Education Archives

Posted on July 13, 2022May 27, 2024 by admin-s20

Simple Steps to Create Company in SAP FICO

A company is a business organization or a group of businesses that work together…

A company is a business organization or a group of businesses that work together and make their own financial statements based on the country’s business law. The local currency is used to record the financial transactions of the company.

A five-character alphanumeric key tells us about a company. A business can have more than one company code and have operations in different places, but they all have to be part of the same business unit.

SAP: Define Company

About Company in SAP: A company is an organizational unit for which a separate set of financial statements can be made based on the rules of business. One or more company codes can make up a company. A company has local currencies that are used to keep track of its transactions. All of a company’s company codes must use the same Chart of Accounts for transactions and the same Fiscal Year. SAP doesn’t force you to create a company.

Company in SAP: Key things to know

You can make financial statements that meet the laws of the country where the business is based.

You can give a company one or more company codes.
It is a SAP organization unit that can be chosen or not.
If a business has more than one company code, all of them should use the same chart of accounts.

Defining a Company in SAP:

SAP IMG Path: SPRO > Implementation Guide for R/3 Customizing > Enterprise Structure > Definition > Financial Accounting > Define Company

OX15 is the code for “Define Company in SAP.”

For making a new company, enter the following information.

Type in the six-character alphanumeric code that represents the company group.
Type in the name of your business.
Change the address in the “Detailed information” box – Street name, PO Box number, ZIP code, and City.
Enter the company’s country code.
Enter language key
Enter the company’s local currency (also known as Company code currency)
After making the necessary changes, click the Save button or press CTRL+S.
Pick “Customizing request” from the drop-down menu or make a new one. To make a new Customizing request, click on the icon that looks like a request, as shown in the picture below.

How to Start a Business in SAP

In SAP, you can describe a company by:

Transaction code: – “OX15”

Step 1: Type “OX15” into the SAP command field, as shown in the picture below, and press enters to move on.
Step 2: On the “Internal trading partners” tab, change the view to: To set up the company in SAP, click the “New Entries” button on the overview screen.
Step 3: Make the following changes on the “New Entries” screen.

Business: Enter a key that helps SAP figure out the company group. In our case, we changed “TKART” so that we could start a new company.
Name of Business: – In this field, you should put the full name of the company.
Name of business 2:- If the company has a second name, add it here, or leave it blank. Information in-depth

Street: – Name of the street where the business is
Postal code: – Enter postal pin code
City: Change the name of the city. In our case, we changed “Bangalore.”
What country? You need to change the country key here. For example, IN for India, US for the United States, etc.
Language key: – Our language is English by default, so the language key is “EN.”
Currency: Enter the key for the currency in which transactions for the group company are kept. It is also called “local currency” or “home currency.”

Note: If you press the F4 key on your keyboard, you can choose from the list of keys for City, Language, and Currency.

Step 4: Once you’ve changed all of the necessary information, click the “Save” button to save the company information. Now that you’ve been asked for a custom request, click the “New Entries” button to make a new one.

Now, change the request’s description and press Enter to move on. Here’s an updated description of how to set up SAP FICO.

This tutorial shows you how to do the following things step by step:

Make a new business in SAP FI
Use SAP FI to make a company code.
Give the company a company code.

Giving a Company Code

Step 1: Go to reference IMG in SAP.

Step 2: You have to choose the menu path from there.
SAP customization implementation guide > Enterprise Structure > Assignment > Financial Accounting > Assign company code to company

Step 3: Enter the company’s unique ID next to the company code you want to give it.

Step 4: Save the information and enter the customization request number.

In the above screen, the company is given a company code.

Conclusion

This was in brief about simple steps to create a company in SAP FICO. Even a beginner-level learner can abide by these steps and take on creating a company in SAP FICO. If you are based out of Ahmedabad you ought to look out for SAP Training Institute in Ahmedabad, which will be able to help you better.

Posted on December 9, 2019May 27, 2024 by admin-s20

Accounting Coaching Classes for Upskilling and Training Employees

Today, most businesses will agree that employees are their biggest assets. Companies invest a…

Today, most businesses will agree that employees are their biggest assets. Companies invest a lot in terms of hiring the right candidates and then retaining them too. At the same time, employees are also very passionate about their careers. They don’t shy to move on if there is stagnancy in terms of career growth or learning new skills of accounting training. Therefore, to align the interests of both, it is essential for businesses to make significant efforts towards constant development of the employees.

What Do You Coach About?
Businesses usually provide training to impart skills that are essential / required to perform existing jobs. Obviously, this is given; considering you would like to ensure that the employee can perform in the best possible manner in his/her current role.

However, organizations today also invest in ‘Upskilling’. Upskilling refers to the process of teaching new skills to existing employees through academies like Super 20 Training Institute. Such upskilling could also be essential, or in other cases, desirable for employees; which are discussed below.

Is Upskilling Required In Accounting?
Absolutely! In this constantly evolving business environment, accounting concepts and methods are being updated too. Entire accounting framework is being rejigged and new accounting standards are becoming applicable to the business. Fo example, accounting software (like Tally) is being updated to incorporate changes in laws like GST and so on. In such a scenario, providing training to employees is definitely the need of the hour! Training academies offers excellent accounting coaching classes in Ahmedabad, suitable to different coaching needs.

Whom To Upskill In Accounting?
Upskilling could be classified into two categories. One, teaching those skills which are essential to the changing work environment. For instance, training the existing accounting personnel about the new accounting standards applicable to the organization would be absolutely essential.

Second category could be teaching those skills that may not appear exactly essential to the existing role at hand, but could go a long way in improving efficiencies. For example, familiarizing tax team about the new accounting concepts, accounting software offering Tally courses, would help them in gaining a better understanding. And this will eventually reduce their dependence on accounting team. Sometimes, it could be essential too, say when the tax team needs to understand the applicability of ICDS and how they diverge from accounting standards that the organization follows. In either case, it improves employee morale as he feels he is learning something new and challenging.

A lot of corporates have in-house L&D (Learning & Development) team. Others may tie up with a dedicated accounting academy for this purpose. In either case, the importance of upskilling employees cannot be emphasized enough.

Posted on December 4, 2019May 27, 2024 by admin-s20

Classroom Courses for Practical Knowledge and Training on GST

It’s been a while now that GST became applicable. A lot has been discussed…

Training-for-GST

It’s been a while now that GST became applicable. A lot has been discussed before and after its introduction. The provisions have been explained and thrashed out at various forums, and many teething issues have also been identified. Moreover, some of these issues have even been resolved by the Government from time to time.

Having said that, no one can deny the novelty as well as the vastness of the subject. While concepts may seem similar to VAT and service tax, there are so many new provisions as well. Further, there are various aspects to the law like applicability, rate, input credit, compliances etc. and each aspect has its own nuances. Gathering a good understanding is important for all professionals, whether you are advising your own company or your client’s.

Why take a GST training?
As is in all cases, the Internet definitely comes in very handy to get a quick overview on the basic provisions. Some blogs may help you identify certain problem areas as well. But as they say, nothing beats classroom training.

A proper training on GST would not only answer your WHATs, but also WHYs. A classroom training would start from the basics including history and genesis of the legislation, it’s structure, and what the law says. And most importantly, the reason why a provision in law says what it says. Also, formal training helps you understand the practicalities, all at one place. The Internet might tell you the deadline for filing GST return, but only a good training institute would tell you the issues that you would face while filing the returns and how to deal with it. What’s best is that you don’t need to spend your precious time on reading and comprehending various sources on the internet. You don’t have to waste time trying to summarize them – and not to forget – getting confused with divergent views / thoughts that people may have. Instead, training on GST could help you get a good grip on the subject without wasting any time, as the experts would have already done their research.

What to Expect From a GST Training?

1) Practical, Practical, Practical Knowledge!
No one needs to know the section number or exact wording. ‘Bookish knowledge’ is not what you would want. It’s the practical GST training classes that is required so as to be able to apply it in your everyday work. Now in doing so, if you need to know some history, that would be fine!

2) Going Beyond The GST Law
Yes, a good GST training may also integrate some accounting and related aspects to it. Though, it may not be completely possible sometimes, and you may have to subscribe to a related accounting course. The point is that you should aim to get a good grip of the law and how it merges with other facets relevant in an organization.

While the Internet is a good source, it is not the answer when you are looking for a structured, thoroughly researched learning on GST. Subscribe to centres like Super 20 Training Institute for its very educative, practical GST training courses.

Posted on September 10, 2018May 27, 2024 by admin-s20

Education : How To Bridge The Gap Between Academic Curriculum & Industry Requirements?

“Irrigation yourself with better grades and your economic future is secure”. This is the…

“Irrigation yourself with better grades and your economic future is secure”.

This is the basic idea on which academic curriculum runs, by securing the economic future of an individual through categorising them in grading system, like product in factory. Which explains why the curriculum put students in straight rows, nice and neat, tell them sit still, raise their hands if they want to speak, give them a short break to eat and for 8 hours a day tell them what to think and make them complete to get an “A”. A letter which determines product quality or student’s abilities. And this schedule is practiced from primary schooling. Despite of categorising the minds in stereotype criteria’s, the inbuilt skills of a student must be enhanced.

But rather than creating and developing the skill of their interest, the importance is given to the report card. Due to which the child grows with the aim to score good marks, neglecting his field of interest.

The situation is worst when at a time, the interest is buried with the expectations, competition and huge academic syllabus. And later when they opt for Job, they are “rejected”. This is only because Industries don’t want a person with good academic background but should have some skills required for the vacant post. This is equally true that industry also need skilful employees as much as the aspirants need the job. For bridging the gap following ideas can be taken care of.

1. Besides the domain skill, the industry also looks at soft skills, team building, values and attitude of an individual at the time of hiring. This can be developed by collaboration of joint degrees in academic institutes which results in almost job ready students.

2. Events of short term interaction of students with industrialists, which will generate a sense of understanding the requirements of industry.

3. It should be made compulsory for higher degrees mentors or professors that they carry a specific practical exposure in their field. Because, only if they carry a sound practical knowledge in reference to their field, then only they can teach the students accordingly.

4. Importance should be given to practical knowledge. For example, engineers don’t even know different programming languages for which they are forced to join some coaching institutions. For a Commerce Student he is never thought the basics of Tally practically. And for the students of humanity, the practical exposure is the basic requirement which is not available in academic syllabus.

Concluding, the situation of academic curriculum and requirements of industry, this should be kept in mind that every person is born with some additional ability different from everyone, only the requirement is bridging gap between the ability, or skills and the stage this skill should be honored on. And a world where the currently reoccurring statement can be erased from the tongue of fresher’s

“Inconvenience deeply regretted sir”.

Category: Education