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SAP FICO stands for FI (Financial Accounting) and CO (Controlling/Management Accounting).
SAP FICO is a critical module of SAP ERP Business Suite. Functionally, both FI and CO modules store the financial related transactions/information. FI and CO modules are firmly integrated with other ERP modules such as Sales and Distribution (SD), Material Management, Human Resources Management, and so on.
Uplatz.com offers comprehensive SAP FICO training with focus on imparting necessary skills for becoming a successful FICO consultant or power user. This course will also help you switch to a high-paying job. SAP FICO transactions and exercises are intended for SAP beginners and SAP experts, with the goal that they can execute and configure the SAP FI/CO ERP modules. Our hands-on instructor-led SAP FICO Training will prepare you for the SAP job market and as well as equipped you with all the necessary training/assistance that is needed or required for you to pass the SAP FI/CO certification examination.
SAP FICO Training
• Introduction to ERP
• Introduction to SAP
Part 1: Enterprise Structure:
Definition of company
Definition of company code
Assignment of company to company code
Definition of business area
Part 2: Financial Accounting Basic Settings
Definition of fiscal year variant
Assignment of fiscal year variant to company code
Definition of posting period variant
Assignment of posting period variant to company code
Open and close posting period
Maintenance of field status variants
Assignment of field status variant to company code
Creation of chart of Accounts
Defining Accounts Groups
Defining Retained Earnings Account
Definition of tolerance groups for GL accounts
Definition of tolerance groups for employees
Assignment of tolerance groups to users
Taxes on Sales & Purchases (input & output)
Defining document type & number ranges
PART 3: General Ledger Accounting
Creation of General Ledger Master (with and without reference)
Display/Change/Block/Unblock of general ledger master
Document Entry posting normal postings and posting with reference
Display and change of documents
Display of GL balances
Display GL account line items
Creation of Sample Document postings with sample documents
Reversal of individual documents, mass reversal and reversal of reversed document
Month End Provisions –
Open item Management – Full clearing, Partial Clearing and Residual Clearing
Accrual and Deferral documents
Interest calculations on term loans
PART 4: Accounts Payable
Creation of vendor account groups
Creation of number ranges for vendor master records
Assignment of number ranges to vendor account groups
Creation of tolerance group for vendors
Creation of vendor master (display/change/block/unblock of vendor master)
Posting of vendor transactions (invoice posting, payment posting, credit memo)
Display Vendor balances and G/L Balances
Configuration Settings for advance payments to Vendors (down payment)
Clearing of down payment against invoices (special GL transactions)
Posting of partial Payment & Residual Payment
Creation of payment terms,
Creation of house banks and account ids.
Creation of check lots and Creation of void reasons
Maintenance of check register
Display check register
Cancellation of unissued checks
Cancellation of issued checks
posting of purchase returns.
Configuration of automatic payment program
Defining correspondence & party statement of accounts
PART 5: Accounts receivable
Creation of customer account groups
Creation of number ranges for customer master records
Assignment of number ranges for customer account groups
Creation of tolerance group for customers
Creation of customer master (display/change/block/unblock of vender master)
Posting of customer transactions (sales invoice posting, payment posting, debit memo)
Display customer balances and G/L Balances
Configuration Settings for advance payment from customers (down payment)
Configuration settings for terms of payment to customers
Configuration of settings for dunning
Generating the dunning letters
Defining correspondence and party statement of accounts
Bills of exchange
Posting of sales returns
When the vendor and customer both are same
A. without terms of payment
B. with common terms of payment.
PART 6: Asset Accounting:
Copy reference chart of depreciation
Assignment of chart of depreciation to company code
Creation of 0% tax codes for sales and purchases
Defining account determination
Definition of screen lay out rules
Definition of number ranges for asset master
Creation of asset classes
Integration with General Ledger & Posting rules
Defining Depreciation key
Definition of multilevel methods
Definition of period control methods
Creation of main asset master records
Creation of sub asset master records
posting the transactions for Acquisition of fixed assets
Depreciation run and Asset explorer
Sale of fixed assets – with customer and without customer
Transfer of assets
Impairment of assets
Scrapping of assets,
Line item Settlement of assets under construction of capital work in progress
PART 7: CONTROLLING
Basic settings for controlling
Defining Controlling Area
Defining Number ranges for Controlling Area
Maintain Planning Versions
Cost element accounting:
Creation of primary cost elements from financial accounting area
Creation of primary cost elements from controlling area
Display of cost element master records
Change cost element master records
Primary cost element categories
Secondary cost element categories
Cost Center Accounting:
Defining Cost Center Standard Hierarchy
Creation of Cost Centers and cost center groups
Display cost center master records
Change cost center master records
Creation of cost center groups
Posting to cost centers
Reposting of co line items
Repost of Costs
Planning for cost centers
Cost center reports
Define field status group for statistical orders
Creation of Primary cost element
Creation of internal order master records for statistical orders
Display internal order master records
Change internal order master records
Postings to internal orders
Planning for internal orders
Report of Variance analysis for internal orders
Creation of real internal orders
Posting of business transaction to real orders
Definition of allocation structures
Definition of settlement profiles
Definition of planning profiles
Define number ranges for Settlement documents of real internal orders
Define number ranges for controlling documents.
Budgeting and availability control
Maintain number ranges for budgeting
Define tolerances for availability control
Specification of exempt cost elements from availability control
Maintenance of budget manager
Profit Center Accounting:
Basic Settings for Profit Center Accounting
Creation of Dummy Profit Centers
Maintenance of control parameters for actual postings
Maintaining planning versions for profit centers
Maintaining the number ranges for profit center documents
Creation of profit center master records
Display of profit center master records
Changing the profit center master records
Assign profit center to cost center for expenditure posting
Creation of revenue cost elements
Automatic Assignment of Revenue elements for Profit Centers
Assignment of profit centers in cost center master records
Creation of account groups in profit center accounting for planning
Planning for profit and loss account items
Posting of transactions into profit centres
Generating the variance reports for profit and loss account items
PART 9: INTEGRATION
Integration of financial accounting with materials management:
Integration of financial accounting with sales and distribution:
Maintaining the operating concern
Define profitability segment characteristics
Assignment of controlling area to operating concern
Activating the profitability analysis
Define number ranges for actual postings
Mapping of SD conditions types to COPA value fields
Creation of reports
Viewing the reports
Part 10: TAXATION AS PER THE COUNTRY REQUIREMENT
Define Tax procedure
Assign tax procedure to the country
Define condition types
Define tax keys
Assign the condition types and tax keys to the tax procedure.
Define tax codes
Creation of G/L Accounts for taxation
Posting of vendor and customer transactions with taxes.
Foreign currency transactions
New general ledger
Financial statement version
General Ledger, Accounts Payable, Accounts Receivable and Assets Reports
What is SAP FICO?
SAP FICO is the Finance and Cost controlling module in SAP ERP where FI stands for Financial Accounting and CO stands for Controlling. SAP FICO is a core functional component in SAP ERP Central Component that allows an organization to manage all its financial data. SAP Finance and Controlling (FICO) is one of the most widely used SAP modules.
SAP FI: SAP FI is used for external reporting purpose, for example, making Balance Sheet, Profit, and Loss statement. The objective is to record all financial transactions that are posted by an entity and produce financial statements which are accurate at the end of the trading period. SAP FI is made up of sub modules. The sub-modules that are often used are General Ledger, Accounts Receivables, Accounts Payables, Asset Accounting. SAP FI Module integrates with other SAP Modules like SAP SD, SAP PP, SAP MM, SAP SCM, etc.
SAP CO: SAP CO is used for an internal reporting purpose. SAP CO includes managing and configuring master data that covers cost center accounting, profit center accounting, internal orders, real order, product costing, profitability analysis. It helps organizations in planning, reporting and monitoring business operations.
What are the uses of SAP FICO module?
SAP FICO is the very essential modules in the business
1. SAP FICO offers highly advanced means of financial transaction reporting and also better handling of accounts.
2. Banks, tax authorities, managers, administrators, and stockholders utilize external reports generated with the help of SAP FICO according to specific requirements.
3. SAP FI is responsible for consolidating diverse modules and creating a single system for the entire organization.
4. SAP FI obtains data for external reporting procedures
5. SAP Controlling Module (CO) data provided data for internal users.
Do I need to have some technical knowledge to learn SAP FICO course?
You don't need any technical or coding or programming knowledge to learn SAP FICO. This is a functional module of SAP which means no technical knowledge is required. Although having a good knowledge on accounting helps to understand the subject very well. Being an SAP FICO consultant is a good career path for Chartered Accountant, accounts assistants and people who are working on accounts departments in a company.
Can I learn SAP FCIO without finance background?
Yes, you can learn SAP FICO without finance background, but you would need to spend some more time to understand the finance terminologies while you are learning SAP FICO
What are the roles and responsibilities of SAP FICO consultant?
SAP FICO consultant is mainly responsible for designing, building and deploying SAP-based ERP solutions; leading analysis and design in the SAP FI/CO area, often in close cooperation with the client’s finance team, conducting structured testing internally and with users, Ensuring stabilization of the solution and continuous improvements.
Responsibilities of FICO Consultant include:
• Understanding the business requirement of the organization
• Preparation of Blue print for implementing the project.
• Implementation of the project.
• Validate the reports requirements
• Validate any changes in customize.
• Provide training to end-user.
• Sort out day to day queries of end users.
• Enhancement of the SAP for end user based on requirement.
What is a day in the life of a SAP consultant like?
Below are the task SAP FICO consultant will be doing on a regular basis in his job:
• Attend meetings with the client.
• Gather Information on their current business processes and prepare a document.
• Gather information on their business requirements and prepare.
• Data Mapping-Mapping the source data element for each data element in the target environment.
• Gap Analysis-finding the gap between As-Is and To-Be processes.
• Document on requirements gathered during workshops which is nothing but Business Blueprint.
• Functional testing and Integration Testing.
• Configure Global settings and Enterprise structure settings.
• Configure G/L, A/P, A/R, Asset Accounting.
• Prepare End user training Document.
• Prepare workflow which is nothing but sequence of business processes flow to complete the project within defined scope, budget and time.
• Production support after the product goes Live
What will I learn in SAP FICO course?
SAP FICO is a core functional component in SAP ERP Central Component that allows an organization to manage all of its financial data
SAP FICO Course will prepare the students to learn and the understand the end-to-end implementation steps to configure SAP FICO Module for any organization. The course also highlights the mandatory documentation and methodology which are utilized in SAP FICO implementation projects.
SAP FICO stands for FI (Financial Accounting) and CO (Controlling).
SAP FI is used for external reporting purpose, for example, making Balance Sheet, Profit, and Loss statement.
SAP CO is used for an internal reporting purpose for example Product costing, profitability, profit center accounting.