Question: What Is SAP GL?

What is a special GL indicator SAP?

Special G/L transactions are identified by a special G/L indicator.

Example.

In the standard system, you post down payments made with posting key 29.

This posting key determines that you are posting to the debit side of a vendor account.

The special G/L indicator determines the type of down payment..

What is AP or AR?

Generally, Accounts Receivable (AR), are the amount of money owed to the company by buyers for goods and services rendered. … While AP is the debt a company owes to its suppliers or vendors, accounts receivable is the debt of the buyers to the company.

What is AR invoice entry?

When services are sold to a customer, the seller normally creates an invoice in its accounting software, which automatically creates an entry to credit the sales account and debit the accounts receivable account.

How do you maintain special GL indicator in SAP?

Select an account type/indicator combination from the list or, to configure a new combination, click Create and enter the following information:Specify account type.Select pre-existing special G/L indicator.Enter a name.Enter a description for the purpose of the indicator.

How do down payments work in SAP?

In this tutorial, we describe the below steps involved in setting up the SAP vendor down payment process in the following sections: Create Alternative Reconciliation General Ledger Account….Execute SAP Vendor Down Payment ProcessPost Down Payment.Post Invoice Against Down Payment.Transfer Posting.Clear Normal Items.

What is GL master data in SAP?

Definition. 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.

What is meant by GL?

A general ledger, or GL, is a means for keeping record of a company’s total financial accounts. Accounts typically recorded in a general ledger include: assets, liabilities, equity, expenses, and income or revenue. … Periodically, all transactions made within a company are posted to the general ledger.

What is AP and GL?

AP is Accounts Payable. GL is General Ledger. In Bank, there are two counter, one is for Cash Receipt and another one is for Cash Payment. It is like that in company, all receits will be taken care by Accounts Receivable=AR. As like all payments will be taken care by Accounts Payable=AP.

What is general ledger with an example?

A common example of a general ledger account that can become a control account is Accounts Receivable. The summary amounts are found in the Accounts Receivable control account and the details for each customer’s credit activity will be contained in the Accounts Receivable subsidiary ledger.

What is a special ledger?

Special Ledger, as the name suggests, a specialized version of the General Ledger. Special ledger that could adopt a different set of accounting rules and could derive data directly from other ledgers.

What is the GL code?

A General Ledger Code (GL Code) is a unique shorthand code or number given to each account in the Chart of Accounts within the Finance system. The GL code is what systems like SupportAbility use to categorise revenue data (e.g. invoices) and and attach it to an Account before it is exported for the Finance system.

What’s the difference between cost center and GL code?

1. GL is a FI object and used for external reporting, whereas cost centers are CO objects and used for internal management reporting. 2. … You post the FI transactions at GL level whereas the cost center are assigned to those GL account for getting the more detailed information about the expenses.

What is AP AR GL in accounting?

Accounts Payable (AP) is recorded in the AP sub-ledger when an invoice is approved for transactions where the company must pay money to vendors for the purchase services or goods. On the other hand, Accounts Receivable (AR) records any money that a company is owed because of the sale of their goods or services.

How do I assign GL codes?

Creating New GL CodesFrom the global search box, start typing in “GL Codes” or click on “Settings” and under the Financial section, you will see GL Codes.Click the + button to create a New Product GL Code.Enter the GL Code you wish to add (can be either letters or numbers) and add the GL Description.