payments for both manual and automatic payments.