Cost Object:
A Cost Object collects expenses and revenues for a particular purpose, such as a research project. In SAP there are three types of cost objects: Cost Center, Internal Order, and WBS (Work Breakdown Structure) Element .
Cost Center:
General or operating Cost Objects are known in SAP as Cost Centers. Cost Centers are budgeted on the fiscal year.
Internal Order:
A non-sponsored Cost Object (for example, funding from the MIT Provost) used to track costs over periods other than fiscal years. Internal Orders are often created to track gifts or endowments at MIT.
WBS Element:
WBS Elements are funded by outside sponsors and are used to track costs of a particular research project over the entire span of its activity. They may also be created to track other sponsored activities, such as gifts.
G/L Account:
G/L accounts are also called Cost Elements in SAP. They are a classification by expense or revenue type. In the CO (Controlling) module of SAP, the term Cost Element is used.
In the FI(Financial) module, the term G/L Account is used. These terms are used interchangeably for reporting, requisitions, and journal vouchers.
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A Cost Object collects expenses and revenues for a particular purpose, such as a research project. In SAP there are three types of cost objects: Cost Center, Internal Order, and WBS (Work Breakdown Structure) Element .
Cost Center:
General or operating Cost Objects are known in SAP as Cost Centers. Cost Centers are budgeted on the fiscal year.
Internal Order:
A non-sponsored Cost Object (for example, funding from the MIT Provost) used to track costs over periods other than fiscal years. Internal Orders are often created to track gifts or endowments at MIT.
WBS Element:
WBS Elements are funded by outside sponsors and are used to track costs of a particular research project over the entire span of its activity. They may also be created to track other sponsored activities, such as gifts.
G/L Account:
G/L accounts are also called Cost Elements in SAP. They are a classification by expense or revenue type. In the CO (Controlling) module of SAP, the term Cost Element is used.
In the FI(Financial) module, the term G/L Account is used. These terms are used interchangeably for reporting, requisitions, and journal vouchers.
RELATED POST
PERFORMENCE TIPS FOR ABAPER
Challenges in implementing ERP
ERP implementation practices
Enterprise resource planning introduction
ERP software selection
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