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Reconciliation account creation

Former Member
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Hi all,

While I am trying to create a vendor master, in accounting tab when I wish to input reconciliation account the system prompts the message no reconciliation accnt can be given .Then while I am trying to create Reconciliation account in FS01 the system prompts message "No corporate account is defined for chart of accounts".

Plz suggest what to do .I am using IDES 800 ,INT chart of account.



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Answers (1)

Former Member
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Chart of Accounts is a list of all G/L accounts used by one or several company codes. We have to assign a Chart of Accounts to each Company Code. This Chart of Accounts is the Operating Chart of Accounts and is used for the daily postings in this Company Code. In addition to the Operating Chart of Accounts, we can use two additional Charts of Accounts, if the individual Company Codes need different Charts of Accounts. This could be the case if Company Codes lie in multiple countries.

The Group Chart of Accounts contains the group G/L account numbers that are used by the entire corporate group. This allows the Company to provide reports for the entire corporate group. The Group Account Number can be entered as additional information in the G/L account being created under the Operating Chart of Accounts. The system checks whether the Group Account Number exists in the Group Chart of Accounts.

For consolidation purposes, we can define the Balance Sheet and P&L Statement by using Group Account Numbers. Thus, though a G/L Account of same type exists in different Company Codes with different G/L account numbers, it can be grouped in Company- level Financial Statement with the aid of Group Account Number. The assigning of a corporate Group Chart of Accounts to a Company Code is optional.

In multi-national companies where there is requirement of corporate/standard Financial Statements as well as Country-specific Financial Statements (to meet the country's legal requirements), we can assign a Country-specific Chart of Accounts to individual Company Codes. By using Alternative Account Number, the connection between the account in the Operating Chart of Accounts and the account in the Country Chart of Accounts can be set up. The assigning of a Country-specific Chart of Accounts to a Company Code is optional.



Syed Hussain.