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What is new GL? What are the steps for configuring New GL?
How is it different from its older counterpart? What are
the advantages of having new GL?
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Answer Posted / hannah
Hi,
The general ledger serves as a complete record of all
business transactions. It is the centralized, up-to-date
reference for the rendering of accounts. Actual individual
transactions can be checked at any time in real-time
processing by displaying the original documents, line items,
and transaction figures at various levels such as:
• Account information
• Journals
• Totals/transaction figures
• Balance sheet/profit and loss evaluations
1) Create Chart of Accounts - T.Code [OB13].
2) Assign COA to Company code - T.code [OB62].
3) Define Accounts Group - T.code [OBD4].
4) Path: SPRO IMG - Financial Accounting - GL Accounting -
Master Records - Preparations .
The General Ledger accounts are made up of such data as
account number, company code, a description of the account,
classification of whether the account is a P & L Statement
Account or a Balance Sheet Account.
• Control data of the GL Account is where currency is
specified, Tax category (posting without tax allowed),
marking the account as a reconciliation account (e.g.
Customer, Asset, Vendors, Accounts Receivable) or not.
• Marking the G/L Account as a “reconciliation” account
allows for postings to an Asset Account (for example) as
well as automatic update to the G/L Account.
• Configuration prevents direct postings to reconciliation
accounts thereby assisting in maintaining integrity of the data.
• This allows reconciliation between the sub-ledger and
general ledger to always be guaranteed.
• Within the General Ledger control data, we can also
designate whether line item display is possible in the
account. The system then stores an entry per line in an
index table which links back to the account. (Display of
line item details are then available for reporting purposes,
etc.)
• Open Item Indicators can be set on the G/L Account
allowing for better management of open items. Examples
include: Bank Clearing Accounts, GR/IR Clearing Accounts,
Payroll, etc.
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