What is annual period in SAP SAP-LEGAL - Global Field Legal?

SAP Term: annual period

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: Each 12-month period beginning on the Order Effective Date set forth in the applicable Order Form.

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• Key Concepts: 
  Annual period is a term used in SAP-LEGAL Global Field Legal to refer to the period of time that a company's financial statements cover. This period is usually one year, but can be shorter or longer depending on the company's fiscal year. The annual period is used to calculate taxes, profits, and other financial information. 
  
  How to Use It: 
  In SAP-LEGAL Global Field Legal, the annual period is set up in the system by entering the start and end dates of the period. This information is then used to generate reports and other documents related to the company's financials. The annual period can also be used to track changes in the company's financials over time. 
  
  Tips & Tricks: 
  When setting up an annual period in SAP-LEGAL Global Field Legal, it is important to make sure that the start and end dates are accurate. This will ensure that all financial information is accurately reported and tracked. Additionally, it is important to keep track of any changes that occur during the annual period, such as changes in ownership or management. 
  
  Related Information: 
  The annual period is closely related to other terms such as fiscal year, accounting year, and tax year. These terms are all used to refer to different periods of time for which financial information is reported and tracked. Additionally, it is important to understand how these terms are related in order to accurately report and track financial information.