I'm in the process of learning ERP using SAP, and doing someexample practice questions....

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Accounting

I'm in the process of learning ERP using SAP, and doing someexample practice questions. At the moment, I'm learning about theprocurement process and the questions involve some accountingaspects, which I struggle with, and would really appreciate somehelp with these 2 separate, but similar questions.
1) What is the financial impact (what accounts areupdated with either Debit or Credit) with Invoice Verification(when the invoice is approved for payment)? (Since the vendoraccount is a subledger account, there is anautomatic posting made to another account.) There should be 3accounts listed.
2) What is the financial impact (what accounts areupdated with either Debit or Credit) with Payment Processing? Also3 accounts.

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1 The invoice verification step is where the invoice is posted to the Accounts Payable subledger and an automated posting to the reconciliation account In this step the invoice is cleared out See Answer

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In: AccountingI'm in the process of learning ERP using SAP, and doing someexample practice questions. At...I'm in the process of learning ERP using SAP, and doing someexample practice questions. At the moment, I'm learning about theprocurement process and the questions involve some accountingaspects, which I struggle with, and would really appreciate somehelp with these 2 separate, but similar questions.1) What is the financial impact (what accounts areupdated with either Debit or Credit) with Invoice Verification(when the invoice is approved for payment)? (Since the vendoraccount is a subledger account, there is anautomatic posting made to another account.) There should be 3accounts listed.2) What is the financial impact (what accounts areupdated with either Debit or Credit) with Payment Processing? Also3 accounts.