No, each Company Code has only one Chart of Accounts (transaction OBY6), but more Company Codes can have the same Chart of Accounts. Step 1) Enter T- Code “OB62” in the SAP command field and enter. Step 2) On change view “Assign company code –> chart of accounts” overivew screen, select position option and now enter company code in the given field. Now your company code displays on the top of screen. If you have one organization then after creating a company in SAP you are required to create one or more than one company codes and get it assigned to the company otherwise SAP will not allow you to post any financial transactions. In SAP there is no maximum number of restrictions of creating company codes. Simple Example Chart of Accounts Asset Accounts. Liability Accounts. Equity Accounts (for sole proprietorship and partnerships) Equity Accounts (for corporations) Revenue Accounts. Expense Accounts. Asset accounts. Liability accounts.
The five account types are: Assets, Liabilities, Equity, Revenue (or Income) and Expenses. To fully understand how to post transactions and read financial reports, we must understand these account types.
Posting Key in SAP is a two digit numeric key defined to control the entry of document line items in a FI Transaction. Posting Key in SAP also specifies whether the line item is a debit or a credit entry, account type that can be posted (Vendors, Customers and General Ledger etc. ) and the screen layout of line items.
3 Different types of accounts in accounting are Real, Personal and Nominal Account. Debit Purchase account and credit cash account. Debit Cash account and credit sales account. Debit Expenses account and credit cash/bank account.
A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in an accounting system. An account is a unique record for each type of asset, liability, equity, revenue and expense.
In SAP, the Chart of Accounts (COA) is defined at the client level and assigned to each company code. It is a list of General Ledger account's master data that fall under different account groups of a company code. This grouping mechanism helps to develop better financial reports. Types of Chart of Accounts.
A chart of accounts is important because its system is designed to segregate expenditures, revenue, assets and liabilities which makes it easier for businesses to understand the company's financial health.
An SAP general ledger account is an account that is updated each time a user posts a financial transaction in SAP system. These accounts are used to come up with financial statements for internal and external reporting. A collection of all general ledger accounts used by a company is called a chart of accounts in SAP.
The company code is the central organizational unit of external accounting within the SAP System. You must define at least one company code before implementing the Financial Accounting component. The business transactions relevant for Financial Accounting are entered, saved, and evaluated at company code level.
A company is the organizational unit used in the legal consolidation module to roll up financial statements of several company codes. The Company Code is the smallest organizational unit for which a complete self-contained set of accounts can be drawn up for purposes of external reporting.
What is the Maximum Number of 'Posting Periods' in SAP? Under GL accounting, you can have a maximum of 16 posting periods (12 regular plus 4 Special Periods). However, you can have up to a maximum of 366 posting periods as is the case in special purpose ledgers.
The Group Chart of Accounts also known as the Corporate Chart of Accounts, is used for consolidating all Company Codes (with a dissimilar Operative Chart ofAccounts) falling under a Company.
what is Company in SAP FICO? Company is an Organisational unit in accounting which represents a business organisation for which individual financial statements can be drawn according to the relevant commercial law. A company can consists of one or more company codes.
Use T code FSS0 to extend the GL account to another company code. You just need to fill the company code data here. General data is already there at chart of account level. regarding Currency you can update as per your requirements.