What is error correction and suspense accounting in SAP FI-GL-GL - Basic Functions?

SAP Term: error correction and suspense accounting

• Component: FI-GL-GL

• Component Name: Basic Functions

• Description: Is used to correct line items in imported general ledger documents either manually or automatically. If the line items can be corrected using auto correction strategies, the system then posts the documents in the general ledger. If the line items contain hard errors, the errors have to be corrected manually. This process creates ECS items error correction and suspense accounting items, which are also posted. The ECS items can be postprocessed manually. For example, error correction and suspense accounting is used when an account number is incorrect. The item containing the incorrect account number is posted to a suspense account and an ECS item is created.

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• Key Concepts: 
  Error correction and suspense accounting is a feature of the SAP FI-GL-GL Basic Functions component. It allows users to correct errors in financial documents and accounts, as well as to temporarily store transactions that cannot be posted immediately. This feature helps to ensure accuracy and consistency in financial data.
  
  How to use it: 
  To use error correction and suspense accounting, users must first identify the errors in the financial documents or accounts. Once the errors have been identified, users can then use the feature to correct them. Additionally, users can use the feature to temporarily store transactions that cannot be posted immediately. This allows users to post the transactions at a later date when they are ready.
  
  Tips & Tricks: 
  When using error correction and suspense accounting, it is important to ensure that all errors are identified and corrected before posting any transactions. Additionally, it is important to ensure that all transactions are posted in a timely manner so that financial data remains accurate and up-to-date.
  
  Related Information: 
  Error correction and suspense accounting is closely related to other features of the SAP FI-GL-GL Basic Functions component, such as document splitting and account reconciliation. Additionally, this feature is also related to other components of SAP, such as FI-AR (Accounts Receivable) and FI-AP (Accounts Payable).