General Ledger ( G/L ) Accounting is a central component in SAP Financials where monetary values corresponding to all business transactions are recorded.
Throughout the month, more often than not, G/L Accounting is at the receiving end of postings generated in other SAP components. For example, a goods receipt posted in Inventory Management creates a G/L entry to the debit inventory and credit clearing account. Similarly, an expense report posted in Accounts Payable creates a G/L entry to the debit travel expense and credit payables.
At the end of the month, as part of month-end processing, quarter-end processing, or year-end processing (collectively called period-end processing), you must carry out several activities in G/L Accounting in order to prepare financial statements that are in statutory compliance and reflect the state of the business as accurately as possible.
These activities typically include the reconciliation of numbers, the reversal of accrual entries from prior months, the creation of new accrual entries based on current month business, valuation of foreign currency transactions, adjustment postings for errors or reclassifi cation, etc.
Some of these activities must be done manually e.g., adjustment postings to correct errors. However, for some other activities, such as valuation of foreign currency, some level of automation can be introduced.
As you will see in this material, the G/L account determination process in G/L Accounting mostly uses the transaction key technique to obtain the required G/L accounts for business transactions. (SAP-Press.com)
Download at SAP Account Determination Material
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