Chart of Accounts Works as the Backbone in FICO
What is a Chart of Accounts? ( COA)
A chart of Accounts is nothing but a group of GL Accounts. It is also called COA ( Chart of Accounts). COA controls the name of the General GL Master, the Number of GL Masters, and some Control information. It records day-to-day transactions in a structured format. It is the grouping of GL accounts that records transactions in a systematic way. An Account is a unique record for each type of asset, liabilities income, and expense.
Uses
Financial Accounting and Controlling Both use this chart of accounts.
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Difference between Chart of Accounts and General Ledger
The chart of Accounts organizes companies’ finances into different categories like Assets, Liabilities, Equity, Expenses, and Income. And the chart of accounts is a list of all the accounts that are used in the organization’s accounting system. SevenMentor will provide the best corporate SAP FICO Classes in Pune for industry professionals.
The general ledger is a record of financial transactions for an organization.
Types of Charts of accounts ( COA)
- Operating chart of accounts
- Country-specific chart of accounts
- Group chart of accounts
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What is an Operating Chart of Accounts?
The Operating Chart of accounts means the GL Accounts that are used for posting day-to-day transactions in a company code.
What is Country specific chart of accounts?
Country-specific chart of account also called CCOA. It is an addition to the operating chart of account. This is used to meet the legal requirements of specific countries.
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What is a Group chart of accounts?
The group of GL accounts that are used by the entire corporate group is called the group Chart of accounts. It is used to provide reports for an entire corporate group. SevenMentor is the best SAP FICO training in Pune with 100% Job Assistance. Our trainers are Industry experts, with real-time fico project experience.
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Author:-
Vaishali Todkar
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