CREATION OF GL MASTER DATA

In SAP every financial transactions in a business needs to be recorded in general ledger (G/L) accounts. Before posting any entries we must first maintain these general master data The creation of master data is explained below.

GL master data is divided into two segments:

• Chart of accounts segment

  This part is common for all those company codes that uses the same chart of accounts.

  
  

  Account Number: Unique number assigned to each G/L accounts, which is configured on T CODE OBD4

  
  

  Account Group: Defines the number range and screen layout ,which is also configured on the T CODE OBD4

  
  

  GL Account Type: specifies whether the account is Profit&Loss account, Balance sheet, on operating expense or Income, Primary cost or revenue

  
  

  Short Text/Long text: Descriptions of the gl account for easy identification

  
  

• Company code segment

  This part is specific to each company code.

  
  

  Account Currency: It defines the currency in which GL accounts need to be posted.

  
  

  Balances in Local Currency Only: If this checkbox is flagged then account balance will be stored in the company codes local currency, and when its not flagged then even if the transactions is posted in a foreign currency then sap will store the balance both in local currency and foreign currency.

  
  

  Tax Categories &Posting without Tax allowed: This field decides whether the gl accounts can be used with tax code or not and posting without tax also possible here.

  
  

  Tolerance Group: This field decides how to handle small differences when clearing payments.

  
  

  Open Item Management: It is used to track pending invoices or payments.

  
  

  Sort Key: It controls the assignment field in the report side, which helps in easy tracking of documents.

  
  

  Clem category: It tells whether the account is related to cash inflow ,cash outflow etc.

  
  

  Field Status Group: It controls which all fields to be made required,optional,hidden or suppressed while posting this particular GL.

  
  

  Here are some GL master data creation

• Cash account

• Stationery charges

• Commission received

  CASH ACCOUNT

  

  
  

  

  
  

  

  
  

  STATIONARY CHARGE

  

  
  

  

  
  

  

  COMMISSION RECEIVED