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,
For Moving average price (MAP)
E.g. : Purchase new material $22 quantity = 2 pcs
During Goods Receipt
Dr. Inventory Account $22
Cr. GR / IR Account $22
During Invoice Verification
Dr. GR / IR Account … Read More
Batch Journal entries can be processed in batch using SAP data (i.e., cost center, business area, GL account) by entering the data in a spreadsheet and feeding the data/file to SAP using the program ZFIJRNL1.
The data file should be … Read More
Transaction OBY6
Effect of clearing in Local currency : Purchase USD 1000 at 1 USD = 2 SGD.
The accounting entry in Local Currency is
Purchase account Dr 2000
Vendor account CR 2000
Paid … Read More
Profitability Analysis (CO-PA) enables you to evaluate market segments, which can be classified according to products, customers, orders or any combination of these, or strategic business units, such as sales organizations or business areas, with respect to your company’s profit … Read More
Extended Withholding tax : You can take the help of following for customising Extended Withholding tax.
You must make various settings in Customizing and the master data of the business partners concerned in each of the company codes. Please … Read More
Recurring entries in the system are only a reference Document and has no Accounting impact. Only when the recurring Document is executed by Transaction code F.14, that Accounting entries are posted. Each Recurring entry has a start run date and … Read More