what is GL Account and how it is used

[Former Member]

Hello SAP Gurus

what is GL account and how it is used and can you plz give me an example of GL account how it is used in company.

2. when we create a company code,plant and storage location what we have to do with GL account I.E we have to create an GL account? or we have to assing GL Account to cocd or plant or sloc ? or nothing to do with GL account

3.how to create an GL Account

Am bit confused with this topic so plz try to help me out

Thanks in advance

kalyan

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Edited by: Jeyakanthan A on Jun 5, 2011 10:27 PM

[Former Member · Accepted solution]

Kalyan,

I must assume that your field of expertise is not Accounting. GL stands for General Ledger. This is the most fundamental structure for collecting financial information about a business. A General Ledger account is an item within the General Ledger. Here you record the different types of Financial transactions and their values. When a company writes a financial report (such as a Profit/Loss report), much of the data is derived from the General Ledger.

http://en.wikipedia.org/wiki/General_ledger

SAP ERP has integrated financial and controlling reporting into virtually all of its modules. When a user performs a transaction in SAP, there is a good chance that the transaction is creating a debit or credit against one of the GL Accounts.

It is beyond the scope of a forum to explain the workings of General Ledger, and how SAP implements this functionality. People spend years learning accounting, and more years learning how SAP supports accounting.

If you are still curious, here is some basic online help that may shed some light

General Ledger Accounting

http://help.sap.com/saphelp_erp60_sp/helpdata/en/29/830e405c538f5ce10000000a155106/frameset.htm

Normally, when setting up a new company in SAP, all GL configuration is done by the Financial (FI) and Controlling (CO) functional experts. This is not an area where a novice can be very useful.

Best Regards,

DB49

[former_member213836]

G/L account is used for creation of Financial Statemenst e.g Balance Sheet and Profit and Loss Statement

Every company prepares its Financial Statements for reporting purpose.

SAP Provides standard list of Numbers of G/L accounts which contains all the G/L accounts necessary for preparation of Financial Statements.

This list is nothing but the Chart of Accounts. Chart of accounts is assigned to Company Code

Chart of Account differs country by country because there can be different financial needs for different countries.

If the transactions that happens in SAP are relevant for financial statements the General Ledger accounts are updated.

Regards,

Niranjan

[kailas_ugale]

Hi

what is GL account and how it is used and can you plz give me an example of GL account how it is usned in compay

check this link

[http://www.sapstudymaterials.com/2007/12/sap-mm-automatic-account-determination_16.html]

2. when we create a company code,plant and storage location what we have to do with GL account I.E we have to create an GL account? or we have to assing GL Account to cocd or plant or sloc ? or nothing to do with GL account

to create any company code,plant and storage location is depend upon an organization,its not stdander,when we create

g/Laccounis not directly assigen to any company code,plant and storage location

storage location only store physical quanitty

check this link

[http://www.sap-img.com/materials/difference-between-client-purchasing-org-plant-company-code.htm]

[http://help.sap.com/saphelp_46c/helpdata/en/ec/aa79997df411d29c550000e8a51c6e/content.htm]

In above link you will get clear idea

3.how to create an GL Account

G/l can be created through FS00 ,but take a help of your FI consultant

Regards

Kailas Ugale

[BijayKumarBarik]

Hi,

GL account is a master data where value are stored, the value may be inventory cost or may be cost incurred for particular expenses.

Company code,plant and storage location are organization units in an enterprise/company in the SAP system. There is no such direct assignment of GL Account to organization units. G/L account assignment and G/L account assigned to transaction event key in OBYC t.code and movement type trigged G/L account as linked to transaction event keys in t.code: OMWN. In some specific purpose Cost center with G/L account linked to company code in OKB9 t.code.

G/L account can be created with FS00 t.code,but consult with FICO consultant about it more.

For more check the links:

http://help.sap.com/saphelp_dimp50/helpdata/en/75/ee0a9555c811d189900000e8322d00/content.htm

https://www.ucflex.uc.edu/help/content/gl_fs00_createchangeglaccount_0_accountcodecustodian-gl/qr_st...

Regards,

Biju K