What is SAP FICO & SAP FICO Module
SAP FICO Stands for Fiancial Accounting & Controlling. It is a importaant module of ERP & both the modules – FI & CO stores the financial transactional data.
SAP FI Module:-
It is used for external reporting i.e Balance sheet, Profit and Loss statements Module integrates with various other SAP Modules such as SD(Sales and Distribution), MM (Materials Management), PM (Plant Maintenance), PP Production Planning) & PS (Project Systems).
SAP Financial Accounting Module gets postings from other modules such as Sales and Distribution, Materials Management , Human Resource through integration.
All accounting transactions which are made in Logistics are posted real-time to FI by automatic account determination. This data can also be send to CO.
SAP FI Sub-Modules
- Accounts Payable
- General Ledger accounting
- Bank Accounting
- Asset Accounting
- Special Purpose Ledger
- Travel Management
- Consolidation
General Ledger Accounting :- General ledger accounting is to provide a complete report for external and internal accounting i.e Journals, Accounts, Monthly debits, Creditand Recording all business transactions & , Balance sheet.
Accounts Receivable :-The Accounts receivable records and manages all accounting data related to Customers.
Accounts Payable :-Manages all accounting data related to vendors.
Bank Accounting :- Bank accounting is used to manage the bank transactions in the system with cash management.
Asset Accounting:- Asset Accounting is used for managing your company’s Assets. SAP allows you to categorize assets and to set values for depreciation calculations in each asset class.
Funds Management:-Funds Management manages funds for revenues and expenses within your company as well as track these in the area of responsibility.
Consolidation:- Consolidation makes the union of financial statements for multiple entities within an organization. These statements provide an overview of the financial situation of the company as a whole.
SAP CO Module:-
SAP Controlling plays an important role for the management decision taking and CO Module is used for the internal reporting purpose. This area is the organization unit used to present the controlling activities of Cost Center accounting, Profit Center Accounting, Product Costing, and Profitability.
Special Purpose Ledger :-Special purpose ledger is used to form ledgers for reporting purposes.
Travel Management :-Travel Management provides management of all travel activities i.e, booking trips and handling of expenses associated with travel.
SAP CO Sub-Modules :-
- Cost Center Accounting
- Cost Element Accounting
- Internal Orders
- Profit Center Accounting
- Profitability Analysis
- Product Cost Controlling
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