Everything about General Ledger Account

A General Ledger account number identifies the account code in a Chart of accounts and has to be defined for each Company Code before any postings can be made to the same. Before opening a new GL account, execute tcode F.10 and ascertain the next free number available in an Account group. Goto the tab for Control Data and specify the following Specify the currency. This normally gets defaulted from the Company Code currency. In case if an account is a Reconciliation account, indicate the same in the field provided. Select the checkbox for Open item management & Line item Display. In the case of P&L items, the Recon account, and Open item management field.

Note that a Reconciliation account will be used for Vendor and Customer sub-ledgers and cannot be posted to directly. Based on the value entered in the Sort Key, the Assignment field in the GL account gets populated. Specify the Field Status Group (FSG). An FSG helps in identifying the fields that are to be entered while booking entry to the GL account. In case of Cash and Liquidity related GL accounts, an indicator for Planning Level and Relevant for Cash Flow needs to be populated. Such GL accounts are then displayed in the Cash Management reports.

General Ledger Training Manual

Understand with screenshots about General Ledger master records processing. Create change and display GL accounts and display GL account master data.

• Understand the general ledger business transactions. Park Document, post and delete the parked document. Display and post GL account document.
• View and understand SAP standard reports related to General Ledger.

Download this detailed 47-page user guide on GL Accounts to understand everything related to GL accounts clearly.

General Ledger Posting in SAP Finance

Transaction code: FB50

Open the general ledger posting screen either by typing the T code mentioned above or through the drill down menu as shown below

General ledger transactions like direct expenses booking, bank to bank transfers are posted in this transaction. Vendor /Customer /Asset / Material related transactions cannot be posted in this T.Code.

Enter document date and posting date as shown below. Reference field & document header text can be used for maintaining additional data if required.

For the first line item

Give GL account which is to be debited. Select the debit option and further details as shown below.

• Amount
• Business area
• Cost object ( only for P&L account)
• Profit center

For second line item

Give GL account which is to be credited. Select the credit option and further details as shown below.

• Amount
• Cheque number in assignment field (if the GL is bank related account)
• Business area
• Cost object ( only for P&L account)
• Profit center

Click on the simulate button and then Check the entry in the simulate mode as shown below

Save the document

Create General Ledger Reconciliation Account (Accounts Payable)

From SAP Easy Access: Accounting –> Financial Accounting –> General Ledger –> Master Records –> Individual Processing –> In Chart of Accounts.

It is possible (probable) that in the beginning stages of an SAP configuration, a custom chart of accounts will be created. The chart of accounts is the listing of all accounts available for use by the different company codes in the client. For this reason, the following exercise shows how to create an account in the chart of accounts only.

Enter account number 3000 _ _ and your chart of accounts if necessary, and click create. Complete the rest of the form as shown, and click save:

As work on the configuration continues, individual company codes will be created. These company codes will need the appropriate accounts from the chart of accounts assigned to them. The next exercise shows how to apply the account you just created in the chart of accounts to your company code. In future sections, if you find it necessary to create more accounts, create them centrally, which will apply the account information to the chart of accounts and company code at the same time.

Return to SAP Easy Access, and click on Centrally. Enter account number 3000 _ _, which you created in the previous step. Enter company code if necessary. Complete the form as shown:

Complete the entries on the control data form:

Set a Field status group under Create/bank/interest, and click save.

Create a General Ledger Balance Sheet Account

In this section, you will create a cash account entering the bank information for the bank that your company will deal with. A cash account is an asset account on the Balance Sheet and if you recall from the exercise, Assign Company Code to Chart of Account, on page 15 asset accounts will range from 100000 to 199999. So an appropriate account number for your bank account would be 1000 _ _.

From SAP Easy Access: Accounting –> Financial Accounting –> General Ledger –> Master Records –> Individual Processing –> Centrally.

Enter an appropriate account number 1000 _ _, then click on the create button:

Click on the BALANCE SHEET ACCOUNT in the Account Group box. Fill in the rest of the boxes as shown, entering your own information for bank name: Depending on the Chart of Accounts you chose earlier, you may or may not have a choice of ‘Balance Sheet Account’ in the Account Group Box dropdown menu. You can either select an account type from the dropdown which is equivalent to a balance sheet account or sees the next section for a customization procedure.

Click on the Control Data tab, and complete as shown:

Click on the Create/bank/interest tab and enter the Field Status Group appropriate to the ones you created in the previous section. In this example, you would want to select the field status group for general balance sheet accounts (_ GBS) and click save.

Configure a special GL indicator for Customer

You can use an existing special GL indicator ID or create a new one. After creating a special GL indicator id, update the chart of accounts and the Reconciliation account. Also as a last step you need to update the special GL code.

The special GL code should also be marked as a Reconciliation account. Switch on the relevant for credit limit and commitment warning indicators in the master record.