Hi Priya
In addition to what other members have suggested, when a new company code is created ( in your case copied) FI consultant must have assigned the Fiscal Variant, Chart of Accountants etc.
Also is this comapny code a paying code or sending company code?What is the payment method for this company code. What are the housing banks set up for it?
You can verify all these by using FBZP Tcode.
Now coming to HR side, as other memebrs have suggested, ensure that you have the new company code in place and
assign company code to company
Assign Personnel Area to Comapny code
Assign PSAs to PA ( All these comes under Enterprise Structure which you can see in IT0001 once everything is done)
Check the grouping V_001P_ALL and V_503_ALL for PS & ES grouping and wage type and time groupings.
Usually Holiday calendar will be defined at PSA level so, check how what PSAs are coming under which PA. Also see the feature's decision parameter if anythign is depending on BUKRS (Company code)
Finally, Now if employees gets transferred to from old Company code to New Company code how to go about it?
Does it require a personnel action? we suggested an action for our client. Also when employee transferred from one comapny code to another one, his existing postion gets delimited,employee subgroup changes and IT0008 etc gets effected.Also the loans and benefits process as well. So, the new rules will be applicable as per the new company code. Also the payment method. In earlier company code payments might happen through Cheque, but this company code might pay it through Bank Transfer' T" you can see it from ZLSCH feature.All the postings, third party payments etc will be done accordingly. At the end of the day, payments or deductions will fall under taht company code.
Ensure that everything is set correctly as everything depends on Company code.
Good luck....
Madhav.