SAP FICO stands for (Financial Accounting and Controlling), SAP Financial Accounting and Controlling module can be integrated with all other SAP modules include Material Management, Sales and distribution, Production planning, Human resource Management, Material Management etc.
The SAP FI 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.
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.
SAP FICO Financial Accounting and Controlling Module is a combination of two ERP modules, i.e., Finance Accounting (FI) and Controlling (CO) and this FICO module is used in financial fields to generate analytical reports.
This Tutorial for beginners explains what SAP FICO. This Online Tutorial gives brief understanding of SAP Financial Accounting and Controlling module concepts and with examples,
INVOICE GENERATION
Invoices will be generated at the Smelters and stock points. The accounting entries for the sale of goods despatched will flow from the Sales invoice generated in SAP Sales and Distribution module. The following entries … Read More
In SAP FI module, when checking for duplicated invoices, the SAP system compares the following:
SAP OSS Note 305201 clarify this in a more … Read More
First the program identifies the items on which Interest calculation is to be calculated according to the rules defined in the interest indicator, and any additional specifications you make when executing the program. The rules you enter determine the items … Read More
The Alternative Payee in SAP can make payment to a vendor other than the one to which the invoice was posted. The payment is made to an alternative payee, which must be specified in the master record.
You can specify … Read More
Cash Discount is a reduction in the price of an item for sale, allowed in those cases when payment is made within a stipulated period. In a business scenario, the cash discount will … Read More
SAP Activity types are activities provided by a cost center. They are measured in units of time or quantity. Activity quantities are valued using a price. For e.g. Activity types are used to allocate machine cost from Machine cost center … Read More
Extended Withholding Tax: SAP system provides two procedures for processing withholding tax; the “Standard” and the “Extended” withholding tax. We’ll walk you through on the basic configuration steps of the latter procedure.
1. First, Check … Read More