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Multiple Company Codes Share Single Bank Account

Has anyone been on an implementation where multiple company codes (legal entities) share a single bank account?

Any tax or legal ramifications regarding this that you might be aware of?

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We have 14 legal entities; when arrived at project these are all combined into single company code. The recommended action was manage bank account via profit centers vs company code; the bank accounts are managed by group account where all funds are swept (or funded) at close of business each day. Client wants to only set up group account as EBS, all others as manual. Recommendations?

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