SAP FI stands for Financial Accounting and it is one of important modules of SAP ERP. It is used to store the financial data of an organization. SAP FI helps to analyze the financial conditions of a company in the market. It can integrate with other SAP modules like SAP SD, SAP PP, SAP MM, SAP SCM, etc.
SAP Controlling (CO) is another important SAP module offered to an organization. It supports coordination, monitoring, and optimization of all the processes in an organization. SAP CO includes managing and configuring master data that covers cost and profit centers, internal orders, and other cost elements and functional areas.
This is an introductory tutorial that covers the basics of SAP FICO and how to deal with its various modules and sub-modules.
This tutorial will be extremely useful for professionals who aspire to learn the ropes of SAP FICO and implement it in practice. It is especially going to help consultants who are mainly responsible for implementing Financial Accounting and Cost Accounting with SAP ERP Financials.
It is an elementary tutorial and you can easily understand the concepts explained here with a basic knowledge of how a business deals its Financials. However, it will help if you have some prior exposure to accounting and how to deal with financial data.
SAP FI comprises of the following sub-components −
- Finance Accounting General Ledger.
- Finance Accounting Accounts Receivable and Payable.
- Finance Accounting Asset Accounting.
- Finance Accounting Bank Accounting.
- Finance Accounting Travel Management.
- Finance Accounting Fund Management.
- Finance Accounting Legal Consolidation.
Where Do We Use SAP FI?
SAP FI module enables you to manage financial accounting data within an international framework of multiple companies, currencies, and languages. SAP FI module mainly deals with the following financial components −
- Fixed asset
- Cash journal
- Accounts receivable and payable
- Tax accounting
- General ledger
- Fast close functions
- Financial statements
- Parallel valuations
- Master data governance
SAP FI consultants are mainly responsible for implementing Financial Accounting and Cost Accounting with SAP ERP Financials.