Professional Documents
Culture Documents
Using accounting setup manager, we can finish the required setups for
creating our ledger, first we have to create a legal entity, legal entity is
a location using which company takes care of their legal and
government requirements. For example, submitting taxes and
registrations for imports and exports etc.
We have to create a legal entity and separate address for legal entity,
then add legal entity , then go to next step to create your ledger
name, COA name, Calendar, Currency, Convention etc., once these
steps are over we can update all the required options. While updating
Ledger we have to give RETAINED EARNINGS ACCOUNT, it is an
undistributed profit and loss account which holds all the financial
transactions total value.
We have to assign balancing segment values, as well as assign
operating units with business group and legal entity name and after
this click on COMPLETE, now your ledger is ready to use.
After creating your ledger dont forget to assign GL:LEDGER NAME
profile option to all your responsibilities and open the necessary
periods in GL to carry on with GL process.