Introductions

SAP is probably the biggest supplier of big business programming applications for better enterprise resource planning. SAP stands for Systems, Applications, and Products in Data Processing. In 1972, SAP was established dispatching business arrangements that help sort out cycles in enterprises. Throughout the long term, various modules in SAP were created for various cycles. SAP Finance and Controlling (FICO) is one of the most generally utilized SAP modules. SAP FICO module configuration SAP FI design, SAP CO configuration, SAP FI client, and SAP CO client. Anybody looking starting their career as an SAP FICO expert requirements to assemble a solid base covering every one of these parts of the SAP FI module and SAP CO module. Let’s have an overview of SAP FI and SAP CO module.

SAP FICO 

SAP FI Module

SAP Financial Accounting as the term recommends upgrades finance management in enterprises. Finance is the most basic piece of each business and this focuses on the ideal administration of the account. It gets upsetting and complex to deal with the whole financial accounting part by man-power. Thusly, the SAP FI module has arisen as a well-known module effectively executed in associations. SAP financial accounting module accompanies a bundle that helps associations in dealing with financial requirements and accounting activities.

SAP FI implementation includes SAP FI config. The business administrator can configure the SAP FI client subsequent to setting up a couple of essential setups. These configurations are typically done by the business manager lining up with customer, organization, business region setups, and that's just the beginning. From there on, directly from ace information to fiscal reports can be moved to the SAP FI framework for driving the best out of coordinated monetary administration framework. The necessities for SAP FI setup are a graph of records, monetary year variations, and monetary forms. When the design is finished, the archive posting will consequently be posted from that point. Endeavors will have the option to see its constant monetary status. This enables enterprises to monitor each financial transaction and helps in account announcing toward the finish of the financial year.

SAP FI allows businesses to make financial reports for reporting and analysis. Types of financial statements may involve balance sheets or profit and loss reports. SAP FI consists of various sub-modules that control specific accounting methods:

• General Ledger includes all of the company's transaction data in a chart of records. This records all of the accounts in the system. Actions are recorded in sub-modules that can record in real-time with overall entries data.
• Accounts Receivable captures client transactions and manages customer accounts. Transactions include invoice posting, credit memo posting, down payments, inventory payments, or performing customer records.
• Records Payable involves all of the transactions with vendors and maintained vendor accounts. Transactions can include inventory posting, credit memo posting, down payments, invoice payments, automatic payments program, and performing vendor reports.
• Asset Accounting handles all of the activities associated with the company's fixed assets, such as area, buildings, and heavy machinery. Transactions involve asset purchases, retirement, sales, transfers, revaluations, and discounts.
• Bank Ledger distributes all of the company's bank account transactions and data. It can accommodate all transactions recorded on bank statements and match them with the transactions in the system.
• Consolidation enables the company to combine financial statements for various things, which gives an overview of the company's financial position as a whole.
• Funds Management handles the funds for the company's revenues and expenses.
• Special Purpose Ledger explains the ledgers in SAP FI for reporting purposes.
• Travel Management handles all of the transactions for travel processes, including booking trips and handling travel-related expenses.

SAP Controlling Module

SAP CO is a different important module in SAP. SAP controlling involves SAP CO configuration and SAP CO user and consists of master data, configuration, and reporting. Master data discussed here can be cost components, cost centers, profit centers, internal orders, functional areas, statistical key figures, and activity types. Cost elements include all the cost and revenue accounts, cost centers, and earnings centers include all the departmental sections that manage the cost and profit of an industry, internal orders include all the important events, and so on. SAP CO implementation enables one to view the data of costs associated with internal management. This module supports you get a better view of finance reporting and assists you manage records and take several decisions related to the business. Also, this module allows businesses to manage reporting and information databases as per the requirement for their business. Some of the most advantageous points about SAP implementation in organizations are:

• Track cost heads and make plans respectively
• Keep a track of costs for specific events and allow them to relevant sections.
• Avail activity-based costing over processes
• Manage product costing, product costs, and changes
• Build reports on sales and profitability ensured for a product or an internal measurement.

Experts need to have a full summary of SAP FICO to become a successful FICO expert. Financial Accounting and Controlling are inter-related and assists one to maintain a better business process towards better finance accounting and data management. SAP implementation is complicated and needs sufficient training.

While SAP FI trades with a company's accounting and internal and external reporting, SAP CO supports processes to plan, report on, and monitor costs from business operations. SAP CO can be effective in increasing the company's profitability. Related to SAP FI, SAP CO are comprised of sub-modules that handle specific methods:

• Cost Centers deals with the costs connected with the company's internal departments, such as sales, production, marketing, or human sources. Cost Centers involve only expenses, not revenues.
•  Cost Details, which gives a summary of all the company's costs and revenues based on profit and loss accounts -also known as income reports. Cost element accounting explains the beginning of the costs. Cost components design specific costs that the company acquires.
• Profit Centers manages all of the cost data reported to the company's business plans. It deals with both expenses and taxes -unlike Cost Centers, which deals only with the expenses.
• Internal Orders related to managing the costs for smaller internal projects or non-fixed assets -like limited-time marketing the campaign, for example.
• Profitability Analysis allows the company to analyze the profitability of its products. For example, Profitability Analysis can be useful for making decisions on matters like product pricing, distribution channels, and destination market segments. It also allows levels of detail in analyzing profitability, such as for each region or country, product types and distribution channels, or unique customer profitability.
• Product Costing handles data about the costs needed to produce the company's goods and services. Product costing analysis can improve manage manufacturing costs and optimize effectiveness.

SAP FICO is an important focus functional element in SAP ERP Central Component that allows an organization to maintain all of its financial data. SAP FICO enables an organization to store a complete version of their financial transaction data. Exactly, the purpose of SAP FICO is to support businesses generate and maintain financial statements for analysis and reporting, as well as to aid in efficient business planning and decision-making.

Best Online Career also offers SAP FICO Training Videos. Learn SAP Fico self-paced videos which are focused on the concepts, webinars, case studies, and much more. Our SAP Online courses give you the flexibility to learn from where ever you want. Take SAP FICO Online Course and upgrade your knowledge on SAP Finance.

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