What's SAP FICO?

SAP FICO is a module of SAP ERP which is used for fiscal reporting both externally and internally. The idea is to record all fiscal deals that are posted by
reality and produce fiscal statements that are accurate at the end of the trading period. The SAP FICO full form is FI( Financial Accounting) and CO( Controlling).
This SAP FICO basics tutorial is going to explain the SAP FICO overview and the major functionalities of the SAP FICO module.
SAP FI is made up of SAP FICO sub-modules. The sub-modules that are frequently used are accounts receivables, accounts payables, asset accounts, general tally Accounts, and bank accounts.

All the sub-modules are connected and integrated in real time. A trial balance can be uprooted at a time and it’ll always balance because all the sub-modules are connected. The illustration below shows the integration between FICO SAP modules.

General tally account SAP FICO classes in Pune
All general tally accounts that are used for reporting are managed through general tally accounts. In SAP a set of all general tally accounts used by a company or a group of companies is called a map of accounts. These are the accounts that will be used for the medication of fiscal statements. utmost of the deals are recorded in sub-modules
and they’re conformed with the general checks in real-time. Deals that can be done directly in the general tally Account include journal validations which are posted to acclimate or correct deals. Reversals can also be done from the general tally account. Balances in general tally accounts can be displayed and trial balances uprooted from the system.

Accounts receivables
Accounts receivables in FICO SAP is a sub-module that captures all deals with guests and manages client accounts. Separate client accounts will be maintained and when deals are posted in client accounts, conciliation accounts in the general tally are streamlined with the numbers in real-time. Deals in accounts receivables include tab advertisement, credit memo advertisement, down payments, tab payment, dunning, and executing client reports.

Accounts payables
Accounts Payables is a sub-module that captures all deals with merchandisers and manages seller accounts. Separate seller accounts are maintained and when deals are posted in client accounts, conciliation accounts in the general tally are streamlined with the numbers in real-time. Deals in accounts payables include tab advertisement, credit memo advertisement, down payments, tab payment, automatic payment programs, and executing seller reports.

Asset account
Asset account in SAP FICO manages all deals related to means for a reality. When deals are posted in asset accounts, conciliation accounts generally are streamlined in real-time. Deals in asset accounts include asset accession, asset withdrawal, asset trade, asset transfer, asset revaluation, and asset deprecation.

Bank account
The Bank account captures all deals with the banks. Bank conciliation is done to attune all deals recorded on bank statements comparing them to deals in the system.

All SAP FIsub modules are integrated and deals are streamlined in real-time, meaning accurate fiscal statements can be uprooted from the system at any time.
SAP FICO is an important core functional element in the SAP ERP Central Component that allows an association to manage all of its fiscal data. SAP FICO allows an association to store a complete interpretation of its fiscal sales data. Specifically, the purpose of SAP FICO is to help companies induce and manage fiscal statements for analysis and reporting, as well as to prop in effective business planning and decision- timber.

SAP ERP Central Component( SAP ECC) is an on-premise enterprise resource planning( ERP) system– generally referred to as simply” SAP ERP.” SAP FICO aids ECC in fiscal account and controlling functions. SAP FICO course in Pune

SAP FICO consists of two sections, SAP Finance( FI) and SAP Controlling( CO). Each of these is used for a specific fiscal process. SAP FI deals with overall fiscal reporting and accounts, while SAP CO focuses further hardly on planning and monitoring costs. SAP FI and SAP CO were first released as separate modules but are now so tightly integrated that numerous people relate to them as simply one module.

SAP FICO also integrates with other SAP Logistics modules, including Deals and Distribution( SD), Production Planning( PP), Factory conservation( PM), Quality Management( QM), and Accoutrements Management( MM).

SAP FI modules
SAP FI enables associations to make fiscal statements for reporting and analysis. Types of fiscal statements may include balance wastes or profit and loss statements. SAP FI consists of several sub-modules that handle specific counting processes

General Ledger contains all of the company’s sales data in a map of accounts. This lists all of the accounts in the system. Deals are recorded in sub-modules that can be recorded in real-time with general tally data.
Accounts Receivable captures client deals and manages client accounts. Deals include tab advertisement, credit memo advertisement, down payments, tab payments, or executing client reports.
Accounts Payable involves all of the deals with merchandisers and managed seller accounts. Deals can include tab advertisement, credit memo advertisement, down payments, tab payments, automatic payments programs, and executing seller reports. SAP FICO training in Pune
Asset Accounting manages all of the deals related to the company’s fixed means, similar as land, structures, and heavy outfits. Deals include asset accessions, withdrawals, deals, transfers, revaluations, and deprecation.
Bank Ledger deals with all of the company’s bank account deals and data. It can attune all deals recorded on bank statements and compare them with the deals in the system.
connection enables the company to combine fiscal statements for multiple realities, which provides an overview of the company’s fiscal position as a whole.
Finances management manages the budgets for the company’s earnings and charges.
Special Purpose Ledger defines the checks in SAP FI for reporting purposes.
Travel Management manages all the deals for trip processes, including reserving passages and handling trip-related charges.