Financial Accounting Integration

Financial Accounting Integration

Memo 3-2

TO: Don Husman, CEO

FROM: your name here

DATE: current date

SUBJECT: FI and CO rotations

Thank you for your interest in my past two rotations working at Pen Inc. I have been working in the Financial Accounting and Managerial Accounting departments and have completed my rotations. In this memo I will discuss: 1) working with FI and CO, 2) financial accounting integration, and 3) the importance of managerial accounting.

FI and CO

I entered data into many different areas of the financial accounting module in SAP. I created general ledgers and added them to the Chart of Accounts. I entered integrated journal entries into the system for use throughout the company. I reviewed the income statements, balance sheets, and paid a rent expense bill that was received while I was working in the department. In my managerial accounting rotation, I worked with budget management. A portion of budget management was the allocation of line items to primary and secondary cost elements. I assigned specific costs to the correct departments with Pen Inc. Finally, I created statistical key figures, activity types, and distribution cycles.

Financial Accounting Integration

Working in the financial accounting department, I realized how financial information is integrated with many departments to support the company. This integration is because many departments use financial information in their day-to-day processes. A few of the departments are managerial accounting, sales and distribution, material management, and production planning and execution. These departments need to run reports so they can check on things and know if everything is ok or not. This real-time data enables other departments to complete their processes.

Importance of Managerial Accounting

I learned the value of managerial accounting. I can apply this knowledge to any department when it comes to managing a budget and cost allocation. My takeaway is the realization of how much each department depends on managerial accounting for their accurate budget. I realize how each department must equally divide their cost so that they are only accountable to the exact amount they used. It lets them see how much they have to spend and if they have money remaining to spend. It is also vital for them to validate funds are transferred correctly after allocations.

Applying Knowledge

I have learned a lot from my experience working as a trainee at Pen Inc. I entered data into SAP, learned about financial accounting integration, and the importance of managerial accounting. I am excited to continue learning as I advance into other rotations here at Pen Inc.

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