What is SAP FICO

1. What is SAP FICO? SAP FICO is perhaps the most prominently utilized SAP modules. This is utilized by organizations for taking care of their monetary information. It is a mix of two modules – SAP FI and SAP CO. As industry activities are played out each day, an amount of business information is delivered. This covers deals requests, exchanges, and buys. The product is additionally utilized alongside SAP ECC. In this post, we will talk about the various components of SAP FICO, its capacities, benefits, and execution SAP FICO consists of two modules - SAP Finance (FI) and SAP Controlling (CO). Both of these modules are meant for particular functions. The SAP FI module deals with financial accounting and reporting. The CO module deals with monitoring costs and financial planning. The software aims to assist companies to make the process of financial planning and analysis easier. All this helps in making better financial decisions. SAP FICO integrated with other SAP Logistics SAP FICO can be integrated with other SAP Logistics modules, including – Sales and Distribution (SD) Quality Management (QM) Production Planning (PP) Materials Management (MM) Plant Maintenance (PM) SAP FI (Finance)

2. SAP FI can coordinate various modules into a solitary framework for the organization. This product offers every one of the components for taking care of monetary exchanges and records. The reports created by SAP FICO are utilized broadly by banks, charge specialists, chiefs, and partners. The product additionally creates budget summaries. These incorporate benefit/misfortune articulations and accounting reports. SAP FI has the accompanying sub-modules that have explicit functionalities – I) General Ledger – This is utilized to give a total report to inner/outer bookkeeping. It contains the organization's exchange information and records every one of the records. These can be recorded in sub-modules continuously. ii) Accounts Receivable – These are records that are utilized to deal with all client bookkeeping information. It is additionally used to oversee client records and exchanges. These exchanges incorporate receipt installments, initial installments, receipt posting, and client reports. iii) Accounts Payable – These records have seller bookkeeping information. It additionally comprises of information in regards to merchant exchanges and seller accounts. iv) Asset Accounting – This sub-module is utilized for dealing with the organization's resources. This incorporates all proper resources like hefty hardware, land, and structures. The module additionally has resource exchanges including deals, moves, revaluations, and resource acquisitions. v) Bank Ledger – This contains all the financial balance exchange information. It can blend all exchange information on bank proclamations. Then, at that point, it can contrast the information and exchanges put away in the framework. vi) Consolidation – This sub-module permits the organization to join all budget reports from various elements. It additionally gives a total perspective on the association's monetary wellbeing. vii) Funds Management–It is utilized for dealing with the spending plans for incomes and costs. viii) Particular Purpose Ledger–This characterizes the SAP FI records for monetary revealing. ix) Travel Management–This deals with all exchanges in regards to travel measures. This will incorporate booking trips and overseeing travel costs. Execution of SAP FI To carry out SAP FI, it should be designed. The Business Manager needs to make the essential designs. These setups are needed to assemble customer needs, business necessities, and different designs. After this, every single fiscal summary and Master Data is moved to SAP FI. This design interaction likewise requires monetary standards, financial year variations, and outlines of records.

3. After the interaction is finished, archive posting is posted naturally. This permits organizations to notice their monetary status progressively. This, thusly, empowers the organization to follow all their monetary exchanges, which likewise helps in monetary detailing toward the finish of their monetary year. SAP CO (Controlling) This module upholds observing, controlling, and streamlining of business measures. It incorporates offices for overseeing ace information. This information takes care of expense focuses, interior orders, cost components, and different regions. The primary reason for presenting this module is arranging. Organizations can look at their arranged information and genuine business information to dissect the differences. The diverse sub-modules of SAP CO are given beneath alongside their functionalities – I) Cost Elements – This gives you an outline of the expenses and incomes of the organization. These depend on pay articulations. Cost component bookkeeping characterizes the expense starting points and furthermore addresses distinctive organization costs. The greater part of these qualities are moved from Financial Accounting to Controlling. ii) Cost Centers Accounting – This sub-module is utilized for controlling exercises. It manages the costs related with the organization's inner offices. These divisions incorporate promoting, creation, deals, and HR. The Cost Center incorporates just costs and not incomes. iii) Profit Centers – It comprises of the relative multitude of cost information about the organization's business lines. This module manages costs and incomes. iv) Internal Orders – The module is utilized for dealing with all costs of more modest interior activities/non-fixed resources. v) Profitability Analysis – Companies dissect their benefit and misfortunes utilizing this sub- module. This is a crucial cycle for dynamic. Estimating item benefit, valuing, and assessing objective business sectors. This facilitates the interaction of productivity investigation for every district of business. Moreover, client productivity, dissemination channels, and item types can likewise be broke down. vi) Product Costing – This module manages every one of the expenses identified with the organization's labor and products. This aides in upgrading business proficiency and assembling costs. Execution of SAP CO The execution of SAP CO is fundamental for any organization to dissect cost information of inner administration measures. SAP CO execution assists organizations with taking care of the data set of business data. An appropriate execution will prompt business announcing and dynamic.