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What are ledger accounts

Overview

Ledger accounts are used in financial accounting for entering operational expenses and revenues for commercial and tax purposes. For the purposes of a target/performance comparison between your cost planning and actual costs from accounting, you can import current bookings into your contract management system. In these bookings, the accrued costs are assigned to specific ledger accounts.

Link each ledger account to a cost category of your own definition so that the system can make a comparison on this basis between planning (target) and financial accounting (performance).

Creating ledger accounts and assigning them to cost categories

You can add ledger accounts manually and import them in bulk in the Contracts application under Financial Accounting > Ledger Accounts.

You can connect an existing ledger account to a cost category by using the Assign Cost Category action.