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What is chart of account and how many charts of accounts can
be assigned to a company?
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Answer Posted / sudharshana vamsi
The chart of accounts is a variant that contain the
structure and the basic information about general ledger
accounts.
We define the individual components of the chart of
accounts. Key name, language, length of general ledger
account number, integration with controlling management as
manual (or) automatic consolidation as group chart of
accounts, status as black
The information entered in the chart of account segment for
a GL accounts applies to all company codes.
The company code segment is added to the chart of accounts
segment & together they form the account.
WE can assign a group account no. for each GL account.
This accounts no. is used for cross company code reporting.
If the company codes use different chart of accounts.
Every company code that wants to use an account from the
assigned chart of accounts has to create its own company
code segment.
For each GL account, the COA contains the account no.
Account name.
The COA contains general specifications for the GL account
master record. These include the specifications whether a
GL account is a Balance sheet or a profit and loss account.
1. Since the chart of accounts contains many different
types of accounts. They cab be grouped into different
accounts groups. (Group accounts with the same tasks with
in the general ledger).
chart of account catains 3 typs of COA
Operating Chart of Account: - Contains the GL accounts that
are used for posting in the CC during daily activities.
FICO use this COA. They are assigned to account.
Group Chart of Account: - Contains the GL accounts that
are used by the entire corporate group. This allows the
company to provide reports for the entire corporate group.
Country Specific Chart of Account: - Contain the GL
accounts needed to meet the country’s legal requirements.
| Is This Answer Correct ? | 14 Yes | 2 No |
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