What is turnover class in SAP FS-AM-IM-BC - Balances?

SAP Term: turnover class

• Component: FS-AM-IM-BC

• Component Name: Balances

• Description: Category for classifying account turnovers on the basis of characteristics of the payment items that generate a turnover such as transaction type and medium.

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• Key Concepts: 
  Turnover class is a component of the Financial Accounting (FI) module in SAP. It is used to classify and group different types of transactions in the balance sheet. It is used to identify the type of transaction, such as sales, purchases, or other types of transactions. The turnover class is also used to determine the tax rate applicable to the transaction. 
  
  How to use it: 
  The turnover class is used in the FS-AM-IM-BC Balances component of SAP. This component is used to manage and track financial transactions. To use the turnover class, you must first define it in the system. This can be done by entering the turnover class code and description in the system. Once defined, you can assign a turnover class to each transaction in the system. 
  
  Tips & Tricks: 
  When defining a turnover class, make sure that you enter a unique code for each turnover class. This will help you easily identify and track different types of transactions in the system. Additionally, make sure that you enter a descriptive name for each turnover class so that it is easy to understand what type of transaction it represents. 
  
  Related Information: 
  The turnover class is closely related to other components of SAP such as tax codes and accounts receivable/payable. It is important to understand how these components interact with each other in order to properly manage financial transactions in SAP. Additionally, it is important to understand how different types of taxes are applied based on the turnover class assigned to a transaction.