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prasad's avatar

How to create a new G/L account in SAP?

Asked by prasad (3854points) March 6th, 2009

How to create a new General Ledger account for a new created company? I have created a company, 5 company codes in it, one chart of accounts, accounts group, fiscal year variant, controlling area.
When I try to create a new G/L account, it says that I haven’t created profit and loss statement account type. In configuration, I have to maintain a retained earnings account, but there I need to specify which account (retained earnings account of balance sheet) the profit and loss statement balance should go at the year-end.
Now, I cannot create any G/L account without specifying that retained earnings account, and retained earnings account without a G/L account.
What should I do?

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3 Answers

AlfredaPrufrock's avatar

Why do you not want to specify a retained earnings account?

prasad's avatar

Fortunately, the problem is resolved!
When I tried creating a new G/L account, the error message said that “Profit and Loss statement account type is not created/maintained”. And, this P & L statement account type is maintained (created) in FI configuration; here’s the path for it: IMG-Financial accounting-General ledger accounting-G/L accounts-Master data-Preparations-Define retained earnings account. (transaction code: OB53)
Entering in, it asks for the chart of accounts (select one and go inside), in account assignment area, P&L statement account type key and account (number) (i.e. the blanace sheet (liability) account to which P&L balance should be carried forward at the year-end) have to be entered.
Since, I created new chart of accounts, it was blank; it had no account in it. So, I tried creating new (G/L) account in it. That is when the above error popped up. Then, I was supposed to define retained earnings account, but there I had no account for defining retained earnings account. That is, a new account creation requires a (pre-defined) retained earnings account, and a retained earnings account requires first at least one account.
Eventually, I could get out of this vicious loop. The trick is like this: first define a retained earnings account; there enter only the P&L statement account type key (“X”), and leave the account field blank. Save it, and it works.
Then, create a new G/L account as usual. After you’ve created the balance sheet account, go and enter it in the left (blank) field where a retained earnings account is defined.
Anyway, thanks for showing your keen interest in my problem.

ralatorre87's avatar

Thanks a lot!!!!!!!!!!!!!!!!!!!!!!
I spent some hours trying to solve this

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