Define Tolerance Groups For Employees

Significance: This step helps us pre-determine various amount limits for the employees with which we can set:
a) The  maximum document amount the employee is authorised to post.
b) The maximum amount the employee can enter as a line item in a vendor/customer account.
c) The maximum cash discount percentage the employee can grant in a line item.
d) [...]

Define Tolerance Groups For GL Accounts

Significance: Tolerance Group is used to maintain control over posting of transactions and their clearing.
T-Code: OBA0
Path: SPRO>IMG>Financial Accounting>GL Accounting>Business Transactions>Open Item Clearing>Clearing Differences>Define Tolerance Groups for GL Accounts
The steps to be followed are:

Choose “New Entries” from Application Bar.

Enter the data for fields shown in the screenshot above and choose “Save“.

Define Retained Earnings Account

Significance: Retained Earnings account defines the (P&L Account) to be sued for posting the expenditure and incomes of the year. The balance of this account appears as Reserves & Surplus in the Balance Sheet for the year.
T-Code: OB53
Path: SPRO>IMG>Financial Accounting>GL Accounting>GL Accounts>Master Records>Preparations>Define Retained Earnings Account
The following steps have to be followed:

Enter the Chart of [...]

Define Account Groups

Significance: Account Groups controls the Master records. It controls the number range of Master record and Field status group (Supress, Required, Optional and Display) also. SAP follows a Grouping principle all throughout SAP to handle the Master Records that may be in GL, AR AP any thing.
Note: SAP allows a maximum of 10 digits for [...]

Assign Company Code To Chart Of Accounts

Significance: In this step we specify which chart of accounts we are going to use for our company. Since there are already a huge number of pre-defined chart of accounts, we can either choose from those, or assign one that we have custom-created. Only one chart of accounts can be assigned to one company.
T-Code: OB62
Path: [...]

Define Chart Of Accounts List

Significance: Chart of Accounts List refers to the list of all GL account numbers. It defines the set of accounts within which the transactions of the company will take place. A cahrt of accounts list can be assigned to any number of companies, however one company can have only one chart of accounts list.
T-Code: OBY7
Path: [...]

GL Structure – Index

After the initial customisations regarding the enterprise structure, the next set of customisations involve customising the GL Structure. In this set of steps, we will be customising items relating to fundamental items of the General Ledger that define the broad outline within which the financial activities of the company will be conducted.
 
The following GL Structure [...]