chart of accounts

[Former Member]

Hi

chart of accounts type?

difference between operational and country specific?

Thanks

[Former Member · Accepted solution]

hi

chart of accounts(COA) are nothing but list of all GL accts

COA are of three types

operational, country Specific and group

operationalCOA means it includes all day to day operations of the company

country specific :COA this COA are used according to the legal requirements of the company (ex: company having diff co. codes in diff country's) we will assign this in )B62

gropu COA this is used for consolidation purpose. we will assign this in OB13

[Former Member]

Hi Kowshik,

Depending on requirement the same COA can serve as Operational, Country and Group. Operational Chart account is where the realtime posting occurs, if the company operates in one country all the legal reqirment can be set in the operational chart of account else you need have a different Country chart of account. The group chart of accounts is for consolidation, on of the charts of account can be set as Group COA. The country and group accounts are keyed in The GL master data.

Hope it helps.

Regards

Bharat

[Former Member]

Hi Kowshik,

Chart of Accounts:

chart of accounts provides a framework for the recording of values to ensure an orderly rendering of accounting data. The G/L accounts it contains are used by one or more company codes.

For each G/L account, the chart of accounts contains the account number, the account name, and technical information.

A chart of accounts must be assigned to each company code. This chart of accounts is the operative chart of accounts and is used in both financial accounting and cost accounting. Other charts of accounts include:

<b>Country-specific charts of accounts</b> -

These are structured in accordance with legal requirements of the country in question

if you activate country specific chart of acccounts systems will ask for alternate account number when creating a gl account.

<b>Group chart of accounts</b> -

This is structured in accordance with requirements pertaining to Consolidation. Once you activate group chart of accounts, system will ask for group GL accounts number in Chart of accounts data when creating gl account.

Best Regards

Ashsih Bohara

[sridevi_p]

Hi,

Opeartional CoA is genrally used for managing the GL accounts; Organizations go in for conuntry -sepcific CoA, if they operate in many counties and it becomes necessary to meet the legal requirements.

Thanks,

Sridevi

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