SAP Financial Accounting (SAP FI) Practice Exam

What are the options for setting the baseline date in payment terms for customers and vendors?

1. Transaction date and entry date

2. Posting date and invoice date

3. Posting date, document date, and entry date

4. Only the posting date

The correct answer is: Posting date, document date, and entry date

The baseline date in payment terms is crucial for managing payment schedules and determining when payments are due. It influences cash flow management for both customers and vendors in SAP Financial Accounting. Setting the baseline date can involve several options, but the most comprehensive choice includes the posting date, document date, and entry date. Each of these dates serves a unique purpose in transaction recording and can be utilized in different payment scenarios: - The posting date refers to the date when the accounting entry is recorded in the system. This date affects financial reporting and analysis. - The document date is the date that is printed on the invoice, reflecting when the transaction was actually executed. It plays a role in compliance and the historical context of the transaction. - The entry date is the date that a transaction is entered into the system. This can impact the timing of payment obligations within a specific accounting period. Using all three dates provides a flexible framework for establishing baseline dates, allowing businesses to choose the most appropriate date based on their accounting policies and cash flow management strategies. This flexibility is especially beneficial in handling complex payment terms and scenarios.