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,
The SAP system is made up of several components linked together so that different departments within a company can cooperate with one another. The Invoice Verification component is part of the Materials Management (MM) system. It provides the link between … Read More
Profit center accounting is generally is not the regular core component of controlling. It is a part of Enterprise Controlling. The main purpose of Profit center accounting is providing the opportunity to analyze and report to the management regarding internal … Read More
SAP Down payment are treated as special general ledger transactions in sap. The down payment transactions will be stored in the vendor account with special general ledger indicator. The corresponding entry will be posted in alternative reconciliation account number.
For … Read More
The variant principle there is 3 variants. They are 1.fiscal year variant 2.posting period variant3.feild status variant. The first customization is fiscal year variant. The variants defined under variant principle are at client level.
What is Fiscal Year Variant:… Read More
Product costing is one of the important tools in SAP environment. It explains how to determine the cost of product or a unit. Product Costing is used to know the unit cost of the goods manufactured or sold. It helps … Read More
This Clearing functions are used to clear the outstanding entries in the general ledger accounts. Example: outstanding amounts in expenses payable and income receivable accounts. To clear the amounts we can do three types of clearing functions.
1. … Read More
Tax Accounts are exclusively used as tax accounts. The collected tax will be credited into these accounts. While determining these accounts we have to specify the Tax type allowed. Accordingly only the system allows the relative tax type transactions … Read More