LSMW an abbreviation for Legacy System Migration Workbench is a tool in SAP which is used to migrate Legacy data into SAP. It is a very important tool and easy to learn and master it. LSMW has a recording tool which can record the transaction and the fields to be uploaded. Thus upload of master data and transaction data is made very simple in this tool. You can use this tools in almost all modules for upload of master data and too some extent transaction data also.
Thus in FI you can upload the following master data through this: Vendors, Customers, General Ledger, Asset master, Bank Master. You can upload Transaction balance through this i.e. an FI document.
In CO you can upload the following master data: Cost element, Cost center, Profit center, Activity types, Internal orders, Statistical key figures.
In other modules likewise you can upload other sets of master data.
This guide on LSMW covers the creation of a Vendor master data with accounting view.
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