What is Purchase Ledger Account in SAP AP-ACC - FIN Accounting?

SAP Term: Purchase Ledger Account

• Component: AP-ACC

• Component Name: FIN Accounting

• Description: A record that shows the effects of business transactions in purchasing, of deliveries, and of invoice verification on the valuation of the purchased materials and services.

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• Key Concepts: 
  A Purchase Ledger Account is an account in the Accounts Payable (AP) component of the SAP Financial Accounting (FI) module. It is used to record and track all purchases made by a company. The Purchase Ledger Account is used to record the amount of money owed to vendors, suppliers, and other creditors. 
  
  How to use it: 
  The Purchase Ledger Account is used to record all purchases made by a company. When a purchase is made, the amount owed is recorded in the Purchase Ledger Account. This account can be used to track payments made to vendors, suppliers, and other creditors. The Purchase Ledger Account can also be used to generate reports on purchases and payments made. 
  
  Tips & Tricks: 
  It is important to keep the Purchase Ledger Account up-to-date in order to accurately track payments and purchases. It is also important to reconcile the Purchase Ledger Account with vendor statements on a regular basis in order to ensure accuracy. 
  
  Related Information: 
  The Purchase Ledger Account is part of the Accounts Payable (AP) component of the SAP Financial Accounting (FI) module. Other components of the FI module include General Ledger, Asset Accounting, and Cost Accounting.