Introduction to SAP - FI/CO:
SAP - FI stands as Financial Accounting in SAP ERP. FI is a very much crucial part and playing as one of the most important backbone module of the SAP ERP. Financial Accounting is a core component and module in SAP ERP that allows to manage organization's financial data. SAP FI/CO module is integrated to many other SAP sub modules within for better reporting purpose and accuracy of the data can be possible with respect to any other sub-modules of SAP-ERP. SAP ERP FI/CO gives much better and accurate reporting at organizational and client level is possible. This helps the top management of any organization to go through the SAP based FI/CO reports having the Financial strength, weakness, pain areas for improvement etc... Decision making based on this SAP FI/CO reports extracted and used by organization help them to make better decisions to run any organization's financial data with more accuracy and helps them to achieve the Financial Management goals.
SAP - CO stands as Controlling/Management Accounting in SAP ERP.CO helps organizations and their respective businesses to form and analyze the internal reporting. Through CO module, organization's can analyze and determine their business flows and can have good control over the actual and plan data with respect to the organization's expense part over incomes (revenue) generated. Using through CO module, any organization can get control over the segments and their pain areas making expenses unexpected
and can gain control on such areas. Basically, SAP ERP's FI and CO modules manages organization's finance part. Balance Sheets and P&L Account Statements are made possible to be seen and drawn from the SAP ERP system to view the organizations current financial data. Using CO module, once can have control over the budget part and can define their organizations budget part accordingly as per their needs and wants. SAP CO module includes Profit Center, Cost Center, WBS Elements, Cost Elements, Budgets, Cost Components, etc.. SAP ERP has advanced come up with better and fast resolutions made possible functionally and technically by introducing S/4HANA system.
Features of the course SAP FI/CO:
Features of the course SAP FI/CO: SAP FICO allows any organization to store the complete version of their financial transactional data. The purpose of SAP FICO is to help organizations, businesses and companies to generate and manage their financial statements
for analysis and reporting, as well as to aid in effective business planning and decision-making.
SAP FI module covers below sub-modules components:
- SAP General Ledger. This includes GL view, New GL view, Document Splitting concept.
- SAP Accounts Payable. This covers and manages the Vendor management part like, RFQ, PR, PO, GRN, Invoice verification, Vendor confirmation, Payment to be done to the vendors.
- SAP Accounts Receivable. This covers and manages the Customer management part like, income receipts, over dues of the customers, payment terms, payment period, interests, etc....
- SAP Bank Accounting. This covers and manages the Bank Accounting data through EBS (manually and automatic), Bank Receivables, Bank Payables part.
- SAP GST - This covers the entire respective countries legal requirements of GST part for any organizations running the business.
- SAP WHT (With Holding Tax), Tax on Sales and Purchases.
- SAP Asset Accounting. This part covers an manages the organizations asset purchases, sale of assets, depreciation part, asset management, asset procurement, asset retirements, etc...
- SAP Funds Management. This part covers and manages the organizations budget all revenues and expenditures for individual responsibility areas, monitor future funds movements in light of the budget available, and prevent budget overruns. SAP Travel Management. This part covers and manages the organizations business travels and trips. This also covers the taxations and payment processes.