What is NIB code in SAP FI - Financial Accounting?

SAP Term: NIB code

• Component: FI

• Component Name: Financial Accounting

• Description: A code used in Portugal to identify a bank and a specific account. An NIB Número de Identificação Bancário code corresponds to a bank number, followed by an account number and a control key. &EXAMPLE& 003505770000640390030

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• Key Concepts: 
  NIB code stands for “Number Identification Block” and is a unique identifier assigned to each customer or vendor in SAP FI Financial Accounting. It is used to identify the customer or vendor in the system and is used for all transactions related to that customer or vendor. 
  
  How to use it: 
  The NIB code is used to identify customers and vendors in SAP FI Financial Accounting. It is assigned when a customer or vendor is created in the system and can be found in the master data of the customer or vendor. The NIB code can then be used for all transactions related to that customer or vendor, such as invoices, payments, and more. 
  
  Tips & Tricks: 
  It is important to ensure that the NIB code is always up-to-date and accurate. This will help ensure that all transactions related to the customer or vendor are properly tracked and accounted for. 
  
  Related Information: 
  The NIB code is similar to a customer or vendor number in other accounting systems. It is also related to other SAP FI Financial Accounting terms such as G/L account, cost center, and more.