What Is an SAP General Ledger?

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SAP Financial Accounting SAP FI module is the back bone of SAP accounting as it records financial transactions of all movements of goods, services and all other business transactions between the company and its customers and vendors. Financial accounting module components enables to meets all the requirements of financial accounting department of an organization. The important features of FI are.

SAP FI module can be integrated with other SAP modules of material managementsales and distributionproject systems, controlling, production planning, Human capital management, payroll, etc. What is general ledger in sap fico types of currencies in SAP are company code currency, document currency and group currency.

Fiscal year can be defined as year independent or year dependent. To separate business transactions into different periods, a fiscal year with posting periods has to be defined in SAP. What is client in SAP. Define Company in SAP. Assign company code to company in SAP.

Define business area and consolidation business area in SAP. Assign business area to what is general ledger in sap fico business area in SAP. Define credit control area in SAP. Assign company code to credit control area in SAP. Define functional area in SAP. Assign financial management area to company code in SAP. How to create segments in SAP. Assign company code to chart of accounts. What is Fiscal year in SAP? How to maintain fiscal year variant.

Assign company code to fiscal year variant. Define account group in SAP. Define retained earnings account. Define posting period variant PPV. Assign variants to company code in SAP. Open and closing posting period variants. Define field status variant and field status groups in FICO. Assign company code what is general ledger in sap fico field status variant.

Define Tolerance group for employees. Check company code global parameters. Check exchange rate types. Define translation ratios for currency translation. How to maintain exchange rates in SAP. Define accounts for exchange rate differences. Define foreign currency valuation methods. Define accounting principles and assign to ledger group.

Define valuation areas and assign to accounting principles. Define ledgers for general ledger accounting. Define account group for customers. Maintain number ranges for customer account groups. Assign number ranges to customer account groups. Define tolerance group for Customers. Create sundry debtors accounts. Define vendor account groups. Maintain number range intervals what is general ledger in sap fico vendor accounts.

Assign number ranges to vendor account groups. Define accounts for cash discount taken. Define Vendor reconciliation account. Define tax calculation procedures. Assign country to calculation procedure. Assign tax codes for non taxable transactions.

Maintain tax codes for sales and purchases. Define house bank in SAP. Define Chart of Depreciation. Assign chart of depreciation to company code. Number range intervals for Assets.

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Company is selling laptops to customer. Takes services from vendors and pays rent to building owner. Above picture shows the business activity and corresponding accounting entry to be recorded.

To be able to post above accounting entries, below general ledger accounts need to be set up in the company code. Similarly in practical business scenario there will be various business transactions and in order to record corresponding accounting entry, appropriate general ledger account needs to be set up in company code. Accounting entry is recorded in sap by posting a document.

An accounting document will have few general ledger accounts debited and few general ledger accounts credited net sum zero hence double entry book keeping. General ledger account needs to be created prior to accounting document posting. In sap, general ledger accounts are represented by a number.

Each general ledger account will be represented by a unique number. Below screenshot showing an accounting document which has two general ledgers account posted. General ledge for accounts payable is represented by number What is account group and chart of account?

A company might have thousands of different accounts in their book of accounts. Hence thousands of general ledgers need to be created in sap. General ledger of similar nature is grouped together and is called as account group. All account groups put together is called chart of accounts. As the name suggests, chart of accounts is the list of all the accounts put together.

Each account group is assigned a number range. While creating general ledger account master data you will have to provide input into various fields. Each field has its own significance. General ledger master data fields and its significance is covered under separate topic, you will find as you proceed. Company is assigned chart of accounts. Account groups are created under chart of accounts.

General ledger accounts are created under account group.