What is accounting object type in SAP FS-BA-PM-AFP - Accounting for Financial Products?

SAP Term: accounting object type

• Component: FS-BA-PM-AFP

• Component Name: Accounting for Financial Products

• Description: Balance Analyzer characteristic that controls the basic structure of the transfer of data from the Source Data Layer. One or more accounting object types can be assigned to an accounting object class. Each accounting object has an accounting object type and therefore also belongs to an accounting object class. Examples of a accounting object type: Bond Stock

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• Key Concepts: 
  An accounting object type is a component of the SAP Financial Accounting (FI) module. It is used to define the characteristics of an accounting object, such as its name, description, and type. The accounting object type is used to group similar accounting objects together and to assign them to a specific account. In the case of the FS-BA-PM-AFP Accounting for Financial Products component, the accounting object type is used to define the characteristics of financial products such as loans, mortgages, and investments. 
  
  How to use it: 
  The accounting object type is used to create and manage financial products in SAP. To create an accounting object type, go to the SAP menu and select “Accounting” > “Object Types”. From there, you can create a new object type by entering the name and description of the object type. You can also assign it to a specific account or group of accounts. 
  
  Tips & Tricks: 
  When creating an accounting object type, make sure that you enter a unique name and description that accurately describes the object type. This will help you easily identify it when searching for it in SAP. Additionally, make sure that you assign it to the correct account or group of accounts so that it can be properly tracked in SAP. 
  
  Related Information: 
  For more information on how to use the FS-BA-PM-AFP Accounting for Financial Products component in SAP, please refer to the official SAP documentation at https://help.sap.com/doc/saphelp_erp60_sp/6.0/en-US/f3/f3_erp_fi_acct_obj_type_intro.htm