What is customer accounting classification in SAP FS-LOC - Localization of Banking?

SAP Term: customer accounting classification

• Component: FS-LOC

• Component Name: Localization of Banking

• Description: The grouping of bank customers for accounting purposes. The classification can be defined on the basis of a bank customer's business activities or other attributes. The classification determines various accounting-related points, for example, which accounts must be opened for a given category of bank customer.

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• Key Concepts: 
  Customer accounting classification is a component of the SAP FS-LOC Localization of Banking module. It allows customers to classify their accounts according to their own criteria, such as by type of account, customer, or region. This classification helps customers to better manage their accounts and make more informed decisions. 
  
  How to use it: 
  The customer accounting classification component of the SAP FS-LOC Localization of Banking module can be used to classify customer accounts according to the customer's own criteria. This classification can be done manually or automatically, depending on the customer's preferences. Once the accounts are classified, customers can use this information to better manage their accounts and make more informed decisions. 
  
  Tips & Tricks: 
  When using the customer accounting classification component of the SAP FS-LOC Localization of Banking module, it is important to ensure that all accounts are properly classified. This will help customers to better manage their accounts and make more informed decisions. Additionally, it is important to regularly review and update the classification of customer accounts in order to ensure accuracy and up-to-date information. 
  
  Related Information: 
  The customer accounting classification component of the SAP FS-LOC Localization of Banking module is closely related to other components such as account management, payment processing, and reporting. Additionally, this component can be used in conjunction with other SAP modules such as FI-CA (Contract Accounts Receivable and Payable) and FI-SL (Special Ledger).