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What is chart of account and how many charts of accounts can
be assigned to a company?

Answers were Sorted based on User's Feedback



What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / krishna

COA is organigational unit in SAP, COA contains list of
General Ledgers. Only one COA can be assigned to CCOde.

But Country Specific and Group COA are optional. When we
use parllel COA like Country specific, we need to choose
which one shoud consider for B/Sheet and P&L account.

Is This Answer Correct ?    59 Yes 17 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / kiran konujula

chart of accounts is an variant that contains list of gl
accounts.
in chart of accounts contains , all details of gl accounts
in an definition form.
on definition form, for each gl account contains gl account
number,gl account name and type of an account whether p&l
account and balance sheet.
chart of account can be defined in Tcode OB13
chart of account can be assigned to company code in
TCodeOB62.
one com code have only one chart of accounts but one chart
of accounts have different company codes.

Is This Answer Correct ?    43 Yes 15 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / arun

SEAMLESS ERP – CHART OF ACCOUNTS

Chart of Accounts is a list of all G/L Accounts used by one
or several company codes. For G/L Account, the chart of
accounts contains the account number, account name, and the
information that controls how an account functions and how
a G/L account is created in a company code. The chart of
accounts is the operating chart of accounts and used for
the daily postings in the company.

A chart of accounts (COA) is a list of all accounts tracked
by a single accounting system, and should be designed to
capture financial information to make good financial
decisions. Each account in the chart is assigned a unique
identifier, typically an account number. Each account in
the chart is classified into one of the four categories:
assets, liabilities, income and expenses.

Within the chart of accounts you will find that the
accounts are typically listed in the following order:

Balance sheet accounts Assets
Liabilities

Income statement accounts Incomes
Expenses

A company's organization chart can serve as the outline for
its accounting chart of accounts. For example, if a company
divides its business into Different Business Units with
deferent Location will likely be accountable for its own
expenses (salaries, supplies, phone, etc.). Each Business
Units and Locations will have its own phone expense
account, its own salaries expense, etc.



Sample COA

Each account in the chart of accounts is typically assigned
a name and a unique number by which it can be identified.
Account numbers are often five or more digits in length
with each digit representing a division of the company, the
department, Business Units , Location , the main
Accounts , and its Sub accounts.

Usually COA Starts with Balance sheet items like Assets and
Liabilities and then followed by Income and Expenses

As you will see, the first digit might signify if the
account is an asset, liability, etc. For example, if the
first digit is a "1" it is an asset. If the first digit is
a "3" it is an Liability, If the first digit is a 5 it is
an Income and If the first digit is a "7" it is an Expense

A gap between account numbers allows for adding accounts in
the future. The following is a partial listing of a sample
chart of accounts.

Assets: 10000 to 29999

Liabilities: 30000 to 49999

Incomes: 50000 to 69999

Expenses: 70000 to 99999

Is This Answer Correct ?    22 Yes 3 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / 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

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / p.rajan

HI Viewers
T-code (Ob13)
Path
Financial Accounting
General Ledger Accounting
GL Accounts
Master Records
Preparations
Edit Chart of Account List

In the chart of accounts list you enter the charts of
accounts that you want to use in your organization (at
client level).

The list already contains sample charts of accounts for
some countries. Charts of accounts GKR and IKR, for
example, have been entered for Germany.
There are there types of chat of account.
1-operational chat of account
2-local chat of account
3-corporate chat of account
That menas 1st is to mandatory or indicating (1 to 1) and
2nd is to fixed account no. for local reporting or
indicating(1to many) and 3rd is to multi function chat of
account or indicating (many to 1)
finally it also assigned by the t-code of OB62

Is This Answer Correct ?    9 Yes 0 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / chandra

The chart of Accounts is nothing but the list of general
Ledger Accounts.A single Company code can have only one
chart of Account assigned to it.

Is This Answer Correct ?    7 Yes 0 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / viswanadh

Coa is nothing but list of g/l accounts. Normally coa 3 types.

1.operational chart of accounts
2.group chart of accounts
3.country chart of accounts

1.operational chat of accounts: this is chart of accounts to create normally levels. 1.general date 2.company code data
this coa is used to record business transactions for financial accounting & controlling. These are must be assigned to company code.

2.group COA: Group COA mainly used for location wise reporting purpose we can maintain group coa.
if may be maintain for different chart of account for different company codes.
ex: my company codes are in these country's India, USA, UK

group chart of account assign to these country operational chart of accounts.

Is This Answer Correct ?    2 Yes 0 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / thomas

chart of accounts is a varient contain list of gl to find
the head of the gl.income, exp, assets, liabilities.for
liabilites v create current liabilities, creditors,loan ,
bills payable. for assets fixed asset, current asset,bills
receivable,debtors and missllonus exp. so definding upon
the company we assign chart of accounts

Is This Answer Correct ?    2 Yes 1 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / vishnu murthy

The Chart Of accouts is nothing but list of GL Master
Records each gl account assing to company code and account
group account number .

Is This Answer Correct ?    1 Yes 0 No

What is chart of account and how many charts of accounts can be assigned to a company?..

Answer / sravanthi

A classification scheme consisting of Group of general
Ledger accounts. A Chart of accounts provides a framework
for the recording of values to ensure on orderly rendering
of accounting data.Two chart of accounts are assign to one
company code

Is This Answer Correct ?    5 Yes 5 No

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