SAP FICO (Finance & Controlling)
SAP Finance & Controlling (FI) is a module practiced for reporting internally and externally. The objective is to record all ﬁnancial transactions that are posted by an entity and produce ﬁnancial statements which are accurate at the end of the trading period.
SAP Finance & Controlling is made up of multiple modules in it. The modules which are used often used are bank accounting accounts payables, asset accounting, general ledger Accounting and accounts receivables.
All the submodules are integrated and interlinked in real time. A trial balance can be extracted at the time and it will always balance because all the submodules are connected. The below diagram shows the integration in SAP Finance & Controlling modules.
General ledger accounting
All general ledger accounts that are used for reporting are managed through general ledger accounting. In SAP a set of all general ledger accounts used by a company or a group of companies is called a chart of accounts. These are the accounts that will be used for the preparation of ﬁnancial statements. Most of the transactions are recorded in sub-modules and they are reconciled with the general ledgers in real time. We can do Transactions directly in general ledger where journal vouchers are posted to correct transactions or to adjust. Reversals can also be done from general ledger accounting. Balances in general ledger accounts can be displayed and trial balances extracted from the system.
Accounts receivables are one of the submodules in SAP Finance & Controlling that captures all transactions with clients and manages client accounts. Separate customer accounts will be maintained and when transactions are posted in customer accounts, reconciliation accounts in general ledger are updated with the ﬁgures in real time. Transactions are involved with down payments, invoice posting, invoice payment, dunning, credit memo posting and executing customer reports in Account receivables.
In Account Payables, other vendor accounts are maintained and reconciliation accounts in general ledger are updated with the ﬁgures in real time. Accounts payables are associated with credit memo posting, down payments, invoice payment, invoice posting, automatic payment program and executing vendor reports. When Transactions are posted in Client’s accounts. In Accounts payables we have sub module that captures all transactions with vendors and manages vendor accounts and best sap fico training in Hyderabad.
All transactions related to assets for an entity will be managed Asset accounting. When transactions are posted in asset accounts all Transactions in asset accounting include asset acquisition, asset retirement, asset sale, asset transfer, asset revaluation and asset depreciation are done, reconciliation accounts in general ledger are updated in real time.
All transactions with the banks are captured in Bank accounting. Reconciliation of all transactions are recorded on bank statements comparing them to transactions in the system in Bank reconciliation
All SAP FI sub-modules are integrated and transactions are updated in real time which means accurate ﬁnancial statements can be extracted from the system at any time best sap fico training Hyderabad.
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