What is legal entity in SAP FS-QUO - SAP Quotation Management?

SAP Term: legal entity

• Component: FS-QUO

• Component Name: SAP Quotation Management

• Description: A legal construct through which the law allows a group of people to act as if they were a single person for certain purposes such as a company, a corporation, a state, or a trade union.

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• Key Concepts: 
  A legal entity is a business organization that has its own separate legal existence from its owners. In SAP Quotation Management (FS-QUO), a legal entity is a company or organization that is responsible for the creation and management of quotations. It is used to identify the company or organization that is responsible for the quotation and to ensure that the quotation is valid and legally binding. 
  
  How to use it: 
  In SAP Quotation Management, a legal entity can be created by entering the company name, address, and other relevant information into the system. Once created, the legal entity can be used to create quotations and manage them within the system. The legal entity can also be used to track the status of quotations and ensure that they are valid and legally binding. 
  
  Tips & Tricks: 
  When creating a legal entity in SAP Quotation Management, it is important to ensure that all of the information entered is accurate and up-to-date. This will help to ensure that quotations created using the legal entity are valid and legally binding. Additionally, it is important to keep track of any changes made to the legal entity, as this could affect the validity of any quotations created using it. 
  
  Related Information: 
  For more information on creating and managing legal entities in SAP Quotation Management, please refer to the official SAP documentation. Additionally, there are many online resources available that provide detailed instructions on how to use SAP Quotation Management.