how to define retained earnings account in sap - Shikshaglobe

Content Creator: Preet.Sharma

This instructional exercise shows how to make Retained Earnings Account

Enter Transaction code SPRO in the order field

The most effective method to Define Retained Earnings Account in SAP

In the following screen Select SAP reference IMG

In the following screen, Enter the accompanying data

Enter the P&L proclamation account type, to decide the held profit represent each P&L account.If you are making a P&L account, you should make a passage here.

Enter the G/L Account which will be considered as Retained Earnings account

This is a little by little educational activity to help you with making Chart of Accounts in SAP FI. Before we start could we analyze,

What is a Chart of Account?

In SAP, the Chart of Accounts (COA) is portrayed at the client level and alloted to every association code. It is an overview of General Ledger record's ruler data that fall under different record get-togethers of an association code. This get-together part helps with developing better financial reports.

Kinds of Chart of Accounts

There are three kinds of Chart of Accounts, viz

Working chart of records: They are used to post ordinary expenses. The records in Operating Chart of Accounts could be either cost or pay accounts, and the information is shared by Finance as well as Controlling modules.

Bundle Chart of Accounts: These are accounts used by the entire corporate social affair. They help in creating reports at the corporate

Country-express outline of records: This Chart Of Accounts help with meeting country-unequivocal genuine requirements

In this educational activity, we will learn

General record bookkeeping

All wide record accounts that are utilized for proclaiming are worked with through far reaching record bookkeeping. In SAP a ton of all wide record accounts utilized by an association or a party of affiliations is known as a layout of records. These are the records that will be utilized for the system of cash related reports. Predominantly the majority of the exchanges are kept in sub modules and they are obliged with the general records persistently. Exchanges that should be possible in quick, by and large, solidify diary vouchers which are presented on change or right exchanges. Inversions should as such be possible from general record bookkeeping. Balances record records, as a rule, can be shown and premise changes got away from the framework.

Accounts receivables

Accounts receivables in FICO SAP is a sub module that gets all exchanges with clients and bearings client accounts. Separate client records will be remained mindful of and when exchanges are posted in client accounts, compromise accounts generally speaking are restored with the figures really. Exchanges accounts receivables join receipt posting, credit notice posting, starting bits, receipt piece, dunning and executing client reports.

Accounts payables

Accounts payables is a sub module that gets all exchanges with vendors and headings merchant accounts. Separate merchant accounts are remained mindful of and when exchanges are posted in client accounts, compromise accounts all over record are restored with the figures endlessly. Exchanges accounts payables concrete receipt posting, credit update posting, starting endeavors, receipt piece, changed area program and executing carrier reports.

Resource bookkeeping

Resource bookkeeping in SAP FICO deals with all exchanges related with resources for a part. Unequivocally when exchanges are posted in resource accounts, compromise accounts by and large record are resuscitated consistently. Exchanges resource bookkeeping join resource securing, resource retirement, resource deal, resource move, resource revaluation and resource spoiling.

Guidelines to Create Chart of Accounts

Guidelines to Create Chart of Accounts (COA) Account Group

Guidelines to Create Chart of Accounts

 In the accompanying screen,Enter Following Data :

Enter a unique Chart of Accounts Code , most outrageous 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 portrayal in this language.Master Data should be shown or stayed aware of in this language

Enter the most outrageous length for G/L Accounts number, it might be most noteworthy to ten digits in case number is short, it will prefix no first it to come to the best length

Enter the kind of compromise between G/L records and cost parts

Enter Chart of Accounts which is used in the corporate social occasion

In next screen-"Show IMG" investigate the going with menu way

SAP Customizing Implementation Guide - > Financial Accounting - > General Ledger Accounting

-> G/L Accounts - > Master Data - > Preparations - > Define Account Group

In the accompanying screen, Enter following Information

Enter the Chart of Accounts key in which the Account Group is to be made

Enter intriguing 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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