Financial Statements and Journal

SAP FI enables the organization to use G/L Accounts with respect to the legal regulations and restrictions to generate the final statements. There are some predefined set of financial statement versions which are used to create the financial statements for different account balance reports and for General Ledger accounting planning. It also allows the user to define multiple financial statement versions to generate financial statements in different formats. Following are the steps given below to create financial statement versions,

• T-code SPRO → SAP Reference IMG → Financial Accounting → General Ledger Accounting → Business Transactions → Closing → Document → Define Financial Statement Versions → Execute.
• Click the button New Entries.
• Provide the following details −
• Enter the Fin. Stmt. Version.
• Enter the Description of the financial statement version.
• Maint. Language − Enter the language key in which you display texts, enter texts, and the print statement.
• Item Keys auto − It tells keys of financial statement items are assigned manually or automatically when the financial statement versions are defined.
• Charts of Accounts − All accounts from this chart of accounts COA can be assigned when you define the financial statement. If you do not specify a chart of accounts, accounts from several charts of accounts can be assigned when you define the financial statement.
• Group Account Number − Enter this Indicator that specifies that the group account numbers should be assigned instead of the account numbers when you define the financial statement version.
• Fun. Area Parameter − This indicator is used to make it possible to assign functional areas or accounts in the financial statement version. Once the above fields are defined, you can click on the save configuration and to generate change request number. To edit this Financial Statement version, click on Fin. Statement items → you can maintain nodes in version.
• The use of Journal Entry (JE) posting in SAP FI is to take a batch, validate it for consistency, and create FI documents and post those entries in various line item accounts needed for subsequent business processing.
• JE Posting is a process that, with a few exceptions, runs "behind the scenes" and is the heart of Journal Entry. It receives journal entry data (representing financial transactions) from the PRA modules (Valuation, Revenue Distribution, etc.), and summarizes them in batches and posts them to the PRA JE line item tables and to SAP FI.
• Journal Entry Posting is the link between the journal entries coming from PRA applications and the FI documents and JE line item table items that are created.

How to post a journal Entry in SAP FI?

• Use T-code FB50 → Provide the Company code.
• Enter the document date.
• The next step is to provide the following details −
• G/L Account − Enter the account to be credited.
• Short Text − Description of the amount.
• The amount in Doc Currency − Enter the amount to be credited.
• Similarly, for the Debit, provide data in the fields −
• Click the Save button and you will get the document number to be posted for the company code.