Download - CFGModule 3 - GL Account Creation
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Module 3
G/L AccountCreation
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G/L Accounts
In the SAP R/3 system, each transaction that has afinancial impact is recorded in a general ledger (G/L)
account or sub-ledger accounts that are posted to theG/L via reconciliation accounts.
The central task of G/L accounting is to provide acomprehensive picture for external accounting andaccounts. Recording all business transactions (primary
postings as well as settlements from internalaccounting) in a software system that is fully integratedwith all the other operational areas of a companyensures that the accounting data is always completeand accurate.
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G/L Accounts
The SAP FI General Ledger has the following features:
Automatic and simultaneous posting of all sub-
ledger items in the appropriate general ledgeraccounts (reconciliation accounts)
Simultaneous updating of general ledger and costaccounting areas
Real-time evaluation of and reporting on currentaccounting data, in the form of account displays,financial statements with different financialstatement versions and additional analyses.
Can take some getting used to as reports can change
continuously
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G/L Account
Essentially, the general ledger serves as a completerecord of all business transactions. It is the centralized,
up-to-date reference for the rendering of accounts.Actual individual transactions can be checked at anytime, in real-time, by displaying the original documents,line items, and transaction figures at various levelssuch as:
Account information Journals
Totals/transaction figures
Balance sheet/profit and loss evaluations
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G/L Account
From: help.sap.com
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Master Data
Describes items or objects used in a business such asaccounts, materials, vendors, customers that remains
unchanged over an extended period of time Transaction data is data that is used for relatively shortperiods of time, usually to record business transactions(sales orders, purchase orders, production orders,payroll amounts)
Transaction data is regularly removed from the systemin a process known as archiving. For auditingpurposes, it cannot simply be deleted.
A master record must be created for every G/Laccount
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Balance Sheet Accounts
Assets
What the firm owns, in variouslevels of liquidity:CashReceivablesInventoryPlant & EquipmentReal Estate
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Balance Sheet Accounts
Liabilities
What the firm owesPayablespayment for
materials/services received on credit
Bank loans
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Balance Sheet Accounts
Equity
The difference between totalassets and total liabilities
Includes
Retained earningsNet income on past periods
Assets = Liabilities + Equity
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Profit and Loss (P&L)
Accounts Revenues
Money obtained by the sale of goods and services
to customers Expenses
Money spent to produce the revenue: Materials Utilities Salaries Selling expenses Administrative expenses
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Contain an identifier for the RetainedEarnings account
At fiscal year end, the P & L accountsare closed to the Retained Earnings
account
Profit and Loss (P&L)
Accounts
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Reconciliation Accounts
Reconciliation account
Accounts receivable, Accountspayable, AssetsWhen you post to an account in the sub-
ledger, the system automatically posts to
the corresponding reconciliation accountThe general ledger is automatically
updated
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G/L Master Records
Contain: Chart of Accounts
Company Code G/L account number
G/L account name
Account type: Balance sheet or IncomeStatement
Account group
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Account Groups
Identifier that controls which fields must be enteredwhen the account is created
Can determine a valid number interval for the G/L
account Must be created before creating G/L master records
configuration data
Three Account Groups created for University Cellular
Balance Sheet Accounts Profit and Loss Accounts
Reconciliation Accounts
Already created in the Chart of Accounts for entire
class
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Account Groups
Financial accountingGeneral ledger accountingG/L accountsMaster Records PreparationsDefine Account Groups
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Field Status
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Field Status
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Field Status
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Field Status
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G/L Master Records Contain:
Account Currency
Local currency = post to account in anycurrency
Default currency
Transaction figures are always updated and displayed inlocal currency
System also stores the amounts in any posted currencies
Foreign currency = post to account in foreigncurrency only
Transaction figures and the account balance are updated inboth the local currency and the specified foreign currency
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G/L Master Records Contain:
Tax Category
You specify the type of tax onsales/purchases (input or output tax) thatcan be posted to the account
If a G/L account is not tax relevant, do not
make a specification in this field
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G/L Master Records Contain:
Open Item Management
Indicates that the account requires clearing
The matching of debits to credits with thepurpose of closing an item
Clearing accounts such as the Goods Receipt/InvoiceReceipt account
You can only archive documents if all line itemsare cleared
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G/L Master Records Contain:
Line item display
Select if you would like to view all the debit andcredit detail for this account When posting items to such accounts and displaying line
items, additional storage space and system time arerequired
You should not use line item display for the followingaccounts:
Reconciliation accounts
Accounts that have a summation function and areanalyzed by another application, such as the accounts"Revenue" and "Stock"
Output and input tax accounts, since tax information isrequired only in connection with the document
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G/L Master Records Contain:
Sort key Necessary when Line Item display is
selected Determines the field that will be used to
sort the line items Posting date
Document date Cost center
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GR/IR Account
The GR/IR account is used for invoiceverification. In purchasing, the quantity and
price can be different between the purchaseorder, received goods and received invoice.The GR/IR account is used to properlymanage these quantity and cost variances.