Quick Answer: What Is Special GL In SAP?

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..

What is GL account?

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.

How do you get special GL indicator list in SAP?

STEP 1: The special general ledger transactions are identified by means of special G/L indicators. Execute the transaction code FBKP to display the screen as shown below. STEP 2: Click on the special G/L link to display all the special general ledger transactions as shown in the screenshot below.

What is 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 GL accounting process?

What Is a General Ledger? A general ledger represents the record-keeping system for a company’s financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.

What is a GL account code?

The general ledger is an accounting document that provides a general overview of an organization’s financial transactions. An account, or general ledger (GL) code, is a number used to record business transactions in the general ledger.

What are the 5 special journals?

Remember, we have 5 special journals:a sales journal to record ALL CREDIT SALES.a purchases journal to record ALL CREDIT PURCHASES.a cash receipts journal to record ALL CASH RECEIPTS.a cash disbursements journal to record ALL CASH PAYMENTS; and.More items…

What is special GL transaction in SAP?

SAP has a concept of reconciliation accounts where in each sub ledger has a GL Account known as a reconciliation account maintained in its master data. … Special G/L Transactions are transactions in the Accounts Payables and Accounts Receivables, which are, displayed separately In the general ledger and the sub ledgers.

What is the use of special GL indicator in SAP?

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

General Ledger (G/L) accounts are used to provide a picture of external accounting and accounts and to record all the business transactions in a SAP system. This software system is fully integrated with all the other operational areas of a company and ensures that the accounting data is always complete and accurate.

What are the two or three types of special journals?

Special journals are designed as a simple way to record the most frequently occurring transactions. There are four types of Special Journals that are frequently used by merchandising businesses: Sales journals, Cash receipts journals, Purchases journals, and Cash payments journals.

What is new GL in SAP?

The New General Ledger eliminates data redundancy by storing all the transactional data in a single totals table. This improves the efficiency of the database. With the New General Ledger, there is no need to use separate ledgers like the Special Purpose Ledger, Profit Center Ledger, etc.