What is a bank control key for Bank of America?

A bank control key specifies the type of the supplier bank account, such as savings or checking. Different countries can have different bank control keys.

How do I find my bank key?

SAP FI01: How to Create a BANK KEY

  1. Step 1) Enter FI01 into the SAP transaction code box.
  2. Step 2) In the next SAP Screen.
  3. Step 3) In the next SAP screen , under the Address section.
  4. Step 4) In the control data section.
  5. Step 5) Click Save . A new Bank Key is created.

What is account control key?

This field contains a key for checking the combination of bank number and bank account number. USA. In the USA, this field determines whether you are dealing with a savings or checking account (if you do not enter a value, then 01 is taken as the default): 01 Checking Account. 02 Savings Account.

What does bank Key mean?

Bank Key. First, it’s important to note that the bank key is a unique, country-dependent identifier. It is an SAP internal ID used to uniquely identify a bank. This ID, together with the country key, links to the other bank data in the system, such as name, bank number, and SWIFT code/BIC.

Is the bank key the same as the routing number?

The key is the use of specialized codes — SWIFT codes and routing numbers — that tell the financial system where and how to send money.

Is bank key and bank code the same?

Bank key and bank code and bank number are all the same. Bank key represents the code of the bank (branch) used by the vendor.

What is bank key example?

Bank key is a bank identifier used to identify the bank in the specific country. The country-specific definition of the bank key can be specified when country key defined. For example, the bank number used to identify the bank in some countries and the Account number is used to identify the bank in certain countries.

Is a bank key the same as a sort code?

Bank Key may have different meaning in different countries. This is an identification of bank account in addition to the Account Number. For example in UK, Bank Key field contains Sort Code which is branch identification of a particular branch. In some cases it may be the bank Account Number itself.

What is bank key ABA routing number?

In the United States, an ABA routing transit number (ABA RTN) is a nine-digit code printed on the bottom of checks to identify the financial institution on which it was drawn.

What is bank Key bank number?

Bank key and bank code and bank number are all the same. Bank key represents the code of the bank (branch) used by the vendor. Coming to your question, you should create a master data for each bank branch (Country+Bank key). In table BNKA you will find/put remaining bank data (Name, Address, City, etc.)

What is a bank key number?

Bank key is a country unique number and is called routing number. The account ID is a user definable field that allows you to “name” your bank accounts at your bank using any convention you prefer.

Is bank key same as bank code?