FAIS SAP Section
company code
Code represents an independent legal accounting unit
cost center
a cost collector, Unit within a company distinguished by area or responsibility, location, or activity related aspects.
drill down
the action of allowing the user to reveal the underlying data that comprises a transaction
transaction codes
are shortcuts to begin a function in one step
chart of accounts
A complete list of all the accounts in the General Ledger. Each company code must be assigned one, and only one
general ledger
A report that contains the balances in each individual account It is the primary report that drives the financial statements
primary costs
Originate in the General Ledger within FI
compact document journal
This report contains a historical listing of all the entries prepared chronologically by date
secondary costs
Used exclusively in CO for allocations and settlements.
cost elements
Used to categorize costs
subsidiary ledger
a group of similar accounts whose combined balances equal the balance in a specific ledger account
audit trail
an 'electronic' trail that gives a step by step documented history of a transaction. It enables an examiner to trace the financial data from general ledger to the source document (invoice, receipt, voucher, etc.).
controlling
concerned with tracking costs and revenues for internal reporting that is intended to help management control costs and revenues and assess the profitability of various products and market segments.
financial accounting
concerned with tracking the financial impacts of processes with the primary goal of meeting legal and regulatory reporting requirements
reconciliation account
general ledger accounts that consolidate data from a group of related subsidiary ledger accounts Also called "Master Account", they comprise the summary of all customer and vendor credit transactions
controlling area
identifies a self-contained, organizational element for which the management of costs and profits can be performed
client
the highest organizational unit for a business. It is the database for GBI