SAP FICO Training
SAP FICO (FICO stands for Finance and Controlling) is a financial module under SAP ERP suite and is used to operate on financial transaction data. While SAP FI (Financial Accounting) records, collects, and processes financial transactions in real-time for providing necessary inputs for external reporting, SAP CO (Controlling) is leveraged for internal reporting and improved decision making.
SAP Controlling plays an important role for the management decision making and CO Module is used for the internal reporting purpose. Controlling Area is the organization unit used to represents the controlling activities of Cost Center accounting, Cost Element Accounting, Profit Center Accounting, Product Costing, Internal Orders, Product Cost Controlling, Profitability Analysis.
SAP FICO module contains the following sub-modules:
a) General Ledger Accounting: The general ledger accounting is to provide a complete report for external and internal accounting i.e. Accounts, Journals, Monthly debits and Credit, Balance sheet and Recording all business transactions.
b) Accounts Payable: The Accounts Payable records and manages all accounting data related to Vendors.
c) Accounts Receivable: The Accounts receivable records and manages all accounting data related to Customers.
d) Asset Accounting: Asset Accounting is utilized for managing your company’s Assets. SAP allows you to categorize assets and to set values for depreciation calculations in each asset class.
e) Bank Accounting: Bank accounting is used to manage the bank transactions in the system including cash management.
f) Consolidation: Consolidation enables the combining of financial statements for multiple entities within an organization. These financial statements provide an overview of the financial position of the company.
g) Funds Management: Funds Management manages budgets for revenues and expenses within your company as well as track these in the area of responsibility.
h) Special Purpose Ledger: Special purpose ledger is used to define ledgers for reporting purposes.
i) Travel Management: Travel Management provides management of all travel activities including booking trips and handling of expenses associated with travel.