What is postponed accounting system in SAP FI - Financial Accounting?

SAP Term: postponed accounting system

• Component: FI

• Component Name: Financial Accounting

• Description: A special procedure that is used in Belgium, the Netherlands and Luxembourg. Accounting transactions between business partners from these countries are exempt from tax. Tax postings must still be made, however, and the relevant transactions reported to the tax office. Under this procedure, the vendor posts a certain percentage of the invoiced amount both as output tax and input tax.

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• Key Concepts: 
  A postponed accounting system is a feature of SAP Financial Accounting (FI) that allows for the deferral of accounting entries until a later date. This system is useful for companies that need to delay the recognition of certain expenses or revenues until a later period. It also helps to ensure that all accounting entries are properly recorded and accounted for. 
  
  How to use it: 
  The postponed accounting system can be used in SAP FI by setting up a deferred account in the chart of accounts. This account will be used to store the deferred entries until they are ready to be posted. Once the entries are ready, they can be posted to the appropriate accounts in the chart of accounts. 
  
  Tips & Tricks: 
  When using the postponed accounting system, it is important to ensure that all entries are properly recorded and accounted for. This can be done by regularly reviewing the deferred account and making sure that all entries are properly posted. Additionally, it is important to ensure that all deferred entries are posted before the end of the fiscal year so that they can be included in the financial statements. 
  
  Related Information: 
  The postponed accounting system is closely related to other features of SAP FI such as accrual accounting and deferred revenue recognition. Additionally, it is important to understand how these features interact with each other in order to ensure accurate financial reporting.