Business (Philstar)Major change in revenue recognition for real estate companies KPMG CORNER By Jose T. Valencia Tuesday, July 22, 2008 A new accounting interpretation will take effect on January 1, 2009 which will drastically affect the timing of the recognition of revenues of companies engaged in development and sale of real estate. The construction of [...]

Company Code is the smallest organizational unit in FINANCIAL ACCOUNTING for which a complete set of FINANCIAL STATEMENTS can be generated. Financial Statements compose the Balance Sheet, Income Statement and Statement of Cash Flows. Generally, a Company Code represent a legal entity. One of the most important thing in SAP ERP implementation is the configuration [...]

Before configuring any part of the FI Enterprise Structure, it is vital to have already drawn out and agreed upon what the Company’s structure will look like. Settling on a chart of accounts with the users in the client sites is one of the first big thing challenge to overcome in a project. Before beginning [...]

What’s the difference between Company Code and Controlling Area? Company Code It is the smallest organizational unit in FINANCIAL ACCOUNTING (FI) for which a complete set of accounts can be created. It is the central organizational unit of external accounting within the SAP system. Normally, a company code is created for each company (legal entity). [...]

In accounting point of view, Financial Accounting (FI) and Management Accounting/Controlling (CO) are two branches of accounting. Each branch has different purpose, serves different type of information users and uses different types of data and information. The following clearly distinguish the two branches of accounting: Financial Accounting output such as the financial statements generally used [...]