SAP is one of the largest providers of enterprise software application towards better enterprise resource planning. SAP stands for Systems, Applications, and Products in Data Processing. Back in 1972, SAP was founded launching business solutions that help organize processes in enterprises. Over the years, different modules in SAP were developed for different processes. SAP Finance and Controlling (FICO) is one of the most widely used SAP modules. SAP FICO module includes SAP FI configuration, SAP CO configuration, SAP FI user and SAP CO user. Anyone looking forward to begin their career as an SAP FICO consultant needs to build a strong base covering all these aspects of SAP FI module and SAP CO module. Let’s have an overview of SAP FI and SAP CO module.
SAP FI Module and its Application
SAP Financial Accounting as the term suggests upgrades finance management in enterprises. Finance is the most critical part of every business and this aims at the perfect management of finance. It becomes stressful and complex to manage the entire financial accounting part by man-power. Therefore, SAP FI module has emerged as a popular module successfully implemented in organizations. SAP financial accounting module comes with a package that helps organizations in handling financial needs and accounting activities. It allows one to review the financial status of an organization in real time market. Popular components that comprise the FI module are:
- Accounts Receivable
- Accounts Payable
- Asset Accounting
- Account Consolidation
- General Ledgers
SAP FI implementation involves SAP FI configuration. The business manager can configure SAP FI user after setting up few primary configurations. These configurations are usually done by the business manager aligning with client, company, business area configurations and more. Thereafter, right from master data to financial statements can be migrated to the SAP FI system for driving the best out of organized financial management system. The requirements for SAP FI configuration are chart of accounts, fiscal year variants and currencies. Once the configuration is completed, the document posting will automatically be posted thereafter. Enterprises will be able to view its real-time financial status.