What is transfer posting in SAP FI - Financial Accounting?

SAP Term: transfer posting

• Component: FI

• Component Name: Financial Accounting

• Description: The posting of already posted amounts from one account to another. Transfer postings are made when preparing annual closing entries.

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• Key Concepts: 
  Transfer posting is a type of financial accounting transaction in SAP. It is used to transfer amounts from one account to another within the same company code. This type of transaction is used when the amount being transferred does not need to be posted to a general ledger account. 
  
  How to use it: 
  To perform a transfer posting in SAP, you must first enter the company code and the accounts that you want to transfer the amount between. Then, enter the amount that you want to transfer and select the “Transfer Posting” option. Finally, save the transaction and it will be posted to both accounts. 
  
  Tips & Tricks: 
  When performing a transfer posting, make sure that you enter the correct accounts and amounts. Also, be sure to double-check your entries before saving the transaction. 
  
  Related Information: 
  Transfer postings are commonly used in SAP for internal transfers between accounts within the same company code. They are also used for intercompany transfers between different company codes. Additionally, transfer postings can be used for foreign currency transactions.