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Introduction
Introduction
Accounts payable
When a company purchases goods on credit which needs to
be paid back in a short period of time, it is known as Accounts
Payable. It is treated as a liability and comes under the head
'current liabilities'. Accounts Payable is a short-term debt payment
which needs to be paid to avoid default
Accounts receivable
The Accounts Receivable application component records and
administers accounting data of all customers. It is also an
integral part of sales management. All postings in Accounts
Receivable are also recorded directly in the General Ledger.
reconciliation account
Reconciliation accounts are G/L accounts to which postings
are made automatically whenever a business transaction is
entered on a subledger account (such as accounts receivable,
accounts payable, or fixed assets).
Bank Accounting
Asset Accounting
Asset Accounting in the SAP system is used for managing and
monitoring fixed assets. In Financial Accounting, it serves as a
subsidiary ledger to the general ledger, providing detailed
information on transactions involving fixed assets.