Retained Earnings account defines to be used for posting the expenditure and income of the year. It is used to carry forward the balance from the current fiscal year to next fiscal year. The balance of Retained Earnings account appears as reserves and surplus in the Balance Sheet for the year.
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Incorrect document entry can be reversed and can also clear the open items. A document can only be reversed if –
General Ledger Accounts used to generate financial statements as per the terms and conditions. Financial Statement Version (FSV) is a tree that organizes and groups general ledger accounts.
The purpose of Journal Entry (JE) posting is to take a batch, validate it for consistency and create Financial Accounting (FI) documents and post those entries in various line item accounts needed for subsequent business processing.
Field status group: – Field status group is maintained in GL account. Field status group defines the fields while posting to the GL. In other words, Field status group define a field as optional, suppressed or mandatory. The respective fields will be displayed are mandatory or suppressed or optional based on field status groups when […]
SAP FI supports to create various G/L reports. The most important ones are −
After creating Field Status Variants, it needs to be assigned to company code. The link between the Field Status Variant and Company code is established through Assignment.
The Accounts Payable application component records and manages accounting data for all vendors. Accounts Payable is an integral part of the purchasing system where all transactions are managed affording to vendors.
Accounting principles and valuation areas should be modified for the data to be posted automatically to the parallel ledgers. Once the accounting principles defined, those should be assigned to ledger group.
The accounting principle and valuation areas needs to be modified to post the data automatically to parallel ledgers. In this process, accounting principle needs to be assigned to ledger groups once the accounting principle is defined.