List the Basic 24 Steps for FI configuration. 1. 2.

Define company : In SAP FICO parlance, a company is a legally independent entity, which comprises of one or more company codes. Define company code: The company code represents a legal view of the company. This may be on the basis of geography viz. national or international. Fiscal year, taxation requirements and currency all determine the company code. Assign company code to company: All objects defined are independently floating objects unless tied together in a relationship. By assigning company code to the company we define the relationship. Define business area: Business area forms an important part of external reporting. Analysis of various segments, product divisions, regions etc is possible using business areas. Define fiscal year variant : The fiscal year variant contains the number of posting periods in the fiscal year and the number of special periods. Assign fiscal year to company code: Define posting period variant : You can define a maximum of 16 posting periods for each fiscal year in the Controlling component (CO). To define the fiscal year variant, go into Customizing for Financial Accounting (FI) under Financial Accounting Global Settings Fiscal Year Maintain Fiscal Year Variant. Define opening & closing posting period variant : In this procedure, you close and open period/fiscal year. There are two (2) intervals available, from period 1 to period 2. For each interval, set a lower limit, an upper period limit, and the fiscal year. Path: IMG ? Financial Accounting (New) ? Financial Accounting Global Settings (New) ? Ledgers ? Fiscal Year and Posting Period ? Posting Periods ? Open and Close Posting Periods. Assign company code to posting period variant : You can assign a company code using a fiscal year variant with 12 posting periods and four special periods to a controlling area that has a fiscal year variant with 12 posting periods and one special period. The time frame, for example, from April 1 to March 31 in the following year, must be identical in each fiscal year variant. Define number ranges : In this activity you create number ranges for documents. For each umber range you specify (among other things) a number interval from which document numbers are selected the type of number assignment (internal or external). You assign one or more document types to each number range. The number range becomes effective via the document type specified in document entry and posting. Define tolerance limit for employees: You can also define tolerances without specifying a tolerance group. Leave the field Grp empty in this case. The stored tolerances are then valid for all employees who are not allocated to a group. There must be at least one entry for every company code. You can also specify tolerances for clearing procedures depending on your customers or vendors. In the system, sample tolerances are defined for the standard company codes. If you have defined differing tolerance groups, you then have to assign your employees to a certain tolerance group. To do this, select the activity "Assign users to tolerance groups". This is where you enter your employees under the relevant groups. Define field status variant In this activity you can define and edit field status variants and groups. You group several field status groups together in one field status variant. You assign the field status variants to a company code You must define a field status group in the company code-specific area of each G/L account. The field status group determines which fields are ready for input, which are required entry fields, and which are hidden during document entry. Bear in mind that additional account assignments (i.e. cost centers or orders) are only possible if data can be entered in the corresponding fields. Field status variant 0001 is entered for company code 0001 in the standard SAP software. Assign company code to field status variant Define chart of accounts Assign company code to chart of accounts Define retained earnings Define tax procedure Assign country to tax procedure Enter global parameters Define account groups.

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Define document numbers ranges Edit chart of account list Define open posting period variant Assign company to field status variant