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    SAP FICO

    Introduction

    SAP FICO module is very powerfully built module which covers almost all business process encountered in various industries. This module is widely implemented modules in SAP and is the best design module for reporting both externally and internally accounting processes. The primary objective behind this is to gather and record all the financial transactions that are posted by an entity and produce financial statements which are accurate at the end of the trading period.

    SAP Financial Accounting offers highly incredibly complex techniques for finance related transactions reporting and better handling of records and accounts. It is most appropriate for professionals who have a desire of excelling in the field of finance and accounting. These days many banks, administrators, stock holders, tax authorities and even managers are using and utilizing the external reports generated by SAP FICO with their specific requirements. SAP FI integrates diverse modules and generates a single system for the entire organization. While SAP FI draws data for external reporting procedures, SAP controlling module focuses on data for internal users. SAP FICO module helps the managers of the company to access real time financial position of the company by fulfilling all the accounting and financial needs of the company.

    Why learning SAP FICO?

    Finance is the most important and critical part of every business. SAP FICO helps the enterprises upgrade their financial management. It aims at the perfect management of the finance. Using man power to manage the entire financial accounting is quite hectic, stressful and complex. Sap FI module helps in releasing the stress from manpower by handling the financial and accounting requirements of a company better also allowing them to review the financial status of the company in real time market. These are the reason SAP FI module has emerged as most popular module successfully implemented in organizations.

    Various components that comprise the FI module are:
    1. Accounts Receivable
    2. Accounts Payable
    3. Asset Accounting
    4. Account Consolidation
    Important sub modules of SAP FICO:-

    The important sub-modules of SAP Financial Accounting (FI) are

    • General Ledger Accounting : –

      SAP FI-G/L records all the transactions that posted in SAP and display the real-time status of the financial accounts of an organization.

    • Accounts Payable: –

      It is a sub ledger accounting that records all the business transactions of vendor purchase activities and generate automatic postings in general ledger accounting

    • Accounts Receivable: –

      It is a sub ledger accounting that records all the accounts of customer’s sales activities and generates automatic postings in G/L accounting.

    • Bank Accounting: –

      It controls and manages all the activities of bank transactions of an organization

    • Asset Accounting: –

      SAP FI AA sub-module manages and records the assets of an organization.

    The important sub-modules of SAP Control (CO) are
    1. Cost Element Accounting: –

      In Controlling, all the costs and revenues are represented through cost elements. All the cost elements specifies the nature of expenditure and income. The different types of cost elements are Primary cost elements and Secondary cost elements.

    2. Cost Center Accounting: –

      It provides the information of costs that are incurred in the organization.

    3. Internal Order Accounting: –

      It tracks the costs of a specific job, service or a task. Internal order are used as a method to collect those costs and business transactions that are related to task.

    4. Profit Center Accounting: –

      Profit center manages and controls the organizations profits and losses.

    5. Product Cost Controlling: –

      Product cost enables the management to analysis the product costs and enables to take effective decisions on prices to make the products.

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