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Chapter 5 ■ Creating a General Ledger (G/L)
P&L Statement Account: This has a radio button. When activated, transactions
posted to this G/L account will allow the system to treat the G/L items as P&L
statement account items when generating financial statement reports. In this
activity, we are creating a G/L account for office supplies. In accounting, office
supplies are an expense so they are treated as a P&L item. Hence, you should
select P&L Statement Acct.
Balance Sheet Account: Likewise, if the radio button for Balance Sheet account
is clicked, items posted to the G/L account are treated as balance sheet account
items during financial statement reporting.
Short Text: When creating a G/L account, you need to give a descriptive name to
your G/L account. This will allow you to identify individual G/L accounts in the
system. Since we are creating a G/L account for office supplies, we’ll use Office
Sup as our short text description.
G/L Account Long Text: Likewise, the G/L account long text field will allow you
to use more detailed, descriptive text as your G/L account description or name.
For example, general office supplies.
■■Note
in the Consolidation Data in the Chart of Accounts section in Figure 5-3, you can enter a trading
partner and group account number for your G/L account. This is necessary if your company prepares
consolidated financial statements for its corporate group. In that case, you should enter the company code
responsible for the preparation of the consolidation account for the corporate group in the Trading Partner’s field
and enter the consolidated G/L account number in in the Group Account Number field. The consolidated G/L
account allows you to prepare consolidated financial statements for your corporate group in SAP ERP.
The next step is to update the field in the Control Data section of the screen. This section of the screen
contains the account control in the company code. Click the tab circled in red in Figure 5-3.
The Control Data section will come to the forefront (Figure 5-4).
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