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.

One must know the basics of the two essential modules to understand the roles and responsibilities of an SAP FICO consultant. Let us discuss them briefly.

SAP FI Module: The development of the financial management ideas in the business is linked with the SAP Financial accounting module. Every organization needs a system to manage their finance with flawless management ability. However, in the current scenario, it is a difficult task to manage complete financial accounting and management manually. Thus, in most organizations, the SAP FI module has appeared. It became a popular module that carries out the financial and accounting processes smoothly. Together with the complete set of SAP FICO modules, it becomes easy for the organization to manage the financial requirements and accounting smoothly.

SAP FI modules comprise of the following components:

Account Receivable

General Ledgers

Asset Accounting Account Consolidation

Accounts Payable.

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SAP CO Module: Another module of SAP FICO is SAP Controlling, i.e. SAP CO. Every enterprise can maintain, justify, supervise, and plan various processes with the help of this module. Since this module helps to view and manage the associated costs, the controlling module is directly connected with the financial accounting module. SAP CO comprises many other elements apart from just controlling like user and involves master data, reporting, and configuration.

Masters data includes:

Cost elements

Cost centers

Profit centers

Internal orders

Functional area

Statistical vital figures

Activity types

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