SAP FICO in SAP ERP is the Finance and Cost-controlling module. FI is known as Financial Accounting, and CO is known as Controlling. SAP FICO module is secure and includes nearly all business processes found in different enterprises. It is one of the primary and broadly executed modules in SAP. The program is created for beginners as well as for intermediate learners.
SAP FI is a module employed for reporting both externally and internally. The purpose is to document all financial transactions that are posted by any entity and generate financial statements which are valid and correct at the end of the trading period. The tutorial is going to demonstrate the significant functionalities with the SAP FI module.
SAP FI is made up of submodules. The sub-modules often used are accounts receivables, asset accounting, general ledger accounting, and bank accounting.
All the submodules are interlinked and unite in real-time. A trial balance can be obtained at a time, and it will always tally because all the submodules are correlated.
What should you know?
- Knowledge of Accounting.
- Knowledge of SAP.
It is a simple tutorial, and you can surely learn the theories demonstrated here with a basic understanding of how a business deals its finance. Nonetheless, it will assist if you have some previous knowledge of accounting and know-how to work with financial data.
The tutorial will be very beneficial for professionals who seek to master the strings of SAP FICO training and use it in practice. It is mostly going to help consultants who are principally accountable for executing Financial Accounting and Cost Accounting with SAP ERP Financials.
SAP FI (Financial Accounting), going by the definition of its title, implies upgrades in financial management for businesses. Because managing finance by workforce can turn out to be a difficult task for companies, therefore SAP FI was devised. The module aids in managing the complete financial accounting section effortlessly. For this critical reason, SAP FI has achieved a tremendous reputation after it was successfully implemented in organizations. SAP FI arrives with a comprehensive package that helps organizations in managing financial requirements and accounting exercises. Apart from supporting organizations in handling finance, SAP FICO Training can also be leveraged to evaluate the financial standing of organizations in real-time situations. Elements that include the FI module are listed below:
- Accounts Receivable
- Accounts Payable
- Asset Accounting
- Account Consolidation
- General Ledger Accounting
SAP CO, one of the most significant modules in SAP, includes SAP CO configuration and SAP CO user details. The module consists of setting, master data, and reporting. When we say master data, we primarily mean cost centres, cost elements, profit centres, statistical figures, functional areas, and activity types. When executed, SAP CO enables users to inspect data on internal costs. Apart from assisting users in getting a full view of finance reporting, SAP CO helps them to manage records and take practical, informed decision making.
Furthermore, organizations can control reporting and knowledge databases as per their requirements. SAP implementation empowers organizations to:
- Track cost heads and construct future plans following those cost heads
- Monitoring costs for specific events
- Authorize activity-related costing for various processes
- Create sales reports that are secured through internal estimation
SAP CO promotes monitoring, coordination, and optimization of each process. It incorporates the administration and configuration of master data that includes cost and profit centres, internal orders, and cost factors. Fundamentally SAP CO is employed for planning, to allow users to examine actual data with planned data.
The sub-modules that comprise SAP CO are:
- Activity-based Accounting
- Cost Centre Accounting
- Cost Element Accounting
- Internal Orders
- Product Cost Planning
- Profit Centre Accounting
- Profitability Analysis