Saturday, January 31, 2015

Create Legal Entity

Legal Entity – Legal entities are tax reporting entities of an organization. They are the body of the company which complies with legal norms and tax reporting for government agencies. If you have business in multiple regions where legal obligations and tax rules are different, then you need to have multiple legal entities.
Business Group - OAF

Just take a look at the organization structure that we designed and create legal entities accordingly. Here we are going to create 3 Legal entities with respect to each Ledger.
Navigate to : XX GL Super User –> Setup –> Financials –> Accounting Setup Manager –> Accounting Setups
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Goto Tab –Legal Entities and click no Create Legal Entity
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Enter the required details under identification information.
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Under the legal address select an existing address if had created already or create a new address. Add additional details under General Information. Once done click on Apply to create the legal entity.
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Similarly create the other two Legal Entity.