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Almost every country has some transactions which are non-taxable. The non-taxable transactions can be incoming or outgoing where input or output tax should not apply. For example, Government transactions. The creation of tax codes for non-taxable transactions includes the below steps –

Segment is a division of a company for which the financial statements can be created for external reporting.

The General Ledger accounting task is to provide a comprehensive picture of external accounting and accounts. General Ledger accounting used to record all business transactions in a software system of a company and ensures the accounting data is always complete and accurate. General Ledger Accounting achieves other requirements for modern accounting:

Below process is to change P&L statmt acct type from X to XX in the G/L account 78787878.

Below process is to block the G/L Account 78787878.

Below process is to delete the G/L Account 79797979.

In a real-time scenario, additional ledgers required for general ledger account which are used for parallel accounting. The additional ledgers have different currency, fiscal year variant and posting period variant.

Ledgers are used to record financial transactions in general accounting by account. In general accounting, several ledgers can be used in parallel.

A company can be defined with local currency and parallel currency. Three currencies can be managed in a company code with parallel currencies. Parallel currencies are the custom currencies as per the requirement of the company.

Almost every country has taxable transactions. The taxable transactions can be incoming or outgoing where input or output tax should apply. For example, customer/vendor transactions. The creation of tax codes for taxable transactions includes the below steps –