What is accounting component in SAP FIN-BAC - Business Accounting?

SAP Term: accounting component

• Component: FIN-BAC

• Component Name: Business Accounting

• Description: A virtual grouping of technical accounting components that is suitable for the definition of accounting configurations. The accounting component contains a useful quantity of services in the accounting area that are realized by the technical components. An accounting configuration is formed by grouping accounting components together. The accounting configurations delivered by SAP group the following accounting components together: Accounting configuration "BUS_ACCOUNTING" : Accounting component "010" = General Ledger Accounting component "110" = Profitability Management Accounting configuration "COCO_STANDALONE" Concurrent costing: Accounting component "120" = Concurrent Costing

Smart SAP Assistant

• Key Concepts: 
  The FIN-BAC Business Accounting Component is a part of the SAP ERP system. It is used to manage financial accounting processes, such as accounts receivable, accounts payable, and general ledger. It also provides reporting and analysis capabilities for financial data. 
  
  How to Use it: 
  The FIN-BAC Business Accounting Component can be used to create and manage financial documents, such as invoices, payments, and journal entries. It also provides tools for creating financial reports and analyzing financial data. 
  
  Tips & Tricks: 
  When using the FIN-BAC Business Accounting Component, it is important to ensure that all financial documents are accurate and up-to-date. Additionally, it is important to regularly review financial reports to ensure that all transactions are properly recorded. 
  
  Related Information: 
  The FIN-BAC Business Accounting Component is part of the SAP ERP system. Other components of the SAP ERP system include the Human Capital Management (HCM) component, the Supply Chain Management (SCM) component, and the Customer Relationship Management (CRM) component.