What is general ledger in SAP FI - Financial Accounting?

SAP Term: general ledger

• Component: FI

• Component Name: Financial Accounting

• Description: A ledger designed to present the values used in creating financial statements. It records values at company code level.

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• Key Concepts: 
  The General Ledger (GL) is a component of the SAP Financial Accounting (FI) module. It is a central repository for all financial data within an organization, and it stores all the accounting information related to the company’s assets, liabilities, equity, income, and expenses. The GL is used to record and track all financial transactions within an organization. 
  
  How to use it: 
  The GL is used to record and track all financial transactions within an organization. It can be used to generate financial statements such as balance sheets, income statements, and cash flow statements. The GL also provides a comprehensive view of the company’s financial position by providing detailed information about its assets, liabilities, equity, income, and expenses. 
  
  Tips & Tricks: 
  When using the GL, it is important to ensure that all transactions are accurately recorded and tracked. This can be done by setting up a system of checks and balances to ensure that all transactions are properly recorded and tracked. Additionally, it is important to ensure that all transactions are properly classified according to their respective accounts in order to ensure accurate reporting. 
  
  Related Information: 
  The GL is closely related to other components of the SAP FI module such as Accounts Payable (AP), Accounts Receivable (AR), Fixed Assets (FA), Cost Accounting (CO), and Treasury Management (TM). Additionally, the GL is also closely related to other modules such as Materials Management (MM) and Sales & Distribution (SD).