Priya singh
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| | What are the Benefits of SAP FICO ? (23rd Aug 23 at 8:03am UTC) | | SAP FICO (Financial Accounting and Controlling) is a software module within the SAP ERP (Enterprise Resource Planning) system that is designed to manage a company's financial and accounting operations. It is widely used in large and mid-sized organizations across various industries, and its usefulness can be evaluated from different perspectives.
SAP FICO, which stands for Financial Accounting and Controlling, is a software module designed for financial planning and analysis. It is a popular tool used by businesses of all sizes to manage their financial data, create financial reports, and perform financial planning and analysis.
SAP FICO remains a highly in-demand module as many industries continue to operate on the ECC model and use FICO for the functional aspects of their business processes.
SAP FICO Course in Pune is a certification degree Course that deals with the Finance and Cost controlling module in SAP ERP where FI represents Financial Accounting and CO represents Controlling. SAP FICO module is hearty and covers practically all business cycles experienced in different industries.
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SAP FI modules
SAP FI enables organizations to make financial statements for reporting and analysis. Types of financial statements may include balance sheets or profit and loss statements. SAP FI consists of several sub-modules that handle specific accounting processes:
General Ledger contains all of the company's transaction data in a chart of accounts. This lists all of the accounts in the system. Transactions are recorded in sub-modules that can be recorded in real time with general ledger data.
Accounts Receivable captures customer transactions and manages customer accounts. Transactions include invoice posting, credit memo posting, down payments, invoice payments or executing customer reports.
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SAP CO modules
While SAP FI deals with a company's accounting and internal and external reporting, SAP CO supports processes to plan, report on and monitor costs from business operations. SAP CO can be instrumental in improving the company's profitability. Similar to SAP FI, SAP CO is comprised of sub-modules that handle specific processes:
Cost Elements, which provides an overview of all the company's costs and revenues based on profit and loss statements -- also known as income statements. Cost element accounting describes the origin of the costs. Cost elements represent specific costs that the company incurs.
Cost Centers deal with the costs associated with the company's internal divisions or departments, such as sales, production, marketing or human resources. Cost Centers involve only expenses, not revenues.
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