End-to-End Process of GL Accounting in SAP FI
1. Configuration
Before starting the GL Accounting process, configure the system.
Step 1: Define Chart of Accounts (CoA)
- Path: SPRO -> Financial Accounting -> General Ledger Accounting -> Master Data -> Chart of
Accounts -> Define Chart of Accounts.
- Create a new Chart of Accounts or use an existing one.
- Assign this CoA to your company code.
Step 2: Define Account Groups
- Path: SPRO -> Financial Accounting -> General Ledger Accounting -> Master Data -> G/L
Accounts -> Define Account Groups.
- Account groups categorize G/L accounts (e.g., assets, liabilities, expenses, revenues).
Step 3: Create G/L Accounts
- Transaction Code: FS00 (Centrally).
- Enter details like Account Type (Balance Sheet/Profit & Loss), Control Data, and Company
Code-specific settings.
Step 4: Define Fiscal Year Variant
- Path: SPRO -> Financial Accounting -> Financial Accounting Global Settings -> Fiscal Year ->
Maintain Fiscal Year Variant.
- Assign the fiscal year variant to your company code.
Step 5: Assign Field Status Variants
- Path: SPRO -> Financial Accounting -> Financial Accounting Global Settings -> Document -> Line
Item -> Assign Field Status Variant.
- Control field statuses (e.g., mandatory, optional, hidden) for data entry.
2. Master Data Maintenance
- Ensure master data is ready before posting transactions.
Step 1: Maintain G/L Accounts
- Validate the correctness of created accounts using FS00 or FBL3N.
3. Posting Transactions
Begin the GL accounting process by recording financial transactions.
Step 1: Post General Journal Entries
- Transaction Code: F-02 or FB50.
- Steps:
1. Enter the document date, posting date, and period.
2. Specify debit and credit amounts with G/L accounts.
3. Add a description (narration) and save.
Step 2: Reverse Journal Entries (if required)
- Transaction Code: FB08 (Full Reversal) or FBRA (Partial Reversal).
- Use to correct any mistakes in posted entries.
Step 3: Recurring Entries (Optional)
- Transaction Code: FBD1 (Create Recurring Entry).
- Automates periodic transactions (e.g., monthly rent or depreciation).
4. Period-End Closing
Step 1: Perform Accruals/Deferrals
- Transaction Code: FBS1.
- Post accruals for income or expenses that span multiple periods.
Step 2: Reclassify Accounts (if needed)
- For example, reclassify short-term liabilities or prepaid expenses.
Step 3: Run Foreign Currency Valuation
- Transaction Code: FAGL_FCV.
- Adjust balances for exchange rate differences.
5. Reconciliation and Reporting
- After posting entries, ensure the accounts are balanced and generate reports.
Step 1: Reconcile GL Accounts
- Use the Trial Balance (F.01) or Line Item Reports (FBL3N) to validate.
Step 2: Generate Financial Statements
- Transaction Code: F.01 (Trial Balance) or S_ALR_87012284 (Profit & Loss Statement).
- Confirm that entries align with reporting standards.
6. Month-End and Year-End Activities
Step 1: Open/Close Posting Periods
- Transaction Code: OB52.
- Open/close periods as per the business calendar.
Step 2: Carry Forward Balances
- Transaction Code: F.16.
- Carry forward balances to the next fiscal year.
Key Transactions in GL Accounting:
| Transaction Code | Purpose |
|------------------|-----------------------------------|
| FS00 | Create/Maintain G/L Account |
| F-02, FB50 | Post General Journal |
| FB08, FBRA | Reverse Entries |
| F.01, FBL3N | Reporting and Analysis |
| OB52 | Open/Close Posting Periods |
