What is OKATO code in SAP FI - Financial Accounting?

SAP Term: OKATO code

• Component: FI

• Component Name: Financial Accounting

• Description: A classification of Russian regions, districts, and cities, for statistical and statutory reporting purposes. The first two digits denote the region, the next three digits the district, and the last three digits the town or city. &EXAMPLE& 45: Moscow 45 260: Moscow's administrative districts 45 263: East 45 263 550: Zone in Moscow East 45 268: West 45 277: North

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• Key Concepts: 
  OKATO code is a Russian acronym for “All-Russian Classifier of Administrative-Territorial Divisions”. It is a unique code assigned to each administrative division in Russia, such as a region, district, city, or village. It is used by the Russian government to identify and track the location of individuals and businesses. 
  
  How to use it: 
  In SAP FI Financial Accounting, OKATO codes are used to identify the location of customers and vendors. This information is used for tax reporting purposes and to ensure that the correct taxes are being paid. The OKATO code can be entered into the customer or vendor master data in SAP FI Financial Accounting. 
  
  Tips & Tricks: 
  When entering an OKATO code into SAP FI Financial Accounting, make sure that it is entered correctly. If the code is incorrect, it could lead to incorrect tax reporting and other issues. 
  
  Related Information: 
  The OKATO code is part of the Russian Tax Identification Number (TIN). The TIN consists of 10 digits and includes the OKATO code as well as other information about the customer or vendor.