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SAP FICO (Finance and Controlling)
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SAP Finance and Controlling (FICO) is a core module in SAP ERP where FI stands for Financial Accounting and CO stands for Controlling. SAP FICO module is very robust and covers all financial processes followed in diverse industries.
SAP FICO system enables you to centrally track financial accounting data within an international framework of multiple companies, languages, currencies, and charts of accounts. SAP FICO module mainly deals with essential elements such as fixed assets, accrual, bank, cash journal, inventory, tax accounting, general ledger, accounts receivable, accounts payable, fast close functions, financial statements, parallel valuations, master data governance, and the like.
SAP Finance and Controlling (SAP FI) is based on pure accounting principles which provides core accounting and reporting capabilities and ensures the most up-to-date balances and reporting accuracy through complete integration between the General Ledger (GL) and the Accounts Receivable (AR) and Accounts Payable (AP) and Asset Accounts (AA). Its flexible configure as per country specific standards of Reporting, Tax and Depreciation.
The SAP FICO module is the core module in SAP ERP it integrates with other modules such as Controlling, Sales and Distribution, Purchasing and Materials Management and Human Resources. Document transactions occurring within these modules generate account postings via account determination tables. Reports of this Modules are user for external purpose such as Balance sheet and Profit and Loss of each financial year.
SAP FI/CO module is the backbone of SAP accounting as it records financial transactions of movements of goods, services and all other business transactions between the company and its customers & vendors. It can be easily integrated with other SAP modules mainly MM, SD, PS, PP, HCM, Payroll, SuccessFactors, and so on.
This SAP FICO Certification course provided by Uplatz prepares you for the official SAP FICO Certification exam. With SAP FICO Certification course a leading company could absorb you. Based on your experience and your functional expertise, you would start as a consultant or gain lateral entry as a Project Manager.
This Consultant level (also includes End user) training on SAP Financial Accounting (FI) and SAP Controlling (CO) process delivers the understanding and expertise professionals need for better management of finance accounting and reporting in enterprises.
Topic 1 - Accounts Payable - all lectures
Demo Session - Accounts Payable
PART 1 - Enterprise Structure
PART 2 - ES2 FYV PPV FSV
PART 3 - DT COA TG GL
PART 4 - GL POSTING
PART 5 - TOOLS FOR END USER
PART 6 - MONTH END PR OPEN ITEM
PART 7 - ACCRUAL INT CAL
PART 8 - AP 1
PART 9 - ADV DISCOUNT
PART 10 - AP CHECK MGT
Topic 2 - Accounts Receivable - all lectures
PART 11 - AR
PART 12 - T O P DUNN
PART 13 - DUNN2 B O E
PART 14 - CJ2 AA1
PART 15 - AA2
PART 16 - AA3
Topic 3 - SAP FICO - other topics
PART 17 - CO1
PART 18 - CO2
PART 19 - IO1
PART 20 - IO2 PCA1
PART 21 - PCA2 FIMM1
PART 22 - FI MM2
PART 23 - FI MM3
PART 24 - FI MM4
PART 25 - FIMM 5 FI SD1
PART 26 - FISD2
PART 27 - FISD3
PART 28 - FSV TB
PART 29 - YEAR END ACTIVITIES
PART 30 - NEW GL ASAP
Introduction to ERP
Introduction to SAP
Part 1: Enterprise Structure:
Definition of company
Definition of company code
Assignment of a 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 vendor 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
PART 6: Asset Accounting:
Copy reference chart of depreciation
Assignment of the chart of depreciation to company code
Creation of 0% tax codes for sales and purchases
Defining account determination
Definition of screen layout 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 the customer and without the 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
7.1 Basic settings for controlling
Defining Controlling Area
Defining Number ranges for Controlling Area
Maintain Planning Versions
7.2 Cost element accounting:
Creation of primary cost elements from the 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
7.3 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
PART 8: INTERNAL ORDERS
Define the 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
Part 9: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 centers
Generating the variance reports for profit and loss account items
PART 10: 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 11:OVERVIEW PRODUCT COSTING
New General ledger accounting:
Financial statement version
General Ledger, Accounts Payable, Accounts Receivable and Assets Reports
This SAP FICO training course is designed to prepare you for the SAP Certified Development Associate - Financial Accounting with SAP ERP 6.0 EhP7 exam.
In SAP FICO Course the participants learn about SAP ERP core module on financial accounting and controlling. In this SAP FICO course, you will learn about the financial processes, track financial accounting data, and key elements involved in SAP FICO module. This seems to be an essential learning for all SAP FI and CO module users.
SAP FICO Certification is an important benchmark in becoming a SAP FICO Consultant as the course covers all the core components to record financial transactions and deliver finance statements in a stipulated time. SAP FICO tutorial helps the participants to learn all the key concepts of SAP FICO ERP functions and accounting, controlling management and thus attaining a unique SAP certification. SAP FICO course offers complete information about FICO sub-modules thus making the participant a skilled SAP FICO Consultant.
Uplatz online training on SAP FICO guarantees the participants to successfully go through the SAP FICO certification provided by SAP. Uplatz provides appropriate teaching and expertise training to equip the participants with core skills for implementing the learnt concepts in an organization.
Course Completion Certificate will be awarded by Uplatz upon the completion of the SAP FICO course training.
The SAP FICO certification exam verifies that the participants possess basic knowledge and can prove their skills in the area of ERP Financial Accounting. This SAP FICO certification exam validates that the participant has an overall understanding about this Developer consultant profile, and able to implement the knowledge practically in projects.
Below given are the certification details of SAP Certified Development Associate- Financial Accounting with SAP ERP 6.0 EhP7 exam -
· Certification Level: Associate
· Exam Name: SAP Certified Development Associate- Financial Accounting with SAP ERP 6.0 EhP7
· Exam Code: C_TFIN52_67
· Exam Mode: Online
· Total Number of Questions: 80
· Pass Score: 60%
· Time Duration: 180 Minutes
· Exam Price: $550
An expert and experienced SAP FICO Consultant draws an average salary of $133,974 per year depending on the knowledge and hands-on experience. The SAP FICO Consultant job roles are in high demand and make a rewarding career.
The SAP FICO Consultants are recognized across the globe. The increased usage of the SAP FICO concepts in many companies help the participants to find a job opportunity easily.
The leading companies hire SAP FICO Consultant considering the skill of managing finance and accounting operations in an organization. The Learners earn most beneficial SAP FICO certification through our expert training and course curriculum. Being SAP FICO certified is definitely valuable credential and adds value to every organization.
The SAP FICO certification is targeted to those participants who are from SAP ERP and business consulting background and wish to excel as SAP FICO consultant / end user.
The following are the job titles in this area:
· SAP FICO Consultant / End User
· SAP FICO Associate
· SAP Finance Professional
· SAP Accounts Manager
· SAP FICO Expert
· Controller and Auditor
· Chartered Accountants
· Finance Director
The SAP FICO certification training program helps the participants to get placed in reputed MNCs and organizations.
1) Explain the term SAP FICO.
SAP FICO stands for FI (Financial Accounting) and CO (Controlling). In SAP FICO, SAP FI take cares about accounting, preparation of financial statements, tax computations etc, while SAP CO take cares of inter orders, cost sheet, inventory sheet, cost allocations etc. It is the software that stores data, and also computes them and retrieves the result based on the current marketing scenario. SAP FICO prevents data lost and also does the verification and reporting of data.
2) What are the other modules to which 'Financial Accounting' is integrated?
The other modules to which 'Financial Accounting' is integrated are:
a) Sales and Distribution
b) Material Management
c) Human Resource
d) Production Planning
e) Controlling of financial transaction
3) In SAP FI what are the organizational elements?
The organizational elements in SAP FI are:
a) Company Code
b) Business Area
c) Chart of Account
d) Functional Area
4) Explain what is posting key and what does it control?
In order to determine the transaction type which is entered in the line item, a two digit numerical is used known as 'Posting Key'
Posting key determines:
a) Account Types
b) Types of posting. Debit or Credit
c) Field status of transaction
5) What is the company code in SAP?
To generate financial statements like Profit and Loss statement, Balance sheets etc. company code is used.
6) How many Chart of Accounts can company code have?
You can have one Chart of Account for one company code which is assigned.
7) For a Company Code how many currencies can be configured?
There are three currencies that can be configured for a Company code, one is a local currency and two are the parallel currencies.
8) What are the options in SAP for Fiscal years?
Fiscal year in SAP is the way financial data is stored in the system. In SAP, you have 12 periods and four special periods. These periods are stored in fiscal year variant that is:
a) Calendar Year: From Jan-Dec, April-March
b) Year dependent fiscal year
9) What is a 'year shift' in SAP calendar?
SAP system does not know what is broken fiscal year e.g April 2012 to March 2013 and only understand the calendar year. If, for any business, the fiscal year is not a calendar year but the combination of the different months of two different calendar year and then one of the calendar year has to classified as a fiscal year for SAP and the month falling in another year has to be adjusted into the fiscal year by shifting the year by using the sign -1 or +1. This shift in the year is known as 'year shift'.
Example: April 2012 to Dec 2012 is our first calendar year, and Jan 2013 to March 2013 is our second year, now if you are taking April-12 to Dec-12 as your fiscal year, then Jan-13 to March-13 automatically becomes the second year, and you have to adjust this year by using -1 shift, and vice versa if the scenario is reversed, here you will use +1 shift.
10) What is year dependent fiscal year variant?
In a year dependent fiscal year variant, the number of days in a month is not as per the calendar month. For example, in year 2005, month January end on 29th, month Feb ends on 26th etc.
11) In SAP how input and output taxes are taken care?
For each country tax procedure is defined, and tax codes are defined within this. There is a flexibility to either expense out the Tax amounts or capitalise the same to stocks.
12) Explain what is validations and substitutions in SAP?
For each functional area in SAP Validation or Substitution is defined eg, Assets, Controlling etc. at the following levels
a) Document Level
b) Line item Level
13) What are the application areas that use validation and substitutions?
a) FI- Financial accounting
b) CO-Cost accounting
c) AM-Asset accounting
d) GL-Special purpose ledger
f) PS-Project system
g) RE-Real estate
h) PC-Profit center accounting
14) In SAP what is the use of FSV ( Financial Statement Version)?
FSV ( Financial Statement Version) is a reporting tool. It can be used to extract final accounts from SAP like Profit and Loss Account and Balance Sheet. The multiple FSV's can be used for generating the output of various external agencies like Banks and other statutory authorities.
15) What is a field status group?
'Field status groups' control the fields which come up when the user does the transactions. In FIGL (Financial General Ledger) master, the field status group is stored.
16) What is FI-GL (Financial- General Ledger) Accounting does?
To get an overview of external Accounting and accounts, G L (General Ledger) Accounting is used. It does the recording of all business transactions incorporated with all other operational areas in a software system and also ensures that the Accounting data is always complete and accurate.
17) What is the default exchange rate type which is picked up for all SAP transactions?
For all SAP transaction, the default exchange rate is M (Average Rate).
18) What are the methods by which vendor invoice payments can be made?
a) Manual payment without the use of any output medium like cheques etc.
b) Automatic payments like DME (Data Medium Exchange), cheques, Wire transfer
19) What are the problems when business area is configured?
The problem faced when a business area is configured, is splitting of account balance which is more pertinent in the case of tax accounts.
20) For document clearing what are the customizing prerequisites ?
The customizing pre-requisite for document clearing is to check the items cleared and uncleared, and this is done by open item management. Open item management manages your outstanding account, i.e account payable and account receivable. For instance, an invoice item that has not yet been paid is recorded as open account until it is paid.
21) What is the importance of GR/IR ( Good Received/ Invoice Received) clearing account?
GR/IR ( Good Received/ Invoice Received) is an interim account. In the legacy system, if the goods are received and the invoice is not received, the provision is made, in SAP at the goods receipt. It passes the Accounting entry debiting the Inventory and crediting the GR/IR account. Similarly, when an invoice is received the vendor account is credited, and the GR/IR account is debited, the GR/IR will show as an un-cleared items till the time the invoice is not received.
22) What is parallel and local currency in SAP?
Each company code can have two additional currencies, in addition to the company code, currency entered to the company code data. The currency entered in the company code creation is called local currency and the other two additional currencies are called parallel currencies. Parallel Currencies can be used in foreign business transactions. In order to do international transaction, parallel currency can be used. The two parallel currencies would be GROUP CURRENCY and HARD CURRENCY.
23) Where can you use the internal order?
To track the cost, internal orders are used; they are proposed to be incurred over on a short term basis.
24) Is it possible to calculate depreciation to the day?
Yes, it is possible to calculate depreciation, to do that you have to switch on the indicator Dep. to the day in the depreciation key configuration.
25) In Asset Accounting what is the organizational assignments?
In Asset Accounting, chart of depreciation is rated as the highest node, and this is assigned to the company node. All the depreciation calculations are stored under the chart of depreciation.
26) What is the importance of asset classes? What asset classes are there?
The asset class is the main class to classify assets. Every asset must be assigned to only one asset class. Example of asset class is Furniture & Fixtures, Plant & Machinery, and Computers etc. The asset class also contains G1 account, when any asset is procured, G1 account is debited. Whenever you create and asset master, it becomes mandatory to mention the assest class for which you are creating the required assets. So, whenever any asset transaction occurs, the G1 account attached to the asset class is automatically picked up and the entry is passed. You can also specify the default values for calculating the depreciation values and other master data in each asset class.
27) How capital WIP (Work In Process) and Assets accounted for in SAP?
'Capital WIP' is referred to as Assets under construction in SAP and is represented under specific asset class. Depreciation is not charged under 'Capital WIP' usually. The cost incurred on building a capital asset can be booked to an 'internal order' and through the settlement procedures, and can be posted onto an 'Asset Under Construction'.
28) What are the major components of Chart of Accounts?
The major components of Chart of Accounts are:
a) Chart of account key
c) Maintain Language
d) Length GL account number
e) Controlling Integration
f) Consolidation-Group chart of accounts
g) Block indicator
29) What is credit control area in SAP?
To immune your company from the risk of bad debts and multiple outstanding receivable, you can set a credit limit for your customer by using credit control area in SAP. With the help of SAP, you can block the deliveries to your customer based on the credit limit and the accounts receivable balance in their account which is maintained by you.
30) How can you create Credit Control Area in SAP?
By using transaction code OB45 or path you can create Credit Control Area in SAP
SPRO> enterprise structure >maintain structure>definition>financial accounting>maintain credit control area and then enter the following description
b) Name of the credit control area in SAP
e) Credit Limit
f) Risk Category
g) Fiscal Variant
h) Rep group
31) What is posting period variants?
In fiscal year posting period is a period for which the transactions figures are updated. The posting period variants in SAP is accountable to control which Accounting period is open for posting and ensures that the closed periods remain balanced.
32) Explain in simple terms what is field status and what does it control?
Field status group is a group configured in FSV (Field Status Variant) to maintain field status for G/L (General Ledger) accounts. It controls which field should suppress, display, optional and required.
33) What is short-end fiscal year?
A short-end fiscal year results when you change from a normal fiscal year to a non-calendar fiscal year, or other way around. This type of change happens when an enterprise becomes part of a new co-corporate group.
34) What is an account group and where it is used?
To control the data that needs to be entered at the time of the creation of a master record an account group is used. Account group exist for the definition of GL account, Customer Master and Vendor.
35) What is the purpose of "Document type" in SAP?
The purpose of " Document type" in SAP is
a) Number range for documents are defined by it
b) Types of accounts that can be posted are controlled by it, e.g Assets, Vendor, Customer, Normal GL account
c) It is used for the reversal of entries
36) Is business area at company code level?
No. Business area is at client level which means other company codes can also be posted to the same business area.
37) In SAP, Customer and Vendor code are stored at what level?
The Vendor and Customer codes are stored at the client level. It means that by extending the company code view any company code can use the customer and vendor code.
38) How are tolerances for invoice verification defined?
Tolerance determines whether the payable places matching or tax hold on the invoice. The following are the instances of tolerance can be defined for Logistic Invoice Verification.
a) Small differences
b) Moving average price variances
c) Quantity variances
d) Price variances
39) What is a country Chart of Accounts?
Country Chart of Accounts contains G/L (General Ledger) accounts needed to meet the country's legal requirements.
40) What is APP in SAP FICO?
APP stands for 'Automatic Payment Program'; it is a tool provided by SAP to companies to pay its vendors and customers. APP tools help to avoid any mistakes taken place in posting manually. Also, when number of employees is more in the company, payment through APP becomes more feasible.
41) In SAP FICO what are the terms of payment and where are they stored?
Payment terms are created in the configuration and determine the payment due date for vendor/customer invoice.
They are stored on the customer or vendor master record and are pulled through onto the customer/vendor invoice postings. The due date can be changed on each individual invoice if required.
42) What are one-time vendors?
In certain companies, especially the one dealing with high cash transactions, it is not practical to create new master records for every vendor trading partner. One time vendors allows a dummy vendor code to be used on invoice entry and also the information which is usually stored in the vendor master.
43) What are the standard stages of the SAP payment run?
The following steps are the standard stages of the SAP payment run
a) Entering of parameters ( Vendor Accounts, Company Codes, Payment Methods)
b) Proposal Scheduling – the system proposes the list of invoice paid
c) Payment booking- the booking of the actual payments in the ledger
d) Printing of payment forms ,example cheques
44) In Accounts Receivable, what is the difference between the 'Residual Payment' and 'Part Payment' methods of allocating cash?
'Residual payment' and 'Part payment' are the two methods for allocating partial methods from customers. For example, an invoice for $100 is generated, customer has paid $70. Now this $70 will be off-set and leaving the remaining balance $30. With residual payment, the invoice is cleared for the full value of $100 and a new invoice is generated for the remaining balances $30.
45) What is "dunning" in SAP?
'Dunning' is the process by which payment chasing letters are issued to customers. SAP can determine which customers should receive the letters and for which overdue items. Different letters can be printed in SAP depending on the overdue payment date, with a simple reminder. With the help of dunning level on the customer master, we can know which letter has been issued to the customer.
46) What is the purpose of the account type field in the GL (General Ledger) master record?
At the end of the year, profit and loss accounts are cleared down to the retained earnings balance sheets account. The field contains an indicator which is linked to a specific GL (General Ledger) accounts to use in this clear down.
47) Explain what is recurring entries and why are they used?
Recurring entries can eliminate the need for the manual posting of Accounting documents which do not change from month to month. For example, an expense document can be generated which can be scheduled for the last days of each month or whenever an individual wants it. Usually multiple recurring entries are created at one go and then processed all together as a batch month end using transaction.
48) What is a 'Value Field' in the CO-PA module?
Value fields are number or value related fields in profitability analysis such as quantity, sales revenue, discount value etc.
49) What are the statistical internal orders?
Statistical internal orders are dummy cost objects used for reporting and analysis purposes. It must be posted to in conjunction with a real object such as a cost center.
50) For what purposes internal orders can be used?
You can use internal orders for
a) Overhead Orders: It monitors internal jobs settled to cost centres
b) Investment Orders: It monitors internal jobs settled to fixed assets
c) Accrual Orders: Offsetting posting of accrued costs calculated in CO
d) Orders with Revenue: It display the cost controlling parts of Sales and Distribution, it does not affect the core business of the company