What is ISIC code in SAP FI - Financial Accounting?

SAP Term: ISIC code

• Component: FI

• Component Name: Financial Accounting

• Description: International Standard Industrial Classification code. System developed by the United Nations Industrial Development Organization UNIDO in order to classify business entities according to their primary type of activity.

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• Key Concepts: 
  The International Standard Industrial Classification (ISIC) code is a four-digit code used to classify businesses according to their economic activities. It is used by SAP Financial Accounting (FI) to categorize customers and vendors. 
  
  How to use it: 
  In SAP FI, the ISIC code is used to assign a customer or vendor to a specific industry. This helps to ensure that the customer or vendor is correctly classified for reporting and taxation purposes. The ISIC code can be found in the customer or vendor master data. 
  
  Tips & Tricks: 
  When assigning an ISIC code to a customer or vendor, it is important to ensure that the correct code is selected. This will help ensure that the customer or vendor is correctly classified for reporting and taxation purposes. 
  
  Related Information: 
  The ISIC code is part of the United Nations Statistical Classification of Economic Activities in the European Community (NACE). For more information on NACE, please visit https://ec.europa.eu/eurostat/web/nace-rev-2/overview.