Account Clearing Concept

[Former Member]

Dear all,

I am working on a training document to demostrate account clearing. I am now making a GL Document first (FB50) and then F-03

in FB50, can anyone teach me the DrCr entry please?

Debit which type of account? (Asset/Liability/?)

Credit which type of account?

The Debit one need "open item management" turned on?

Thanks please help! thanks

[Former Member · Accepted solution]

Hi

Posting of any document we have to follow the rules :

1) Debit all expenses and losses credit all incomes and gains

Eg: Rent paid, salaries paid, wages paid and any other expenses are debit

Eg: Rent received, interest received and any other income received are credit

2) Debit the receiver credit the giver

Eg: vendors are debit

Vendor

To Bank

Eg : Customers are credit

Bank A/c dr

To Customer

3) Debit what comes in and credit what goes out

Eg: Asset purchase, bank/cash receipt

Eg: sale of asset, bank/cash payment

Based on above compare with your scenario and post debit or credit.

Edited by: Venkat Padarthi on Apr 21, 2008 5:57 PM

[Former Member]

In FB50, next to the filed where you enter the GL account, there is field with title D/C where you should choose debit or credit. In order for you to clear the open items in a GL account it shouldbe open item managed.

Hope this helps

Ashok