Posting periods are defined in fiscal year variant. You can open and close such periods in a posting period variant. To prevent wrong posting to a particular month you need to periodically close these periods which as per the business process need to be closed in financial accounting. The best business practice is to always open the current posting period and the period prior … [Read more...] about Posting Period Variant Creation, Use and Effect in SAP FI
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Use of Chart of Account in SAP FI Module
The chart of account is a variant which contains the structure and the basic information about your general ledger A/cs. Each company code or CC defined in SAP system has to be assigned with an operating chart of accounts (COA) by which posting occur for that company code. COA is a list of all the general ledger A/cs which are defined for recording transactions under a company … [Read more...] about Use of Chart of Account in SAP FI Module