IT-Jobs (22/08/2023)

22nd August 2023

139

SAP FICO

The SAP ERP (Enterprise Resource Planning) software suite includes the SAP FICO (Financial Accounting and Controlling) module. It concentrates on management and financial accounting procedures within an organisation. Companies may track expenditures, conduct financial transactions, and provide financial reports using SAP FICO.

Financial Accounting (FI)

General Ledger (GL): Keeps a record of accounts and keeps track of all financial activities.
Accounts Payable (AP) is responsible for overseeing the organization’s supplier and vendor payments.
Accounts Receivable (AR): Manages client and customer payments that are received.
Manages the depreciation of fixed assets under asset accounting (AA).
Manages bank transactions and reconciliation using bank accounting.
Funds Management: Monitors spending and budgeting across several organisational divisions.

Controlling (CO)

Tracks the costs and income associated with various business activities using cost element accounting.
Accounts for costs associated with particular departments or cost centres.
Accounting for Internal Orders: Tracks expenses and income for certain orders or initiatives.
Accounting for profit centres measures the profitability of various business divisions or units.
Calculates costs associated with products during the manufacturing process.
Analyses profitability based on different factors like items, clients, or geographic areas.

Organisations benefit from SAP FICO’s assistance in streamlining their financial procedures, increasing accuracy, and providing real-time financial data. To facilitate smooth information flow between departments, it connects with other SAP modules including Sales and Distribution (SD), Materials Management (MM), and Production Planning (PP).

Given that each organization’s unique demands can be met by tailoring the module’s capabilities, implementing and configuring SAP FICO requires specialised knowledge and skills. To successfully and efficiently manage their financial processes, many organisations rely on SAP FICO.