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Week 4 - Financial Accounting in R/3 Part 1 (General Ledger (Account…
Week 4 - Financial Accounting in R/3 Part 1
Subsidiary Ledger
support specific general ledger accounts. Used for a/cs that require more detailed information.
General Ledger
Chart of Accounts
Each general ledger is set up according to a Chart of Accounts
Country specific chart of accounts
Group (or Corporate) chart of accounts
consolidates all the operating chart of accounts
Operating chart of accounts
used by a company code.
Note
Reconciliation acc
for Trade Payables found in GL
Assign GL acc to SL creditor
Assign recon. acc. type : vendors
Create GL Account
General Ledger reconciliation accounts cannot be posted directly to, rather the posting must be made in the subsidiary ledger.
individual accounts, grouped according to account types: E.g. expense, cost of goods sold accounts, revenue, etc.
GL account master
chart of accounts
segment and a
company code
segment.
A G/L master record must be created for every account to which a
posting
is to be made.
A
complete
list of G/L master records is called the
Chart of Accounts.
Account Groups
Asset - Dr
Liability - Cr
Equity - Cr
Expense - Dr
Revenue - Cr
Open Item Management
used to assign
offsetting
entries.
Clearing
accounts such as
goods receipt/invoice receip
t are managed as
open items
.
transactions
that are
incomplete