a. Special general ledger account
b. Reconciliation account
c. Customer account
d. Vendor account
Which is the correct answer?
2) What is the purpose of Group account number in G/L account master data?
a. It acts as the key to identify
the Balance sheet and Profit and Loss accounts
b. It is used for cross-company
code reporting if the company code uses different chart of accounts
c. It is the main company code
chart of accounts where the data is posted directly.
Which is the correct answer?
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Answers:
1) Reconciliation Account
- This account is normally assigned to the Customers' and Vendors' master record to record all the transactions in the sub-ledger.
- When you post to an account in the sub-ledger, the system automatically posts to the corresponding reconciliation account.
- It ensures that the total of all the G/L account balances is always zero.
- You cannot post to a reconciliation account manually.
- Using the reconciliation account procedure, it is possible to create a balance sheet and a profit and loss statement at any time.
- The line item display is generally active by default for a reconciliation account.
2) Master Data
- Master Data is the information which remains in the system for a long period of time and does not change so often such as G/L Master Data, Customer Master Data, Vendor Master Data, Bank Master Data, Item Master, User Master Data etc.
- It represents the business objects that contains agreed upon information which is shared across an organization
- It is non-transactional in nature but is used in transactional documents as an information about a G/L account, Customer/Vendor or an item etc.
