What is business place in SAP MM-IV - Invoice Verification?

SAP Term: business place

• Component: MM-IV

• Component Name: Invoice Verification

• Description: An organizational unit below company code level that is primarily used for reporting taxes on sales/purchases. In some countries, the business place is also used to assign official document numbers to outgoing documents. &EXAMPLE& In Thailand, the business place is the basic organizational unit used for tax reporting and for assigning official document numbers.

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• Key Concepts: 
  A business place is a location in SAP where goods and services are bought and sold. It is used to identify the company or organization that is responsible for the transaction. In the Materials Management (MM) component of SAP, the business place is used in Invoice Verification (IV) to identify the vendor or customer that is responsible for the invoice. 
  
  How to use it: 
  In order to use the business place in Invoice Verification, it must first be set up in the system. This can be done by entering the business place information into the system, such as its name, address, and contact information. Once this is done, it can be used to identify vendors and customers when creating invoices. 
  
  Tips & Tricks: 
  When setting up a business place in SAP, it is important to make sure that all of the information is accurate and up-to-date. This will ensure that invoices are correctly associated with the correct vendor or customer. 
  
  Related Information: 
  The business place can also be used in other components of SAP, such as Sales and Distribution (SD) and Financial Accounting (FI). It can also be used to identify locations for goods receipt and delivery.