Accounting Process

Introduction

• Area akuntansi merupakan area yang erat kaitannya dengan area lainnya seperti:
• Marketing dan Sales
• Supply Chain Management
• Aktivitas akuntansi adalah penting untuk pengambilan keputusan.

Aktivitas Akuntansi

Aktivitas akuntansi umumnya dapat diklasifikasikan sebagai:

1. Akuntansi keuangan
1. Mendokumentasikan semua transaksi yang mempengaruhi perusahaan
2. Menggunakan catatan transaksi untuk membuat laporan kepada pihak internal maupun eksternal (FASB, SEC, IRS)

2. Akuntansi managerial

• Menentukan biaya dan laba dari aktivitas perusahaan
• Informasi managerial digunakan untuk perencanaan dan pengendalian aktivitas harian perusahaan

3. Akuntansi pajak, merupakan bidang khusus yang menggunakan informasi akuntasi keuangan.

Akuntansi Keuangan

Mendokumentasikan semua transaksi pada perusahaan yang mana memiliki pengaruh pada keuangan perusahaan, dan menggunakan dokumentasi transaksi tersebut untuk membuat laporan bagi investor maupun pihak luar.

Laporan-laporan ini disebut sebagai laporan keuangan.

Laporan Keuangan

Laporan keuangan umumnya meliputi Neraca dan Laporan Laba rugi.

Pada umumnya perusahaan membuat laporan keuangan per-kuartal.

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Neraca

Neraca adalah ringkasan dari saldo perkiraan seperti kas, piutang dagang, persediaan bahan baku & bahan jadi, harta tetap, hutang dagang, bank, dan kreditor, serta modal yang ditanam oleh investor.

Laba Rugi

Laporan laba&rugi menunjukkan pendapatan dan biaya dan laba atau rugi untuk suatu periode waktu (biasanya per-kuartal).

Kemampuan menghasilkan laba adalah penting bagi kreditur dan investor.

Juga merupakan informasi penting bagi manager yang bertugas pada operasi sehari-hari.

Secara umum, manager melihat laba sebagai indikator keberhasilan dan rugi merupakan masalah yang harus diselesaikan.

General Ledger

• Account perusahaan disimpan dalam suatu General Ledger.
• Pada SAP R/3, input kedalam GL terjadi secara bersamaan dengan transaksi didalam module fungsional
• Sales and Distribution (SD), penjualan ke customer menghasilkan isian AR.
• Material Management (MM), PO menghasilkan isian AP.
• Human Resources (HR), proses payroll menghasilkan isian biaya

General Ledger

• Module lainnya yang juga menghasilkan isian untuk GL adalah:
• Financial Accounting (FI)
• Mengatur A/R dan A/P yang dihasilkan dari SD dan MM
• Module dimana account GL ditutup pada akhir dari periode fiskal.
• Controlling (CO)
• Menelusuri biaya terkait dengan produksi produk
• Asset Management (AM)
• Menangani pembelian fixed-asset (pabrik, mesin), dan penyusutan yang berkaitan.

ERP dan Accounting

• Sistem informasi awalnya mengumpulkan data untuk keperluan area masing-masing (sales, production, payroll, dll)
• Data sharing dengan accounting tidak dilakukan secara realtime.
• Bagian accounting sering harus melakukan pencarian kembali untuk memperoleh dapat pembuatan laporan.
• ERP dengan database terpusat menghilangkan masalah:
• Material manajemen melihat penerimaan barang sebagai penambahan kuantitas persediaan.
• Bagian accounting melihat penerimaan barang sebagai penambahan nilai persediaan
• Satu input data tunggal menyediakan informasi bagi kedua area yang membutuhkannya.

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SAP R/3

Tutup Buku

Untuk pembuatan laporan keuangan, perusahaan melakukan “tutup buku”, dimana saldo dari perkiraan temporary atau nominal, ditransfer ke perkiraan “laba ditahan”.

Perkiraan yang ditutup akan memiliki saldo nol, dan akumulasi pendapatan dan biaya dimulai lagi untuk periode berikutnya.

Agar tutup buku lancar dilakukan, karyawan perlu melakukan pemeriksaan perkiraan untuk memastikan data akurat dan tepat waktu, jika tidak berbagai “penyesuaian” harus dibuat sehingga memakan waktu dan dapat mengakibatkan hasil yang tidak akurat.

Managerial Accounting

• Berkaitan dengan penentuan cost dan profitability dari suatu aktifitas perusahaan.
• Informasi high-level ditunjukan pada laporan Neraca dan Laba Rugi perusahaan.
• Tujuan dari akuntansi manajerial adalah menyediakan informasi terperinci untuk pembuatan keputusan, membuat budget, menentukan keuntungan dari produk tertentu, regional tertentu, atau kampanye pemasaran.
• Akuntasi manajerial menghasilkan informasi yang mana digunakan oleh manajer untuk mengendalikan aktifitas perusahaan sehari-hari, dan membuat perencanaan jangka panjang untuk operasi, pemasaran, kebutuhan personalia, pembayaran hutang.
• Kebutuhan terkait dengan laporan Akuntasi manajerial dapat berbeda antar perusahaan.

Manfaat ERP

Salah satu manfaat dari sistem informasi terintegrasi adalah penyederhanaan proses dari tutup buku dan penyiapan laporan keuangan.

Staf akuntansi tidak perlu mengabungkan dari dari berbagai sistem yang berbeda, karena semua data yang diperlukan tersedia pada sistem terpusat.

Pada SAP ERP, laporan neraca dan P&L adalah laporan dalam bentuk database, sehingga mudah dihasilkan pada setiap saat, karena laporan dibaca dari tabel databse, dan selalu up-to-date.

Credit Management in SAP R/3

• SAP R/3 allows for a number of configuration options to determine how the system responds to an order that would cause a customer to exceed its credit limit
• The system may block the sales order
• The system may prevent the sales order from being saved
• The system may issue warning messages to the sales order clerk
• Credit is a sensitive issue, so the system response must be configured to match a company’s procedures
• Typically, sales orders are blocked, with no warning given to the sales order clerk
• A credit specialist would regularly review blocked orders and take corrective action

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Figure 5.3 Credit management configuration

Dynamic credit check

Only orders for the next two months are considered

Reaction C: warning message is issued when order is saved

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Figure 5.4 Credit management for Health Express

Credit limit for Health Express

Outstanding obligations

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Figure 5.5 Blocked sales order

Options to release, reject or forward blocked sales orders

Product Profitability Analysis

• Accounting data is used to determine the profitability of a company and its products
• Inaccurate and/or incomplete data can lead to a flawed analysis
• The three main causes of data problems are:
• Inconsistent record keeping
• Inaccurate inventory costing
• Problems consolidating data from subsidiaries

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Inconsistent Record Keeping

• At Fitter Snacker:
• Sales data is not maintained so that sales reports are easily generated
• Analyzing sales data by region or division usually must be done by hand
• Production data is maintained with paper records
• Data must be typed into a spreadsheet from paper records before it can be analyzed
• Manual entry leads to errors
• Without an integrated information system, much of the effort in generating reports is devoted to working around the limitations of the systems

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Inaccurate Inventory-Costing Systems

• Correctly calculating inventory costs is an important and challenging task in any manufacturing company
• A manufactured item’s cost has three elements:
• Cost of raw materials used in the item
• Labor used specifically to produce the product (direct labor)
• Overhead: all other costs
• Factory utilities
• General factory labor (custodial services, security)
• Manager’s salaries
• Storage
• Insurance

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Direct and Indirect Costs

• Materials and labor are called direct costs
• Direct costs are relatively easy to tie to the production of specific products
• Overhead is an indirect cost
• Indirect costs are difficulty to associate with a specific product
• e.g. the relationship between the cost of heating and lighting and a specific batch of NRG-A bars
• To determine the cost of a manufactured product, indirect costs must be allocated to products

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Direct and Indirect Costs

• Allocating indirect costs
• One method is to use total machine hours
• Total overhead cost divided by the total machine production time (hours) available for a period to get an overhead rate per machine hour
• Example:
• Overhead costs per month: $152,500
• Production line capacity: 50 cases/hour

160 hours/month

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Direct and Indirect Costs

• Allocating indirect costs
• Another method is to use direct labor hours
• The assumption with this method is that overhead costs are incurred so workers can do their jobs
• For Fitter Snacker, the snack bar bake line is the fundamental production process as well as capacity constraint, so allocating indirect costs using machine hours (snack bar bake line hours) would make sense

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Standard Costs

• Costs are typically recorded using standard costs, which are based on historical cost data
• At the end of an accounting period, adjustments to accounts must be made as actual costs will differ from estimates made using standard costs
• Balance sheet: cost of inventory held will need to be adjusted
• Income statement: cost of goods sold will have to be adjusted
• Difference between actual costs and standard costs are called cost variances
• Cost variances arise with both direct and indirect costs

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Activity-Based Costing (ABC)

• In ABC, records are kept on overhead costs and the activities associated with overhead cost generation
• The goal is to more precisely associate costs with the causes (drivers) and avoid rough allocation procedures
• Profitability of particular products is more accurately determined
• ABC is often used when:
• Competition is stiff
• Overhead costs are high
• Products are diverse
• Not all overhead costs can be linked to activities

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Activity-Based Costing (ABC)

• ABC requires more bookkeeping than traditional cost- accounting approaches
• ABC is often used for strategic purposes in parallel with standard cost accounting
• A recent study noted that:
• ERP companies had nearly twice as many cost-allocation bases to use in management decision-making
• ERP companies’ managers rated their cost-accounting system much higher

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Companies with Subsidiaries

• Companies with subsidiaries must prepare financial statements for each subsidiary, plus be able to provide a consolidated statement for the entire company
• Different currencies and transactions between subsidiary companies can make the consolidation task challenging
• Currency translation is challenging because exchange rates fluctuate daily
• Intercompany transactions must be handled properly
• Sales from one subsidiary to another within a company do not result in a profit or loss, because no money has entered or left the consolidated company

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Example: Microsoft

• Microsoft must consolidate financial information from 130 subsidiaries
• Prior to installing SAP R/3, each subsidiary did accounting in its own system, then transmitted the files to another system, where manipulation of the data was required
• Subsidiaries used different systems, with different field sizes, types of characters, account structures, etc.
• Consolidation took over a week
• With SAP R/3, Microsoft can look directly at financial activity at any subsidiary around the world

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Management Reporting with ERP Systems

• Reporting accounting information is often challenging
• Without an ERP system, obtaining the information needed for a report is frequently a monumental task
• With ERP, the information is in a single system, however:
• The system configuration must be set to gather the correct “raw data”
• The appropriate reports are needed, which may require custom coding (e.g. ABAP)

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Document Flow for Customer Service

• In SAP R/3, Document Flow is a tool that finds, organizes and displays a summary of all documents related to a sales order
• Sales orders can be very complicated, with:
• multiple products
• multiple shipments
• multiple invoices
• multiple payments
• Being able to find all related documents easily is important in providing efficient customer service

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Figure 5.6 Document flow of a transaction in SAP R/3

Details of any document can be viewed from the document flow screen—a process known as “drilling down”

Management-Reporting and Analysis Tools

• Because ERP systems use a database, the database can be queried to provide a wide range of reports and analyses
• Because reports access the same database where transactions are recorded, reporting and analysis requests can slow down the processing of regular business transactions
• SAP R/3 has built-in information systems (SIS, LIS, etc.) with their own data tables for analysis
• Business Warehouse (BW) is a completely separate system that extracts data from the SAP R/3 system
• BW provides greater reporting flexibility and can combine data from other information systems

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Enron Collapse

• Enron was a trailblazing energy company that was revolutionizing the oil and gas business and making millionaires of its investors
• On Oct. 16, 2001, Enron’s creative financial arrangements began to unravel
• On Dec. 2, 2001, Enron made the largest bankruptcy filing in history
• A primary cause of the collapse was Enron’s partnerships that shifted billions of debt off Enron’s books so that Enron could borrow money more cheaply
• Arthur Andersen, a highly regarded accounting firm, had annually issued annual reports attesting to the validity of Enron’s financial statements

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Enron Collapse

• Arthur Andersen was indicted for, among other things, the destruction of Enron documents in the face of an SEC investigation
• As a result of the Enron collapse:
• Enron’s 20,000 creditors will receive approximately 20% of the $63 billion they are owed
• Shareholders will receive nothing
• Many employees invested large sums of money in Enron stock via 401K savings plans
• Arthur Andersen, once a firm with 28,000 employees, has been all but dismantled
• 31 individuals either have been tried or will be tried on criminal charges
• The Sarbanes-Oxley Act was passed

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Sarbanes-Oxley

• The Sarbanes-Oxley Act is designed to encourage top management accountability
• Top managers in recent scandals (Enron, WorldCom, Global Crossing) have claimed ignorance of accounting abuses
• Title IX of Sarbanes-Oxley requires a company’s CEO and CFO to sign a statement that financial statements comply with SEC rules
• Penalties can be up to $5 million and 20 years in prison
• Title II restricts the non-audit services that an auditor can provide

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Sarbanes-Oxley and ERP

• Title IV of the act specifies more stringent requirements for financial reporting
• Section 404 requires a public company’s annual report contain management’s internal control report
• The control report outlines management’s responsibility for:
• Establishing and maintaining adequate internal control over financial reporting
• Assess the effectiveness of its internal control over financial reporting
• To meet the internal control report requirements, a company must document the controls that are in place and verify that they are not subject to error or manipulation

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Sarbanes-Oxley and ERP

• An integrated information system provides the tools to implement internal controls
• Controls cannot necessarily prevent a pervasive effort to circumvent standard processes by a company’s leadership (e.g. Enron)
• Companies with ERP systems in place will have an easier time complying with Sarbanes-Oxley than those without

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Archiving

• In SAP R/3, there are limited situations where data can just be deleted
• If data could just be deleted, an unscrupulous employee could:
• Create a fictitious vendor
• Post an invoice from the vendor
• Make payment to a Swiss bank account
• Delete all records of the transactions so the fraud won’t be detected
• In SAP R/3, most data must be archived before it can be removed from the system, so auditors can reconstruct the company’s financial position at any point in time

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Figure 5.7 Transaction options for material master data

Data on a company’s materials cannot be deleted directly, but must be archived for deletion

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Figure 5.8 Change record for material master

SAP R/3 maintains detailed records on all changes made to material master data

User Authorizations

• A fundamental tool to avoid fraud is separation of duties and user authorizations
• To complete critical business processes, more than one employee must participate so that a single employee cannot commit a fraud
• User authorizations ensure that employees can only perform those transactions required for their job
• SAP R/3’s Profile Generator provides a simple method for creating user authorizations based on the functions (transactions) a user should be allowed to perform
• Pre-defined roles make developing authorizations easier

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Figure 5.9 Role for material management master data

Menu paths/transactions that a person assigned the role of maintaining management master data can perform

Tolerance Groups

• Another way to ensure that employees do not exceed their authority (and to minimize the risk from fraud and abuse) is to set limits on the size of a transaction that an employee can process
• Tolerance groups are predefined limits on an employee’s ability to post a transaction
• Tolerance limits can be set on items like:
• Line items in a document
• Total document amount
• Payment difference
• Discounts

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Figure 5.10 Default tolerance group

No group specified, so this is the default tolerance

The default only allows posting of documents for $1,000 or less

Payments can differ by $10 or 1%

Financial Transparency

• An advantage of an ERP system is the ability to “drill down” from a report to the source documents (transactions) that created it
• “Drill down” capability makes it easier for auditors to verify the integrity of reports and financial statements
• By double-clicking on an item in a report in SAP R/3, the user will be taken to the document(s) that created the created the item

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Figure 5.11 G/L (general ledger) account balance for raw material consumption

Double-clicking on the 8,810.00 debit will provide details on the transactions that make up the item

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Figure 5.12 Documents that make up G/L Account Balance for

Raw Material Consumption

Selecting the 10.00 item and clicking on the details icon will provide more information on the item

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Figure 5.13 Details on $10.00 line item in G/L account for

raw material consumption

Another Look—The One-Day Close

• Some companies strive to “close the books” in one day
• Other companies take days, weeks and even months to get all the financial figures correct and in balance
• Some companies perform virtual closings, simulating the closing process at various times during the month to see how well the company is doing
• Cisco’s closing went from 2 weeks to 1 day by switching from un-integrated systems to Oracle ERP
• With ERP, companies can streamline their financial supply chains, holding less cash in the same way supply chains hold less inventory

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Summary

• Companies need accounting systems to record transactions and generate financial statements. The accounting system should let the user summarize data in meaningful ways. The data can then be used to assist managers in their day-to-day work and in long-range planning.
• With un-integrated information systems, accounting data might not be current, and this can cause problems when trying to make operational decisions, such as granting credit. Data can also be inaccurate because of weaknesses in un-integrated systems, and this problem can have an effect on decision-making and therefore on profitability.

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Summary

• Closing the books at the end of an accounting period can be difficult with an un-integrated IS, but it is relatively easy with an integrated IS. Closing the books means zeroing out the temporary accounts.
• Using an integrated IS and a common database to record accounting data has important inventory cost-accounting benefits. More precise record keeping is possible, and this can lead to more accurate product cost calculations. These, in turn, can help managers decide which products are profitable and which are not.

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Summary

• The use of an integrated system and a common database to record accounting data has important management-reporting benefits. The user has built-in drill-down and query tools available as a result.
• The introduction of the Sarbanes-Oxley Act, a 2002 U.S. federal regulation written and passed in the wake of the Enron collapse, promotes top management accountability by requiring extra financial approval and reporting. Because ERP systems can help companies meet the requirements of this legislation, the act has increased the need for integrated data reporting.

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Quiz

• Berikut ini adallah sumber daya ekonomi dengan kemampuan atau potensi memberikan manfaat dimasa yang akan datang:

a. Assets

b. Liabilities

c. Shareholder's Equity

d. Retained Earnings

Quiz

Ketika pendapatan lebih besar dari biaya, anda mendapatkan:

a. Net Loss

b. Net Income

c. Contribution Capital

d. Historical Valuation

Quiz

• Assets – Liabilities = ____ ?

a. Net Income

b. Revenue

c. Net Loss

d. Shareholder's Equity

Quiz

Laporan keuangan manakah yang menunjukan hasil dari aktivitas operasi dari suatu perusahaan untuk suau periode waktu tertentu:

a. Trial Balance

b. Balance Sheet

c. Income Statement

d. Statement of Cash Flow

Quiz

Laporan yang menyatakan net cash flow terkait dengan operasi, investasi dan financing aktivitas untuk suatu periode waktu tertentu:

a. Income statement

b. Unadjusted Trial Balance

c. Statement of Cash Flows

d. Comparative Balance Sheet

Quiz

Laba pada perusahaan yang setelah deviden perusahaan disebut sebagai:

a. Income statement

b. Revenues

c. Retained Earnings

d. Expenses

Quiz

Pernyataan berikut ini yang mana merupakan managerial accounting dari pada financial accounting (jawaban lebih dari satu):

a. Memiliki standard dan digunakan untuk presentasi.

b. Informasi yang disesuaikan dengan kebutuhan pengambilan keputusan individu.

c. Informasi terdistribusi lebih luas

d. Menekankan pada ekspektasi hasil kedepan.

Quiz

Pada perusahaan manufaktur, biaya yang didebetkan pada Persediaan Work in Process:

a. Bahan langsung, tenaga kerja langsung, dan overhead pabrik

b. Harga pokok produksi

c. Biaya periode dan produk

d. semua salah

Quiz

Tujuan dari overhead application rate adalah:

a. Memberikan porsi biaya tidak langsung yang sesuai kepada masing-masing produk

b. Menentukan jumlah biaya yang didebet kepada perkiraan overhead pabrik

c. Memasukan biaya tidak langsung ke WIP

d. Mengalokasikan proporsi overhead pabrik ke jumlah unit yang diproduksi pada periode tertentu.

Quiz

• Gaji dari wakil direktur keuangan dapat dipertimbangkan sebagai:

a. Manufacturing cost

b. Product cost

c. Administration cost

d. Selling cost

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Quiz

Suatu sistem job order costing adalah paling sesuai dengan perusahaan yang memproduksi:

a. Automobiles

b. Stained glass windows

c. Video cassettes

d. Microcomputers

e. Semua salah

Quiz

Perusahaan yang paling cocok menggunakan process costing adalah:

a. Coal mining

b. Textbook publishing

c. Aircraft manufacturing

d. Construction

e. Legal services

Quiz

Suatu contoh dari data kualitatif adalah:

a. Product cost

b. Customer satisfaction

c. Net income

d. Inventory cost

e. Net worth

Quiz

Biaya A adalah fixed cost; biaya B adalah variable cost. Selama satu tahun ini tingkat aktivitas bertambah tetapi masih dalam range yang relevan. Dalam istilah biaya per unit per-unit pernyataan berikut ini yang benar adalah:

a. Biaya A tetap sama

b. Biaya B berkurang

c. Biaya A berkurang

d. Biaya B bertambah

Quiz

Jika perushaan A memilih tingkat leverage operasi yang lebih tinggi daripada perusahaan B, pernyataan berikut ini yang benar adalah:

a. Perusahaan A memiliki biaya variabel yang lebih besar

b. Laba Perusahaan A adalah lebih sensitif terkait dengan perubahan di sales

c. Perusahaan A lebih profitable

d. Resiko perusahaan A adalah lebih kecil

Quiz

Biaya berikut ini adalah penting untuk decision making, tetapi diabaikan pada pencatatan akuntansi konvensional:

a. Fixed Cost

b. Sunk Cost

c. Opportunity Cost

d. Indirect Cost

Sekian & Terima Kasih