What is open-item-managed account in SAP FI - Financial Accounting?

SAP Term: open-item-managed account

• Component: FI

• Component Name: Financial Accounting

• Description: A record that is managed on an open-item basis. For example, a customer account or supplier account assigned to an open-item-managed G/L account.

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• Key Concepts: 
  An open-item-managed account is a type of account in SAP Financial Accounting (FI) that is used to track the individual items that make up a balance. This type of account allows for the tracking of individual items, such as invoices, payments, and other transactions, that make up the total balance of the account. This allows for more detailed analysis of the account and better control over the financials. 
  
  How to use it: 
  Open-item-managed accounts are used in SAP FI to track individual items that make up a balance. To use this type of account, you must first create an open-item-managed account in the system. Once created, you can then enter individual transactions into the account, such as invoices, payments, and other transactions. The system will then track these individual items and calculate the total balance of the account. 
  
  Tips & Tricks: 
  When using open-item-managed accounts in SAP FI, it is important to ensure that all transactions are entered correctly and accurately. This will ensure that the total balance of the account is accurate and up to date. Additionally, it is important to regularly review the transactions in the account to ensure that all items are accounted for and that there are no discrepancies or errors. 
  
  Related Information: 
  Open-item-managed accounts are just one type of account available in SAP FI. Other types of accounts include closed-item-managed accounts and non-item-managed accounts. Each type of account has its own advantages and disadvantages, so it is important to understand which type of account is best suited for your needs before setting up an account in SAP FI.