For opening of many expenses accounts you can select with template button and give account number as reference number and company code. System copies all details into the new account and change short description and long description and saves. (Need not change other details)
2. All income accounts
3. Clearing accounts: these accounts have different nature in compared to other accounts.
4. Reconciliation accounts: these accounts have distinctive character in definition.
5. Bank accounts:
6. General liabilities and general assets (other than above and fixed assets)
General notes:
- 1. System by default the account currency as local currency. If you want to open any account with other than local currency, you can mention the currency. However, the account opened with other than the local currency will allow the transactions in that particular currency in which you have opened the account.
- 2. If you open the account with local currency, the system allows postings in any currency and converts into local currency also. The screen shot of one account is as under
The above list is the list of chart of accounts created for the requirement of the project.
Click on create button and give the account group (select from the list) Select account type and give the short text and long text and press enter to go the company code data.
Account currency: automatically defaulted from company code currency you can change the currency if required. If the account currency is local currency, we can post the transaction in any currency to this account. If you defined other than local currency, we need to post the transactions in the respective currency only.
Exchange rate difference key; is used to valuate the foreign currencies Valuation groups are used in parallel valuations Tax category, and post without tax allowed. This will enable the type of tax to collect with this account. The second selection is used to post the transactions without tax allowed.
Reconciliation account type: determines the account as a reconciliation account* discussed in latter chapters
Alternative account numbers: is used to define and integrate with the country specific chart of accounts. Accounts maintained in external system: it is applicable for decentralized accounting systems in the organization.
Inflation key: is used to maintain the index based accounting in the system. We need to define the inflation keys. Tolerance group: if you mention the group, allow the differences set in the tolerance amount for general ledger accounts. Open item and line item: this will indicate the account maintenance as general or as open item (discussed later) line item displays the individual transactions for display
for display Sort key: will sort the transaction and create the reference or allocation number according to this field. Authorization group and accounting clerk: it will restrict the account to be used by the authorization group and accounting clerk named in. Recovery indicator: specifies the sharing pattern of this account balances in joint account business transactions.
Field status group: the end user screen will be prompted as per the filed status group assigned to the master record. If you select the post automatically, no manual postings are allowed in this account If you select the reconciliation account ready for input: allows the change of reconciliation account during the postings. Bank financial details are used for treasury module: we can main the account is maintained with the house bank and the account id of the account with house bank Commitment item shows the commitment details for the account in commitment accounting. Interest indicator is used to calculate the interest on this account Key date and other last run date shows the interest calculated up to the period and date of calculation is displayed in the master record. Key data and translation: is used to translate the particular general ledger account in the other languages Information details reveals the user name created this account and the other information in company code.
