SAP FICO stands for Financial Accounting and Controlling, which is an essential module in the SAP ERP (Enterprise Resource Planning) system. It is designed to support financial accounting and management accounting functions within an organization.
The main components of SAP FICO include:
Financial Accounting (FI): This component manages the financial transactions of an organization. It covers general ledger accounting, accounts payable and receivable, asset accounting, bank accounting, and financial reporting.
Controlling (CO): The controlling module focuses on cost accounting and internal reporting. It enables organizations to monitor costs, track profitability, and make informed decisions. Key sub-modules in CO include cost center accounting, profit center accounting, and internal orders.
SAP FICO integrates with other SAP modules like Sales and Distribution (SD), Materials Management (MM), and Production Planning (PP), enabling seamless flow of information across various business processes.
Some key features and functionalities of SAP FICO include:
General Ledger (GL): It manages the company’s financial records, tracks transactions, and provides real-time financial reporting.
Accounts Payable (AP): AP manages the organization’s vendor invoices, payments, and tracks outstanding balances.
Accounts Receivable (AR): AR handles customer invoices, incoming payments, and tracks customer balances.
Asset Accounting (AA): AA manages fixed assets, including acquisition, depreciation, and disposal.
Bank Accounting (BA): BA handles bank transactions, bank statement processing, and bank reconciliation.
SAP FICO Classes in PuneA Wing, 5th Floor, Office No.120, Shreenath Plaza, Dnyaneshwar Paduka Chowk, Modern Engineering College Rd, Pune, Maharashtra 411005
