What is account life in SAP FI - Financial Accounting?

SAP Term: account life

• Component: FI

• Component Name: Financial Accounting

• Description: The number of days that items - and therefore documents - in an account should remain in the document file, so that they can be displayed on the screen. The posting date or, for accounts with open item management, the clearing date serves as a reference date.

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• Key Concepts: 
  Account life is a term used in SAP Financial Accounting (FI) to describe the period of time that an account is active. This period of time is determined by the company's fiscal year and can be set up in the system. During this period, all transactions related to the account must be recorded and reported. 
  
  How to use it: 
  In SAP FI, account life is set up in the system by defining a start date and an end date for each account. This allows the system to track all transactions related to the account during this period of time. The start date and end date can be changed at any time, allowing for flexibility in managing accounts. 
  
  Tips & Tricks: 
  It is important to keep track of account life in SAP FI, as it can affect the accuracy of financial reporting. It is also important to ensure that all transactions related to an account are recorded during its active period, as this will ensure that all transactions are accounted for in the system. 
  
  Related Information: 
  For more information on account life in SAP FI, please refer to the SAP Help documentation or contact your local SAP support team.