Chart of Account in FI
Chart of Account (COA)– This is a list of general ledger accounts master data that fall under different account groups of the company code which helps to generate different financial statements for legal reporting.
For each G/L account, the chart of accounts shows the account number, the account name, and information that determines the function of the account and that controls how the account is created in the company code and in the controlling area.
You need to assign a chart of accounts to each company code. This chart of accounts is then the operating chart of accounts and is used for the daily postings in the company code. If cost and revenue accounting is active, the chart of accounts is also used for postings in the controlling area.
The same chart of account can be assigned to the to all the company codes if the company codes all have the same requirements for the chart of accounts setup. This could be the case if all company codes are in the same country.
Types of Chart of Account–
- Operating Chart of Accounts-
The operating chart of accounts contains the G/L accounts that you use for daily posting in your company code.
Financial Accounting and
Controlling both use this chart of accounts. You need to assign an operating chart of accounts to a company code.
- Group Chart of Accounts-
The group chart of accounts contains the G/L accounts that are used by the entire corporate group. This enables group reporting. Assigning a group chart of accounts to an operating chart of accounts is optional.
- Country Specific Chart of Accounts-
A country-specific chart of accounts contains the G/L accounts needed to meet a specific country’s legal reporting requirements. Assigning a country-specific chart of accounts to a company code is optional.
Steps to create chart of account in SAP system:
Tx- OB13 or Path- SPRO->SAP Customizing Implementation Guide->Financial Accounting->General Ledger Accounting->Master Data->G/L Accounts->Preparations->Edit Chart of Accounts List
New COA can be created by selecting the button- “New Entries”
If Controlling module is active then a new block appears.
How to assign COA to company code:
Tx- OB62 or Path- SPRO->SAP Customizing Implementation Guide->Financial Accounting->General Ledger Accounting->Master Data->G/L Accounts->Preparations->Assign Company Code to Chart of Accounts
Here COA can be assigned to the company code.