SAP FICO stands for financial accounting and controlling. FICO is the important module of EPR. SAP FICO module covers almost all business process encountered in various industries. It is one of the very most important and widely implemented modules in SAP.
It is divided into two parts like SAP FI and SAP CO.
SAP FI is used for external reporting like profit, loss statements. SAP FICO module integrate with other SAP modules like SAP MM, SAP SD, SAP PP, SAP SCM etc. SAP FI is used to store the financial data of an organization. It helps to analyze the financial conditions of an organization in market.
SAP FI consultants are mainly responsible for implementing Financial Accounting and Cost Accounting with SAP ERP Financials and we can use FI module mainly deals with the financial components like fast close functions, fixed asset, inventory, tax accounting, general ledger, financial statements, parallel valuations, master data governance, accounts receivable and payable etc.
SAP Controlling (CO) is an important SAP module offered to an organization. It supports monitoring, optimization and coordination of all processes in an organization. It also involves recording both the consumption of production factors and the services provided by an organization.
SAP CO includes managing and configuring master data.The main purpose of SAP controlling module is planning that enables to determine variances by comparing actual data with plan data.
SAP FI and SAP CO modules are independent components in a SAP. The data flow between these components takes place on regular basis.
Data flows are relevant to cost flows to Controlling from Financial Accounting. The system assigns the costs and revenues to different CO account assignment objects, like cost centers, business processes, projects or orders.
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