Chart of Accounts core cocepts in SAP are as follow:
• The Chart of Accounts (COA) is a list of all accounts used in the General Ledger; i.e., B/S and P&L accounts
• At a minimum the COA must have the accounts required to support the statutory reporting requirements and standard account practices. More accounts can be added for more detail and control later
• The COA is assigned to company code in configuration
• Accounts are only to represent the” what” not the “where and what”. The where is captured in the Enterprise Structure.
– For example, an account for “maintenance labour” is incorrect. Account for
“labour” is correct.
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admin General Ledger Module Chart of Account, General Ledger, SAP, SAP FI
Here is the list of Master Data of General Ledger Sub Module in SAP
• Chart of Accounts
• Account Groups
• Retained Earnings
• Field Status Groups
• GL Master Data and Maintenance
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admin General Ledger Module General Ledger, GL Master data, SAP, SAP FI
SAP General Ledger Core Concepts
• Chart of Accounts
– Sometimes referred to as the “what”
– Describes the nature of an account
– Examples: Sales, Consulting Expense, Accounts Receivable
• Enterprise Structure
– Sometimes referred to as the “where”
– Describes “where” in the enterprise a transaction occurred
– Use multiple objects for different views
• Together they provide the details required to meet the reporting requirements of the Enterprise.
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admin General Ledger Module Chart of Account, Enterprise Structure, General Ledger, SAP, SAP FI
Definition of General Ledger and Sub Ledgers in SAP
• The general ledger is a list of account balances for a specific company. It is used to support legal financial statements and other statutory reports.
• All accounting transactions to a company are recorded in the General Ledger; then, if applicable, P&L transactions are posted through to Controlling module.
• Where it is not practical to list all accounts of a specific category in the GL, e.g., customers, they are totalled and rolled up into one account (reconciliation account). The list of customer accounts (AR) is a sub ledger of the general ledger. Other sub ledgers are vendors (AP), fixed assets, material stock balances, work orders and capital projects.
• Transactions posted to sub ledgers are automatically rolled up into the General Ledger reconciliation
accounts
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admin General Ledger Module General Ledger, SAP, SAP FI, Sub Ledger
