Question: How Do I Assign GL Codes?

What is a GL account code?

A General Ledger Code (GL Code) is a unique shorthand code or number given to each account in the Chart of Accounts within the Finance system.

The GL code is what systems like SupportAbility use to categorise revenue data (e.g.

invoices) and and attach it to an Account before it is exported for the Finance system..

How do I assign a chart of account to a company code?

Step-1: Enter the transaction code OB62 in the SAP command field and click Enter to continue. Expand SAP Customizing implementation guide → Financial Accounting → General Ledger Accounting → G/L Accounts → Master Data → Preparations → Assign Company Code to Chart of Accounts . Click on Execute.

How many chart of accounts can be assigned to a company code?

two chartsCharts of Accounts with Multiple Company Codes If the individual company codes need different charts of accounts, you can assign up to two charts of accounts in addition to the operating chart of accounts.

Are GL codes universal?

One Code Fits All Once all of that is known, the plan to implement the GL Coding process can be created.

What is general ledger account with example?

Examples of General Ledger Accounts asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits.

What is GL master?

Definition. G/L account master records contain the data that is always needed by the General Ledger to determine the account’s function. The G/L account master records control the posting of accounting transactions to G/L accounts and the processing of the posting data.

How do I view all GL accounts in SAP?

General Ledger (G/L) Account Balance Display1. ( G/L) Account Balance Display. … G/L Account Line Item Display. Access the transaction by using one of the following navigation method. … G/L Account balance display (New) SAP menu path: Accounting >> Financial Accounting >> General Ledger >> Account >> FAGLB03 – Display balances (New)

What is a GL in SAP?

General Ledger (G/L) accounts are used to provide a picture of external accounting and accounts and to record all the business transactions in a SAP system. This software system is fully integrated with all the other operational areas of a company and ensures that the accounting data is always complete and accurate.

What is GL mapping?

GL mapping is the method of assigning a General Ledger account number to a financial transaction that is generated in PAS. It is handled using the GL Mapping table which contains contract attributes, account reference codes and the associated GL accounts. GL mapping entries are set up with: Fields.

What is GL reconciliation process?

This General Ledger Reconciliation process takes place after the end of a financial reporting period. … This involves comparing the general ledger account balance to information contained in other independent systems and sources of financial data, such as bank statements and credit card statements.

How do I assign a GL account to a company code?

You can assign company code to chart of accounts in SAP by using one of the following method.Transaction code: – OB62.Menu Path: – SPRO –> IMG –> Financial Accounting –> G/L Accounting –> GL Accounts –> Master Data –> Preparations –> Assign company code to chart of accounts.

How do I assign a GL account in SAP?

How To create a New General Ledger AccountEnter Account Group.As per the type of G/L Account you are creating select either the P&L Statement Acct or the Balance Sheet Account radio button.In the Short Text field, enter a short description for the new GL account.More items…•

What is the difference between GL and cost center?

GL accounts are used by finance to monitor costs, revenues, assets and liabilities. … Then whenever you create a purchase order, make sure to add cost center so that you will be able to check the expenses per department.

What is chart of accounts mapping?

The chart of accounts mapping feature supports the ability to correlate a source chart of accounts to a target chart of accounts to allow for the processing of balances or amounts. … A chart of accounts mapping is used by the posting process in propagating transactions from the primary ledger to its secondary ledger.

What is GL accounting process?

What Is a General Ledger? A general ledger represents the record-keeping system for a company’s financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.