SAP FICO
The SAP software suite’s “Financial Accounting” (FI) and “Controlling” (CO) acronyms represent for these concepts. It is a comprehensive financial management system that aids in the management of financial operations and data for organisations. Here is a description of SAP FICO.
Financial Accounting (FI)
The General Ledger (GL) is responsible for performing the fundamental accounting tasks, such as keeping track of financial transactions, maintaining accounts, and producing financial statements.
Accounts Payable (AP)
Manages vendor invoices and payments, keeps tabs on unpaid debts, and makes sure suppliers get paid on schedule.
Asset Accounting (AA)
Aids in keeping track of and managing a company’s assets, including asset accounting procedures and depreciation calculations.
Processes bank transactions, reconciles accounts, and processes bank statements.
Controlling (CO)
Cost element accounting keeps track of expenses and income inside a company, giving information about cost centres and cost components.
Accounting for cost centres
Assists with cost allocation and control within various cost centres within the company.
Organisations can monitor profits and losses at the level of specific business units or profit centres thanks to profit centre accounting.
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