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Understanding SAP FICO
Understanding SAP FICO
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arjun kirloskar
1 post
Feb 19, 2025
4:12 AM
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SAP FICO consists of two main modules: Financial Accounting (FI) and Controlling (CO). These modules work together to provide a robust financial management system.
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1. Financial Accounting (FI)
The FI module focuses on external financial reporting and compliance. It handles all financial transactions, ensuring accuracy and adherence to legal and statutory requirements. Key features include:
General Ledger (GL): Maintains all financial records and supports reporting.
Accounts Payable (AP): Manages vendor transactions, payments, and liabilities.
Accounts Receivable (AR): Handles customer invoices, collections, and reconciliations.
Asset Accounting (AA): Tracks and manages fixed assets throughout their lifecycle.
Bank Accounting: Facilitates cash flow and bank transaction management.
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Consolidation: Combines financial data from multiple entities for unified reporting.
2. Controlling (CO)
The CO module is geared toward internal management and decision-making. It focuses on cost tracking, resource allocation, and profitability analysis. Key features include:
Cost Element Accounting: Tracks costs at a granular level.
Cost Center Accounting: Assigns costs to specific departments or functions.
Profitability Analysis (PA): Analyzes profits by product, region, or customer.
Product Costing: Monitors and controls costs related to manufacturing.
Internal Orders: Tracks project-specific expenses for internal activities.
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QUMAR
2670 posts
Feb 19, 2025
4:12 AM
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