Sap Fico: Best Erp Software In Finance
Sap Fico in which Fi Stands for Financial Accounting which is a module for external and internal reporting. The goal is to record all financial transactions posted by an entity and generate accurate financial statements at the end of the trading period. This tutorial will clarify the key features of the SAP FI module. SAP FI consists of sub-modules. The frequently used sub-modules are accounts receivable, accounts payable, asset accounting, general ledger accounting, and bank accounting. It’s used to store an organization’s economic information. SAP FI assists in analyzing a company’s economic circumstances on the market. It can be integrated with other SAP modules such as SAP SD, SAP PP, SAP MM, SAP SCM, etc. Another significant SAP module provided to an organization is SAP Controlling (CO). It promotes coordination, tracking, and optimizing all of an organization’s procedures. SAP CO involves the management and configuration of master data covering cost and profit centers, inner orders, and other cost and functional components.
This is an introductory tutorial that includes SAP FICO’s basics and how to handle its different modules and sub-modules.
The fact that you are reading this SAP FICO Tutorial leads me to believe that you are acquainted with the SAP globe and with the technological disruptions that have been widespread in it over the last few years. SAP FICO is one such disturbance. When SAP Finance Accounting and SAP Controlling modules are integrated, SAP FICO often appears in the minds of finance experts when they are expected to work around financial transaction data. While SAP FI (Financial Accounting) documents, gathers, and procedures financial transactions in real-time to provide the needed external reporting inputs, SAP CO (Controlling) is leveraged for inner reporting and enhanced decision-making.
Let’s Begin Learning with SAP FICO Tutorial
But what was the need for SAP FI and SAP CO modules to be integrated?
Many organizations saw the inclusion of SAP FI and SAP CO modules as a boon. This integration enables company organizations to keep and create accounts for efficient decision-making and reporting. SAP FICO’s integration with other modules not only allows customers to update transactions to other SAP modules automatically, but also streamlines the functionality of various SAP modules including Sales & Distribution, Material Management, Human Resource Management, Production Planning, and SAP CRM among others. Now that we know all about SAP FICO, let’s drill deep into the basics of SAP FI and SAP CO modules
According to its name, SAP FI (Financial Accounting) indicates upgrades in corporate finance leadership. Given that managing finance through human power can turn out to be a steep uphill challenge for organizations, SAP FI was conceived. This module helps to seamlessly handle the entire portion of financial accounting. For this specific reason, after being effectively implemented in organizations, SAP FI has achieved enormous popularity. SAP FI comes with an implicit package that helps organizations deal with economic and accounting requirements. SAP FI can also be leveraged to evaluate the economic status of organizations in real-time situations in addition to assisting organizations to handle finance. The FI module components are mentioned below:
- Accounts Payable
- Accounts Receivable
- Asset Accounting
- Account Consolidation
- General Ledger Accounting
All these sub-modules are in real-time interconnected and integrated. These modules can be depicted as inclusion as:
General Ledger Accounting:
A Chart of accounts is called general ledger accounts used by organizations. These are essentially those accounts used to prepare accounts. Transactions are registered in sub-modules and are performed in real-time via general ledgers.
This SAP FI sub-module deals with client operations and can be used to handle client accounts. When transactions are published in supplier accounts and reconciliation accounts, customer accounts are kept individually. Transactions include posting of invoices, posting of credit memo, down payments, etc.
This SAP FI sub-module deals with supplier transactions and can be used for supplier accounts management. When transactions are published in client accounts, vendor accounts and reconciliation accounts are kept individually in the general ledger. Transactions include posting of invoices, posting of credit memo, down payments, etc.
This module deals with banking operations. Reconciliation is performed to incorporate transactions on bank statements and compare them further with transactions in the general ledger of the SAP scheme.
After setting up some settings, business managers can configure SAP FI users. In most instances, these settings are aligned with customers, their business and business. Following this setup, it is possible to migrate all transactions to SAP FI to drive best practices and informed economic management system decision making
Important things for the Newbie’s In Sap Fico
Green Box is Enter
T code Box- Transaction code Box
There are certain configurations, which are not having any transaction code, they can be accessed through the menu paths only.
- You can open max 6 sessions
- /o opens a new box can open up to 6 sessions
- /n – Takes you back to Sap Easy Access Window ( Main Window)
- /i – Ends the session immediately.
- /o opens a new window can open up to 6 sessions like below
Can combine it with /o and transactions code as well/n also take you to the main window
Can do end session by
Can also do it by /I closes the session immediately in Tcode
/n opens the transaction in the same window but it has to be done with T-code otherwise it takes you to the main window.
Other ways to open sessions In Sap Fico
You can also open go to the system then create a session in sap fico
Also you can create session from following
CTRL +N also does the same thing
/I – close it immediately
System – >End session
How To Find SPRO In Sap Fico
How can we search a path in Sap Fico if we don’t know about T Code
It will ask for t-code like below
It gives path like below
Go to extra->settings and below screenshot
How To Create Company In Sap Fico
Now that we know precisely what SAP FICO is, let’s move forward and see how it is possible to list a fresh business and assign business code to it using SAP FICO.
First, we’re going to build a business. To do this, log in to SAP and use the ‘ SPRO ‘ T-Code to open the ‘ Customize: Execute Project ‘ application. Once the application is opened, press SAP Reference IMG in the application’s top left the corner. You will discover this screen once you do that.
Step 2: Then click on ‘sap reference
Then click on img
- Define company (OX15)
Click on execute() Button
Then next step is to define company code
Click on execute
Double Click on second option “ Edit Company Code Data”
Hit new Entries
Then click on save()
Update the following and then hit enter to confirm.
Next step to define the business area
Go to New Entries
Click on new entries
And update the following
Then click on
Put your CoCd name “ “ and then Hit enter
Save and exit