What is OKFS code in SAP FI - Financial Accounting?

SAP Term: OKFS code

• Component: FI

• Component Name: Financial Accounting

• Description: In Russia, a code that classifies property owners according to their legal form. For example, there are OKFS codes for natural persons, legal persons, and state bodies such as the Russian Federation or its constituent republics. The OKFS code is issued by Goskomstat, the Russian statistical office, and is used for preparing economic statistics.

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• Key Concepts: 
  OKFS code stands for Object Class Financial Statement. It is a classification system used in SAP Financial Accounting (FI) to categorize and group financial statement items. It is used to create a chart of accounts and to assign G/L accounts to the correct OKFS code. 
  
  How to use it: 
  OKFS codes are used to classify financial statement items in SAP FI. They are used to create a chart of accounts and assign G/L accounts to the correct OKFS code. The OKFS codes are organized into a hierarchical structure, with each level representing a different type of financial statement item. For example, the first level is the main category, such as Assets or Liabilities, and the second level is the sub-category, such as Current Assets or Long-term Liabilities. 
  
  Tips & Tricks: 
  When creating a chart of accounts in SAP FI, it is important to ensure that all G/L accounts are assigned to the correct OKFS code. This will ensure that all financial statement items are properly categorized and grouped for reporting purposes. 
  
  Related Information: 
  For more information on OKFS codes and how to use them in SAP FI, please refer to the SAP Help documentation.