What is OKOF code in SAP FI-AA - Asset Accounting?

SAP Term: OKOF code

• Component: FI-AA

• Component Name: Asset Accounting

• Description: A number that classifies fixed assets for the purposes of taxation and statutory reporting.

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• Key Concepts: 
  OKOF code stands for “Object Classification of Fixed Assets” and is a code used in the FI-AA Asset Accounting component of SAP. It is used to classify fixed assets according to their type, such as buildings, machinery, or vehicles. The OKOF code is used to group assets together for reporting and analysis purposes. 
  
  How to use it: 
  The OKOF code is assigned to each asset when it is created in the system. This code can be used to filter and group assets for reporting and analysis purposes. For example, you can use the OKOF code to generate a report that shows all the buildings owned by a company. 
  
  Tips & Tricks: 
  When assigning an OKOF code to an asset, make sure that it accurately reflects the type of asset it is. This will make it easier to generate accurate reports and analysis. 
  
  Related Information: 
  The OKOF code is part of the SAP FI-AA Asset Accounting component. Other components of this module include Asset Master Data, Asset Acquisition, Asset Retirement, and Asset Depreciation.