What is SAP FICO

                                 What is SAP FICO 

SAP FICO is a module used for both external and internal financial reporting. The goal is to record all financial transactions that are accounted for by the company and provide accurate financial statements at the end of the trading period. The full form or SAP FICO stands for FI (Financial Accounting) and CO (Management Control). This guide explains the basic functions of the SAP FI module.

SAP FI consists of submodules. Frequently used submodules are accounts receivable, accounts payable, asset accounting, general accounting and bank accounting.

All SAPModules & submodules are interconnected and integrated in real time scenerio . The test balance can be extracted at the same time, and it will always be balanced, because all submodules are connected. 

General accounting

All general ledger accounts used for reporting are managed through the general ledger. In SAP, the set of all general ledger accounts used by a company or group of companies is called a chart of accounts. These are the accounts that will be used to prepare the financial statements. Most transactions are recorded in submodules and verified in real time with shared books. Transactions that can be done directly in the general ledger include journal vouchers that are recorded to correct or correct transactions. Cancellations can also be made from general accounts. You can view the balances in the general ledger accounts and extract trial balances from the system.

Account Debt

Customer accounts is a submodule that records all transactions with customers and manages customer accounts. Separate customer accounts will be supported, and when transactions are recorded in customer accounts, the general ledger reconciliation accounts are updated with real-time numbers. Transactions with receivables include recording invoices, recording credit notes, advance payments, paying invoices, reminding and executing customer reports.

Accounts payable

Accounts payable is a submodule that records all transactions with suppliers and manages suppliers' accounts. Separate vendor accounts are supported, and when transactions are recorded in customer accounts, general ledger reconciliation accounts are updated with real-time numbers. Accounts payable transactions include invoice accounting, credit note accounting, down payments, invoice payment, an automatic payment program, and vendor reporting.

Asset accounting

Asset accounting manages all operations related to the assets of the enterprise. When transactions are posted to asset accounts, the general ledger reconciliation accounts are updated in real time. Asset accounting transactions include acquisition of assets, disposal of fixed assets, sale of assets, transfer of assets, revaluation of assets and impairment of assets.

Bank Accounting

Banking records all transactions with banks. Bank reconciliation is performed to reconcile all transactions recorded in account statements by comparing them with transactions in the system.

All SAP FI submodules are integrated, and transactions are updated in real time, which allows you to extract accurate financial reports from the system at any time.