Thursday, 28 September 2017

SAP FICO Overview

In today’s world of development through Information Technology, SAP is really a dynamic bundle by which one can incorporate, expand, and streamline their work-forms with multi-dimensional similarity.

SAP – "Systems, Applications, and Products in Data Processing" – was established in 1972 with its headquarters in Walldorf, Germany.

For the individuals who are in the Finance/Accounting Profession who wish to dive into an inventive and intuitive situation by which they can apply their hands-on experience and ability to another level of fantastic intellectual stimulation, SAP FI/CO Implementation and Configuration is really definitive. Their skill will render them to quickly ace its specialized design – for the ideas are all piece of each Finance/Accounting Professional's inborn point of view – and - the SAP modules take after an exhaustive schematic example by which all functionalities and details are consistently laid-out.

SAP Financial Accounting (FI) is an important core module wherein live-time, the financial preparing transactions are altogether caught to give the premise through which information is drawn for external reporting. This SAP FI Module is incorporated with many parallel modules that empower an organization to bring together procedures that may have required the use of numerous software packages.

Different Modules of SAP that regularly discover a part of joining with FI are (however not constrained to) Material Management (MM), Sales and Distribution (SD), Human Resources (HR), Product Planning (PP), Controlling (CO), and so on. Among these CO – Controlling is another significant concentration for those originating from the Finance/Accounting/Auditing/Budgeting and Financial Reporting/Analysis Backgrounds/Professions.

SAP FI: There are many sub-modules that streamline and have practical experience in every part of the Financial Accounting Processes:
AA – Asset Accounting
BL – Bank Accounting
AP – Accounts Payable
AR – Accounts Receivable
LC – Legal Consolidations
SL – Special Purpose Ledger
TM – Travel Management
FM – Funds Management
GL – General Ledger Accounting

Controlling (CO) is the term by which SAP alludes to "Administrative Accounting". The Organizational Elements in CO are Operating Concern, Controlling Area, and Cost Centers. Subsequently, the SAP CO Module enables administration by giving reports on cost centers, to benefit focuses, contribution margins, productivity, and so on. It concentrates on internal users, as opposed to FI – which concentrates on data drawn for outer reporting. The transactions posted in FI are exchanged to CO for cost accounting processing, analytical reporting, and audit-controlling spectrums.

There can be either a coordinated relationship or there can be the one-to-numerous connection between Controlling Areas Versus Company Codes. Henceforth, CO turns into the governing module that administers the union of costing information whereby administration can assume their perspectives for analysis.

The SAP Controlling (CO) Module’s Components are:

Cost Element Accounting
Cost Center Accounting
Cost Controlling
Product Cost Controlling
Profitability Analysis
Activity-Based Costing
Profit Center Accounting
Internal Orders

 Where Do We Use SAP FI?

SAP FI module empowers you to oversee financial accounting information inside a global system of various organizations, currencies, and languages. SAP FI module basically manages the accompanying financial elements:

• Fixed asset
• Tax accounting
• Accounts receivable and payable
• Inventory
• Master data governance 
• General ledger
• Accrual
• Cash journal
• Fast close functions
• Financial statements
• Parallel valuations

SAP FI advisors are mostly in charge of actualizing Financial Accounting and Cost Accounting with SAP ERP Financials.


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