What is Chart of accounts and it's type. Gl Accounts, Account payble Configuration.

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Accepted Answer

Chart of accounts is a list of all the general ledger accounts used by an organization to record financial transactions.

Chart of accounts is a key element in SAP FICO module.
It defines the structure and organization of the general ledger accounts.
It helps in categorizing and classifying financial transactions.
Types of chart of accounts include operating chart of accounts, country-specific chart of accounts, and group chart of accounts.
GL accounts are used to record financial transactions related to assets, liabilities, revenue, and expenses.
Account payable configuration involves setting up vendor master data, payment terms, tolerance groups, and automatic payment programs.

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