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  • General Ledger:-Basic Settings:-: The Account Group Contains The Following Definitions

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    The document discusses basic general ledger settings in an accounting system including defining the chart of accounts, account groups and number ranges, retained earnings accounts, and creating general ledger master records. The chart of accounts lists all accounts and can have different functions. Account groups summarize accounts and include number intervals and screen layouts. Retained earnings accounts define the profit and loss account used for year-end balances. General ledger master records contain account data needed to determine the account's function and control transaction posting and processing.

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    magi

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    General Ledger

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    The document discusses basic general ledger settings in an accounting system including defining the chart of accounts, account groups and number ranges, retained earnings accounts, and creating general ledger master records. The chart of accounts lists all accounts and can have different functions. Account groups summarize accounts and include number intervals and screen layouts. Retained earnings accounts define the profit and loss account used for year-end balances. General ledger master records contain account data needed to determine the account's function and control transaction posting and processing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    10 views1 page

    General Ledger:-Basic Settings:-: The Account Group Contains The Following Definitions

    Uploaded by

    joy_dipdas
    The document discusses basic general ledger settings in an accounting system including defining the chart of accounts, account groups and number ranges, retained earnings accounts, and creating general ledger master records. The chart of accounts lists all accounts and can have different functions. Account groups summarize accounts and include number intervals and screen layouts. Retained earnings accounts define the profit and loss account used for year-end balances. General ledger master records contain account data needed to determine the account's function and control transaction posting and processing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
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    GENERAL LEDGER:BASIC SETTINGS:DEFINE CHART OF ACCOUNT This is a list of all G/L accounts used by one or several company codes.

    Charts of accounts can have three different functions in the system Operating chart of accounts Group chart of accounts Country-specific chart of accounts

    DEFINE ACCOUNTS GROUP AND NUMBER RANGES The account group is a summary of accounts based on criteria that effects how master records are created.

    The account group contains the following definitions:

    Number interval

    Screen Layout

    DEFINE RETAINED EARNINGS


    Retained Earnings account defines the (P&L Account) to be used for posting the expenditure and incomes of the year. The balance of this account appears as Reserves & Surplus in the Balance Sheet for the year

    CREATE G/L MASTER RECORD 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.

    G/L POSTING ADVANCE POSTING DISPLAY DOCUMENT

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