Can anyone tell me that why we create chart of accounts in SAP and what are their function?
Thank You in Advance!
The Chart of Accounts in SAP is a combined list of G/L accounts and master data record which is used by any firm. The chart of accounts are mostly defined at client level and and the master chart must be alloted or marked for every company.
And the charts are of three types:
Operating Chart of Accounts: These charts in SAP holds the G/L acocunts which are used for posting in company code to operate daily activities of a comapny. One must allot operating chart of accounts of a comapny code. These are also used in Financial and costing accounting.
Group Chart of Accounts: These charts holds the G/L accounts which are used by the complete corporate groups and also used to centralized the reports for the complete corporate group.
Country Specific Chart fo Accounts: These charts in SAP holds the all G/L accounts that are important to satisfy the country's legel obligation.
Hope this inforamtion is helpful for you.
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