What is 'type of industry' in SAP FI - Financial Accounting?

type of industry - Overview

• Component: FI

• Component Name: Financial Accounting

• Description: The field of industry 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.

type of industry - Details

• 
  Key Concepts: 
  Type of industry is a classification of companies based on the type of goods or services they provide. In SAP Financial Accounting (FI), type of industry is used to determine the chart of accounts and other settings that are specific to a particular industry. 
  
  How to use it: 
  In SAP FI, type of industry is used to determine the chart of accounts and other settings that are specific to a particular industry. This allows companies to customize their financial accounting processes according to their specific needs. To set up type of industry, go to the “Financial Accounting” tab in the SAP system and select “Type of Industry” from the drop-down menu. 
  
  Tips & Tricks: 
  When setting up type of industry in SAP FI, it is important to select the correct type of industry for your company. This will ensure that the chart of accounts and other settings are tailored to your company’s specific needs. 
  
  Related Information: 
  For more information on setting up type of industry in SAP FI, please refer to the SAP Help documentation.