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Investing in your personal and professional growth

Investing in your personal and professional growth will not only yield future returns, but it also presents you with ‘right now’ benefits. The time, effort, and money you invest in yourself will have a direct impact on the quality of life you experience now and well into the future.

If you want choices, freedom, and the ability to make a greater contribution, you need to invest in your business and financial results. Money isn’t everything, but it isn’t nothing either. It may not be most important, and you wouldn’t want to trade for anything above, but it’s worth investing in gaining enough—and then more than enough.

“If you think the costs involved in learning are high, you should examine the extremely high business costs of not learning.”

Growth marketer A.J. Agrawal says, “There’re always new skills to learn and techniques to adopt.

And as an SAP consultant, it is important to learn new points on a daily basis, and constructing a palace of knowledge over a period is key to your success. The way SAP is coming up with new technologies, it is always difficult for the consultants to maintain that pace throughout their careers. Learning is a process of life and there is no end to it. It is the greatest quality of any good quality SAP consultant.

Furthermore, you should always willing to share the knowledge, rather than hiding it in your head. Many SAP consultants, lacking this great quality. The more you share, your knowledge would be doubled, unlike money.

“The most successful people in the world understand that they must continuously learn to be successful. For us to live life to the fullest, we must continually look for ways to improve.”

There is simply no vehicle more certain to provide a return that exceeds the investment you make in yourself.

Some of the most successful people alive today attribute much of their success to their investment into their own personal development and wellbeing. Investing in yourself helps to create a strong and secure foundation with which to build on throughout your life and will impact your ability to prosper, perform, achieve your goals, and live to the fullest.

Stay tuned to learn and grow with us.

Note: This blog contains references of other websites.

If you have any suggestions or questions do let us know in the comment section or you can also write us directly.

Till then you can have look at our ebooks.

SAP College August 25, 2020 0 Comments

General SAP

Currencies in the SAP ECC and their impact on organizational structure

The currency type definition for company code and controlling area directly impacts how the organization structures are defined. An incorrect definition in this step can make it impossible to consolidate company codes situated in different countries at the same controlling area level.

Currency type customization is subjective, which means that there is no customizing path where you can define all of the currencies at the same time. The currency types are determined during the customizing of other areas’ SAP ERP items. For example, when you are setting up the different SAP ERP clients (such as development, quality or test, and production) you must choose a currency for the client, which indirectly defines the currency type 30. This is one of the most common areas that can cause issues in SAP ERP, and it’s difficult or impossible to change or correct later. It’s crucial to analyse all of the requirements and consider them in the definition of the structures before beginning the customizing.

Note

All of the currency types should be defined in the project blueprint with consideration of all active components and the company needs. Never change the currency type in an environment with data because it will cause a system inconsistency.

Currency type 10

Currency type 10 is defined at the company code level. Each company code in SAP ERP has its own currency, and when you set this currency, you are actually creating the currency type 10 for that company code.

To maintain the company code currency, use Transaction OX02, or follow the IMG menu path Enterprise Structure → Definition → Financial Accounting → Edit, Copy, Delete, Check Company Code, which brings you to the screen shown in Figure

By double-clicking on an entry in the Company Code column (e.g., company code FS00), you can view the basic information for each company code, as shown in Figure

The Currency field in Figure is defined as “INR”—currency type 10 for company code FS00.

Currency type 20

Currency type 20 (controlling area currency) is the currency type defined in the controlling area settings. We don’t recommend that you use this type in a multi-currency organization because there is a possibility that the currency assigned to currency type 20 may not be available at the company code level. If this is the case, the system cannot assign the company code to the controlling area.

Currency type 30

Each SAP Client has its own currency. Any company code that uses currency type 30 as one of the three available will share the same currency. Currency type 30 is usually used for consolidation. A company doing business in many countries, for example, can assign currency type 30 to all company codes, and it will be available to consolidate the balance sheet, profit and loss, and other financial statements in the same currency.

To maintain the SAP Client currency, use Transaction SCC4, or follow menu path Tools → Administration → Administration → Client Administration → Client Maintenance, which brings you to the screen shown in below figure

The currency (Crcy column shown in Figure) assigned to Client 001 is EUR. This means the client currency type or currency type 30 is EUR.

Currency type 40 and 50

Currency types 40 and 50 are defined in the country customizing. These can be used in countries where inflation is relevant, and accountants need a hard or indexed currency to be available for financial statements.

You maintain the currencies using Transaction OY01 or by following the IMG menu path NetWeaver → General Settings → Set Countries → Define Countries in mySAP Systems, which brings you to Figure

To see the information for the country, double-click in the Country column (e.g., US), and the corresponding country settings will open. There are two currency fields available in the settings: index-based curr. and hard currency, which are currency types 50 and 40, respectively. You can see in Figure that Country DE uses EUR as index-based currency or currency type 50, and EUR as hard currency or currency type 40.

Currency type 60

Currency type 60 is seldom used as a controlling area currency. It is normally defined in the trading partner customization. Company codes assigned to the same trading partner will share the same currency.

To maintain the trading partner currency, either use Transaction OX15, or follow the IMG menu path Enterprise Structure → Definition Financial Accounting → Define Company, which will open the screen shown in Figure. Double-clicking on an entry in the Company column, (e.g.,FS00) will open the screen as shown, Internal Trading Partner Details. (Note that the term “company” is synonymous with “trading partner” in SAP ERP.)

It is useless to have the currency type created if you don’t assign the currency type to the company code. Each company code can have three currency types assigned. This allows the accounting to be maintained in three different currencies.

To customize the currency at the company code level, use Transaction OB22, or follow the IMG menu path Financial Accounting (New) → Financial Accounting Global Settings (New) → Ledgers → Ledger → Define Currencies of Leading Ledger