how to create chart of accounts in sap
This is a bit by bit instructional exercise to assist you with making Chart of Accounts in SAP FI. Before we start how about we examine,
What is a Chart of Account?
In SAP, the Chart of Accounts (COA) is characterized at the client level and alloted to each organization code. It is a rundown of General Ledger record's lord information that fall under various record gatherings of an organization code. This gathering component assists with growing better monetary reports.
Creating a Chart of Accounts in SAP involves several steps.
Here's a general guide to help you understand the process:
1. Access
Transaction Code OB13: To begin, log in to your SAP system and access
Transaction Code OB13, which is used to manage Chart of Accounts.
2. Enter
Company Code: In OB13, enter the Company Code for which you want to create the
Chart of Accounts.
3. Define
Chart of Accounts: Click on the "Define Chart of Accounts" button to
create a new Chart of Accounts or select an existing one from the list.
4. Provide
Basic Details: In the next screen, you will need to provide basic details for
the Chart of Accounts, such as the Chart of Accounts key, Description, and
Language. The Chart of Accounts key is a unique identifier for your Chart of
Accounts.
5. Define
Account Groups: Account Groups categorize GL accounts based on their
characteristics, such as Assets, Liabilities, Revenue, Expenses, etc. Click on
the "Account Groups" button and define the relevant groups for your
organization.
6. Define
GL Accounts: After defining the Account Groups, click on the "GL
Accounts" button to define individual General Ledger (GL) accounts. For each
account, you'll need to specify the GL account number, account name, account
group, and other relevant information.
7. Specify
Account Control Data: In the GL account definition screen, you can specify
account control data such as the account currency, reconciliation account
settings, tax settings, and more.
8. Assign
GL Accounts to the Chart of Accounts: Once you have defined the GL accounts,
you need to assign them to the Chart of Accounts you are creating. This step
links the GL accounts to the specific Chart of Accounts you have defined.
9. Save
and Activate: After you have completed all the necessary configurations, save
your settings. SAP will prompt you to activate the Chart of Accounts to make it
available for use.
10. Check and
Test: After activation, thoroughly review your Chart of Accounts to ensure it
meets your organization's requirements. You may also perform test transactions
to validate the functionality and correctness of the Chart of Accounts.
Please note that the actual steps and terminology used in SAP may vary slightly depending on the version and customization of your SAP system. It's essential to have the necessary authorization to perform these configurations, as Chart of Accounts is a critical component of financial accounting in SAP. It's advisable to consult with your organization's SAP experts or consultants for specific guidance and best practices during the Chart of Accounts creation process.
Sorts of Chart of Accounts
There are three sorts of Chart of Accounts, viz
Working graph of records: They are utilized to post everyday costs. The records in Operating Chart of Accounts could be either cost or income accounts, and the data is shared by Finance as well as Controlling modules.
Bunch Chart of Accounts: These are accounts utilized by the whole corporate gathering. They help in producing reports at the corporate
Country-explicit diagram of records: This Chart Of Accounts assist with meeting country-explicit legitimate prerequisites
In this instructional exercise, we will learn
General record accounting
All wide record accounts that are used for declaring are facilitated through expansive record accounting. In SAP a lot of all wide record accounts used by a connection or a party of affiliations is known as an outline of records. These are the records that will be used for the strategy of money related reports. Overwhelmingly most of the trades are kept in sub modules and they are obliged with the general records continually. Trades that ought to be conceivable in immediate, generally speaking, Accounting harden journal vouchers which are introduced on change or right trades. Reversals should in this manner be conceivable from general record accounting. Balances generally speaking record records can be shown and basis changes cleared out from the system.
Accounts receivables
Accounts receivables in FICO SAP is a sub module that gets all trades with clients and directions client accounts. Separate client records will be stayed aware of and when trades are posted in client accounts, compromise accounts overall are revived with the figures effectively. Trades accounts receivables join receipt posting, credit notice posting, beginning portions, receipt fragment, dunning and executing client reports.
Accounts payables
Accounts payables is a sub module that gets all trades with dealers and directions seller accounts. Separate vender accounts are stayed aware of and when trades are posted in client accounts, compromise accounts all over record are reestablished with the figures ceaselessly. Trades accounts payables cement receipt posting, credit update posting, beginning undertakings, receipt fragment, changed section program and executing transporter reports.
Asset accounting
Asset accounting in SAP FICO manages all trades related with assets for a section. Unequivocally when trades are posted in asset accounts, compromise accounts generally record are revived continuously. Trades asset accounting join asset acquiring, asset retirement, asset bargain, asset move, asset revaluation and asset debasing.
Instructions to Create Chart of Accounts
Instructions to Create Chart of Accounts (COA) Account Group
Instructions to Create Chart of Accounts
Enter Transaction code SPRO in the order field
In the following screen,Enter Following Data :
Enter a special Chart of Accounts Code , most extreme length is four
Enter a Description for the Chart of Accounts
Enter Language in which the Chart of Accounts is created.All accounts have a depiction in this language.Master Data must be shown or kept up with in this language
Enter the most extreme length for G/L Accounts number, it very well may be greatest to ten digits on the off chance that number is short, it will prefix zero preceding it to come to the greatest length
Enter the sort of reconciliation between G/L records and cost components
Enter Chart of Accounts which is utilized in the corporate gathering
In next screen-"Show IMG" explore the accompanying menu way
SAP Customizing Implementation Guide - > Financial Accounting - > General Ledger Accounting
-> G/L Accounts - > Master Data - > Preparations - > Define Account Group
In the following screen, Enter following Information
Enter the Chart of Accounts key in which the Account Group is to be made
Enter interesting Account Group key
Enter Description for the Account Group
Enter the number reach for the G/L record to be made in the Account Group.
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