What is 'P&L close type' in SAP FI-GL-CU-MCA - Multi Currency Accounting?

P&L close type - Overview

• Component: FI-GL-CU-MCA

• Component Name: Multi Currency Accounting

• Description: Process type used in P&L close.

P&L close type - Details

• 
  Key Concepts: 
  P&L close type is a component of Multi Currency Accounting (MCA) in SAP Financial Accounting (FI-GL-CU). It is used to define the rules for closing the Profit and Loss (P&L) accounts. The P&L close type determines which accounts are to be closed, how the closing process is to be carried out, and which postings are to be made. 
  
  How to use it: 
  The P&L close type is set up in the Customizing for Financial Accounting (FI-GL-CU) under the Multi Currency Accounting (MCA) component. The P&L close type can be assigned to a company code in the company code settings. Once the P&L close type is assigned, it will be used for all P&L closing activities in that company code. 
  
  Tips & Tricks: 
  When setting up a P&L close type, it is important to ensure that all accounts that need to be closed are included in the P&L close type. Additionally, it is important to ensure that all postings required for closing are included in the P&L close type. 
  
  Related Information: 
  For more information on setting up and using a P&L close type, please refer to SAP Help documentation on Multi Currency Accounting (MCA). Additionally, there are several online resources available that provide detailed instructions on setting up and using a P&L close type in SAP FI-GL-CU.