From the course: SAP S/4 HANA Financial Accounting Overview

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General Ledger Master Data FI/CO

General Ledger Master Data FI/CO - SAP ERP Tutorial

From the course: SAP S/4 HANA Financial Accounting Overview

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General Ledger Master Data FI/CO

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- So starting with the master data. As you mentioned, master data is created once and then referenced throughout the system. So the chart of accounts contains the account definition for P&L and balance sheet and then the chart of accounts is extended to the company codes or the legal entities. So what this capability allows is if the account definition is the same account that's being used but it can be company code specific for certain settings like currency and tax. So as an example at the chart of accounts level this account number one two one then all the zeroes receivables domestic is the reconciliation account for receivables as part of the chart of accounts definition. The same account number is then referenced and extended to the company code level. So this company code in the US has the same account number because it's shared master data but its currency is managed in US dollar. Whereas for a company code in the UK in Great Britain can reference the same master data from the…

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