Business Term Definition
A general ledger account at group chart of accounts is an account in SAP used to record transactions for IFRS purposes. Ending balances in these accounts are then aggregated to report in the financial statements. A few general ledger accounts are designated as reconciliation accounts. These accounts only contain summary balances that have been posted from sub-ledgers (for example accounts receivable and accounts payable). A complete list of all IFRS general ledger accounts that a company uses is contained within the group chart of accounts, which is a simple listing of account numbers and account descriptions. The chart is usually organized to show all balance sheet accounts, followed by all income statement accounts.
Roles
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Data Sources, Type and Classification
SAP
Master Data
Internal Data
Data Protection and Update Frequency
No special access
On demand
Data Quality Issues and Rules
Unproper usage of GL accounts in specific standard processes
Complement the Financial reporting guide with the standard posting schemes linking it to the GL accounts implemented in the ERP
Process Flows
Related Business Terms
| Business Term | Description | Link |
|---|---|---|
| Account type | An account type specifies different area to which a General Ledger belongs. | |
| General Ledger Account (Local Chart of Accounts) | The statutory general ledger accounts are used to record financial transactions and are aggregated into the local financial statements. | |
| General Ledger Account (Group Chart of Accounts) | A general ledger account at group chart of accounts is an account in SAP used to record transactions for IFRS purposes. | |
| General Ledger Set of Accounts | A group of IFRS General Ledger accounts clustered into sets for reporting purposes, either Balance Sheet, Income Statement accounts and other type of association of accounts for specific reporting. |