FI- CO End User Training Module2009Gr e a v e s Co t t o n Li m i t e d Page 2The account group determines:The number interval from which the account number is selected when a G/L account is created.The screen layout for creating G/L accounts in the company code-specific areaParallel AccountingGeneral Ledger Accounting allows us to perform parallel accounting by managing several parallel ledgers fordifferent accounting principles.Integration of Legal and Management ReportingIn General Ledger Accounting, we can perform internal management reporting in parallel with legal reporting. Forthis purpose, the Profit center accounting functions are integrated with General Ledger Accounting.Segment ReportingGeneral Ledger Accounting supports the segment reports required by the accounting principles IFRS(InternationalFinancial Reporting Standards) and USGAAP(Generally Accepted Accounting Principles). For this purpose, GeneralLedger Accounting contains the segment dimension.Controlling areaThe Controlling Area is an entity in Controlling. All the COtransactions in R/3 system would be entered with respect to thecontrolling area. There will be one controlling area (1000 GreavesControlling Area) to which all the company codeswillbe assigned. All Company codes shall use same Chart of Accounts and Fiscal Year Variant.Fiscal YearUsually a period of twelve months for which a company regularly creates financial statements and checks inventoriesThe fiscal year may correspond exactly to the calendar year, but this is not obligatory.In Greaves Cotton Limited And Premium Energy Transmission Limited we will be having to Fiscal Year1. 0L- Fiscal Year From April to March. It will be leading Ledger .2. SL- Fiscal Year From July to June. It will be Secondary Ledger .We have to enter the documents in any one ledger and the entry will be posted in other ledger accordingly.Posting Period and Counting