November 28, 2018

SAP FICO

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 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
  • Accrual
  • Cash journal
  • Accounts receivable and payable
  • Inventory
  • 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.