Despite the tremendous push towards fully automating trade confirmations between banks and corporates in recent years, many transactions are still confirmed manually. Manual confirmations are slow and error-prone, putting both sides of the trade at risk. In addition, many international regulations such as EMIR and Dodd-Frank have demanded an increase in automation.
Founded in 1949, ASICS is a global sports brand on a mission to champion the benefits of movement on the body, and the mind. It’s why the company is called ASICS which stands for ‘Anima Sana In Corpore Sano’, or a ‘sound mind in a sound body’. In 2020, ASICS had a turnover of 328,784 million yen. With subsidiaries all over the world, ASICS wanted to standardize and make its treasury operations more efficient.
With house bank accounts treated as master data instead of configuration objects including the latest enhancement, the bank account subledger concept, SAP S/4HANA Bank Account Management (BAM) aims to shift responsibility of bank account management life cycle from the technical teams to the cash and banking teams.
In the previous part of this series on ‘How to setup virtual accounts in SAP’, we delved into the details of a scenario where virtual accounts are managed on GL account level using SAP FI module only. This article investigates how SAP In-house cash (SAP IHC) module can be used to manage virtual accounts in your ERP.
Intraday bank statement (IBS) reporting, a service that your house bank can provide your company, enables your cash manager to understand which debits and credits have cleared on your bank accounts throughout the current day. We explain how to implement it in SAP.