INTRODUCTION TO SAP FICO
SAP FICO Stands for FI and CO. This is the most important module of ERP and both FI and CO modules store the financial transactions data. SAP FI is the important module of all SAP implementations SAP FI ( Financial Accounting ) is used for external reporting i.e Profit Loss statements, Balance sheet, SAP FICO Module integrates with various other SAP Modules such as MM
What is SAP FICO?
SAP FICO module of SAP ERP system this stand for Finance (FI) and Controlling (CO). FI and CO are the core modules of SAP. SAP Financial Accounting (FI) is the core module where all the financial processing transactions are captured. SAP FICO integrated with Sales and Distribution Module (sap sd module and Materials) & sap material management (MM) module. What is SAP FI?. This is the module that is used to create statutory Financial Statements for external reporting purposes. Functions...
CAREER IN SAP FICO
To start a career as a SAP FICO consultant, one needs to build a strong base of SAP FI module and SAP CO module with a complete overview of SAP FICO. SAP implementation is complex and requires adequate training. Sap fico consultant need to understand all the company requirement and financially
SAP FICO CONSULTANT ROLES
SAP FICO consultant is mainly responsible for building ,deploying designing, SAP-based ERP solutions; leading analysis and design in the SAP FI/CO area, often in close cooperation with the clients finance team; Ensuring stabilization of the solution and continuous improvements. Responsibilities of FICO Consultant is Understanding the business need of the organization Preparation of Blue print for implementing
SAP FI (Financial Accounting) Introduction
The SAP FI CO (Financial Accounting & Controlling) Module has the capability of meeting all the accounting and financial needs of an organization. It is within this module that Financial Managers as well as other Managers within your business can review the financial position of the company in real time as compared to legacy systems which often times require overnight updates before financial statements can be generated and run for management review. sap course in bagnalore
The real-time functionality of the SAP modules allows for better decision making and strategic planning. The FI (Financial Accounting) Module integrates with other SAP Modules such as MM (Materials Management), PP (Production Planning), SD (Sales and Distribution), PM (Plant Maintenance), and PS (Project Systems).
The FI Module also integrates with HR (Human Resources) which includes PM (Personnel Management), Time Management, Travel Management, Payroll. Document transactions occurring within the specific modules generate account postings via account determination tables.
The FI (Financial Accounting) Module components.
The FI Module comprises several sub-modules as follows:
· Accounts Receivables
· Consolidation
· Bank Accounting
· Special Purpose Ledger
· Travel Management
· Funds Management
· General Ledger
· Asset Accounting
· Accounts Payable
Accounts Receivables records all account postings generated as a result of Customer sales activity.
These postings are automatically updated in the General Ledger. It is within the Accounts
Receivables Module that you can monitor aging of the receivables and generate customer analysis. The Accounts Receivable Module also integrates with the General ledger, Sales and Distribution, and Cash Management Modules.
Accounts Payable records account postings generated as a result of Vendor purchasing activity. Automatic postings are generated in the General Ledger as well. Payment programs within SAP enable the payment of payable documents by check, EDI, or transfers.
Asset Accounting is utilized for managing your company’s Fixed Assets. SAP allows you to categorize assets and to set values for depreciation calculations in each asset class.
Bank Accounting allows for management of bank transactions in the system including cash management.
Consolidation enables the combining of financial statements for multiple entities within an organization. These statements provide an overview of the financial position of the company as a whole.
Funds Management allows management to set budgets for revenues and expenses within your company as well as track these to the area of responsibility.
General Ledger is fully integrated with the other SAP Modules. It is within the General Ledger that all accounting postings are recorded. These postings are displayed in real-time providing up-to-date visibility of the financial accounts.
Special Purpose Ledger is used to define ledgers for reporting purposes. Data can be gathered from internal and external applications.
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