![]() Accounts payablesĪccounts payables is a sub module that captures all transactions with vendors and manages vendor accounts. ![]() Transactions in accounts receivables include invoice posting, credit memo posting, down payments, invoice payment, dunning and executing customer reports. Separate customer accounts will be maintained and when transactions are posted in customer accounts, reconciliation accounts in general ledger are updated with the figures in real time. ![]() Balances in general ledger accounts can be displayed and trial balances extracted from the system.Īccounts receivables in FICO SAP is a sub module that captures all transactions with customers and manages customer accounts. Reversals can also be done from general ledger accounting. Transactions that can be done in direct in general ledger Accounting include journal vouchers which are posted to adjust or correct transactions. Most of the transactions are recorded in sub modules and they are reconciled with the general ledgers in real time. These are the accounts that will be used for the preparation of financial statements. In SAP a set of all general ledger accounts used by a company or a group of companies is called a chart of accounts. The diagram below shows the the integration between FICO SAP modules.Īll general ledger accounts that are used for reporting are managed through general ledger accounting. A trial balance can be extracted at an time and it will always balance because all the sub modules are connected. The sub-modules that are often used are accounts receivables, accounts payables, asset accounting, general ledger Accounting and bank accounting.Īll the sub modules are interlinked and integrate in real time. SAP FI is made up of SAP FICO sub modules. This SAP FICO basics tutorial is going to explain SAP FICO overview and the major functionalities of the SAP FICO module. The SAP FICO full form is FI (Financial Accounting) and CO (Controlling). ![]() The objective is to record all financial transactions that are posted by an entity and produce financial statements that are accurate at the end of the trading period. SAP FICO is a module of SAP ERP which is used for financial reporting both externally and internally.
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