on 07-08-2008 10:32 AM
Hi All,
I would like to know the diffrence betwn Cost element & G/L Account Number & use of both ?
Suppose while posting some Actual cost to WBS Element ,will that amount hit G/L Account or Cost Element?
Kinldy give me the answer with some Examples.
Thanks in Advance !!!
nil
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Postings in FI affect G/L account. Postings in CO are made to cost object (WBS in case of PS) against cost element.
G/L in FI has a corresponding cost element in CO.
G/L or cost element are basically used to categorise costs. For eg material cost, labour cost will have differnt G/L and cost element. So in a particular WBS, you see report cost elemnt wise to view how cost is booked under diff categories.
Search for threads in FI-CO forums, that will help you.
Just to add: When you make postings to WBS, cost element will be hit in CO and G/L in FI
Regards
Edited by: Shrikant Rakate on Jul 8, 2008 3:19 PM
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Technically they both are same.
Both of them accumulate the revenues and expenditures of a particular type are captured.
The data from the GL accounts is used in the financial documents like Balance sheet and P/L statement.
Data in the cost element is used for internal controlling.
Regards,
Ramesh.
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