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Accounting Software

SAP Fico Financial Accounting

SAP Fico Financial Accounting

SAP enterprise resource planning software organizes numerous business functions into one combined system. Its original personification appeared in 1972. Subsequently then, developing technology has changed, improved and enhanced their software. The SAP Net Weaver is their current urbane platform. SAP designs systems that allow all departments to contact a company-wide database to organize all financial, production, personnel, marketing, order fulfillment and following, inventory, and all other company procedures.
SAP FICO is the Financials and Controlling module in SAP. It is one of the significant module since it covers all the accounting side of the company and all the reports produced by this module plays a vital role to the management. FI covers all the financials part ie all the expenses experienced and revenues produced. CO covers all the costing processes and is involved in doing profit center accounting, cost center accounting etc.

Newer SAP systems assimilate corporate e-business features. Along with these features, customer relationship management (CRM) systems and supply chain management (SCM) systems are further combined with the primary financial database. The basics, which made SAP so popular, are still active and improved with state-of-the-art technology. Exploiting both customer- and application servers, SAP uses service-oriented architecture with "open standards," authorizing clienteles to structure their financial and e-business solutions for the particular company and conditions.
SAP FINANCE & CONTROLS:
In nowadays world of innovation through Information Technology, SAP is truly a energetic package by which one can assimilate, expand, and rationalize their work-procedures with multi-dimensional compatibility.
For those who are in the Finance/Accounting Profession who wish to delve into a imaginative and interactive situation by which they can apply their hands-on knowledge & expertise to another level of eccentric intellectual inspiration, SAP FI/CO Implementation & Configuration is truly the definitive.  Their expertise will render them to very quickly master its technical configuration – for the concepts are all part of every Finance/Accounting Professional’s essential thought-process – and - the SAP modules follows a thorough schematic pattern through which all functionalities & procedures are logically laid-out.
SAP Financial Accounting (FI) is a significant core module where in live-time, the financial processing transactions are all apprehended to offer the basis via which data is drawn for external reporting.  This SAP FI Module is combined with numerous parallel modules that facilitate a company to unify procedures that might have required the utilization of several software packages.   
Other Modules of SAP that usually find a role of integration with FI are (but not limited to) Material Management (MM), Sales & Distribution (SD), Human Resources (HR), Product Planning (PP), Controlling (CO), etc.   Among these CO – Controlling is another major focus for those coming from the Finance/Accounting/Auditing/Budgeting and Financial Reporting/Analysis Backgrounds/Professions.
SAP FI:  There are numerous sub-modules that modernize and specify in each aspect of the Financial Accounting Procedures:  

  • AA – Asset Accounting
  • AP – Accounts Payable
  • AR – Accounts Receivable
  • BL – Bank Accounting
  • FM – Funds Management
  • GL – General Ledger Accounting
  • LC – Legal Consolidations
  • SL – Special Purpose Ledger
  • TM – Travel Management

Out of the above, FI-AR, FI-AP, & FI-AA are the three sub-modules that send immediate postings to FI-GL. Now, the new SAP GL – integrates numerous modernized procedures to be amalgamated more closely to further improve any duplication of live-time tasks.   This New General Ledger Accounting in my SAP ERP has some energetic advantages in comparison to the classic General Ledger Accounting (as used in SAP R/3 Enterprise Version) – such as the aptitude to run real-time reconciliation between Management Accounting (CO) and Financial Accounting (FI) – i.e. – there is a real-time integration with Controlling. 
Formerly time-consuming reconciliations are hence now rendered outdated.  The new SAP GL further allows the management of multiple ledgers within the General Ledger Accounting Module itself.  This generates the scope for depicting parallel accounting situations within the SAP System.
Controlling (CO) is the term through which SAP refers to “Managerial Accounting”.   The Administrative Elements in CO are Operating Concern, Controlling Area, and Cost Centers.  Hence, the SAP CO Module assistances management through providing reports on cost centers, profit centers, contribution margins, effectiveness, etc.  It emphases on internal users, in contrast to FI – which focuses on data drawn for external reporting.  The transactions posted in FI are transferred to CO for cost accounting processing, analytical reporting, and audit-controlling varieties.
There can be whichever a one-to-one relationship or there can be one-to-many relationship between Controlling Areas Verses Company Codes.  Hence, CO becomes the governing module that oversees the consolidation of costing data whereby management can originate their perceptions for investigation.
The SAP Controlling (CO) Module’s Components are:

  • Cost Controlling
  • Cost Center Accounting
  • Cost Element Accounting
  • Activity-Based Costing
  • Internal Orders
  • Profitability Analysis
  • Profit Center Accounting
  • Product Cost Controlling

Some procedures that are exclusive in their structural concepts are – for instance – CO PA & PCA.  PA refers to Profitability Analysis that originates from how profitable your market-segments are on their external sides.  EC-PCA refers to Profit Center Accounting that produces the analysis that represents how your internal  ‘profit centers’ are functioning in terms of their profitability.  To further expand the potential, we also have CO-PC in SAP – which modernizes Product Cost Controlling.
CO-PA supports two forms of Profitability Analysis:  Costing-based & Account-based. Costing-Based Profitability Analysis groups costs and revenue affording to value fields and costing-based estimation approaches.  Both of these might be definite through the customer.  It offers the customer with a complete short-term profitability reporting capability at all times.   
Account-Based Profitability Analysis is organized in accounts using an account-based valuation procedure.  Its use of cost and revenue elements gives it a distinctive characteristic.  This offers the customer with a profitability report that is permanently reconciled with financial accounting.
Henceforth, Profitability Analysis (CO-PA), alongside Profit Center Accounting (EC-PCA), is one of the application components of Profitability Analysis. 
The SAP Control (CO) Module is integrated with FI, AA, SD, PP, and HR.  Although FI is the main source for data for CO, the others such as SD, MDD, and PP have numerous assimilation points with CO.  Revenue postings in FI will result in postings in CO-PA & EC-PCA.  The HR Module also creates numerous kinds of costs to CO.  In addition, Planned HR Costs can be passed on to CO as well for CO planning determinations. Above is a brief outline and write-up about the dynamics of SAP FI/CO.  It would be well worthwhile for Finance/Accounting Professionals to explore the depths of this innovative software for the enhancement of their career variety.

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