What is type of business in SAP FI - Financial Accounting?

SAP Term: type of business

• Component: FI

• Component Name: Financial Accounting

• Description: The field of business in which a company operates. In South Korea, you have to provide this information in statutory reports, both about your own company and about your business partners. The National Tax Service uses this information for statistical purposes.

Smart SAP Assistant

• Key Concepts: 
  Type of business is a term used in SAP Financial Accounting (FI) to refer to the type of company or organization that is using the software. This information is used to determine the specific accounting rules and regulations that must be followed. 
  
  How to use it: 
  When setting up a new company in SAP FI, the user must enter the type of business. This information will be used to determine the accounting rules and regulations that must be followed. The user can select from a list of predefined types of businesses, such as sole proprietorship, partnership, corporation, etc. 
  
  Tips & Tricks: 
  It is important to select the correct type of business when setting up a new company in SAP FI. This will ensure that the correct accounting rules and regulations are followed. 
  
  Related Information: 
  For more information on setting up a new company in SAP FI, please refer to the official SAP documentation.