What is correction items in SAP RE - Real Estate Management?

SAP Term: correction items

• Component: RE

• Component Name: Real Estate Management

• Description: Under German law, the acquisition/production costs APC of an asset as well as the deductible and/or non-deductible input tax of the APC. Correction items are created for assets in financial accounting. The input tax amounts are updated in the correction items according to German tax regulations on the basis of option rates, composite rates and base rates.

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• Key Concepts: 
  Correction items are used in SAP Real Estate Management (RE) to correct errors in the system. They are used to adjust the values of existing objects, such as contracts, leases, and buildings. Correction items can also be used to create new objects, such as new contracts or leases. 
  
  How to use it: 
  Correction items can be created in RE by selecting the “Create Correction Item” option from the menu. This will open a window where you can enter the details of the correction item, such as the object type, object ID, and correction type. Once you have entered all the necessary information, you can save the correction item and it will be applied to the system. 
  
  Tips & Tricks: 
  When creating a correction item, it is important to double-check all of the information that you have entered. This will ensure that the correction item is applied correctly and that no errors occur. Additionally, it is important to keep track of all correction items that have been created in order to ensure that they are applied correctly and that no duplicate corrections are made. 
  
  Related Information: 
  For more information on correction items in SAP RE, please refer to the SAP Help documentation. Additionally, there are many online resources available that provide detailed instructions on how to create and apply correction items in SAP RE.