SAP FI stands for Financial Accounting and it is one of important modules of SAP ERP. It is used to store the financial data of an organization. SAP FI and SAP CO helps to analyze the financial conditions of a company in the market.
For those who are in the Finance/Accounting Profession who wish to dig into a creative and interactive scenario by which they can apply their hands-on experience & expertise to another level of intellectual encouragement, SAP FICO training and SAP FI Implementation & Configuration is truly the ultimate. Their expertise will help them to very quickly master its technical configuration – for the concepts are all part of every Finance/Accounting Professional’s innate thought-process – and – the SAP modules follow a thorough schematic pattern by which all functionalities & technicalities are logically laid-out, you can search SAP FICO wiki as well.
SAP FI and SAP CO module is an important core module where in live-time, the financial processing transactions are all captured to provide the basis via which data is drawn for external reporting.
This SAP FI Module is integrated with SAP CO and many parallel modules that enable a company to unify processes that may have needed the utilization of many software packages.
Other Modules of SAP that commonly find a role of integration with FI are (but not limited to) Material Management (MM), Sales & Distribution (SD), Human Resources (HR), Product Planning (PP), Controlling (SAP CO), etc. Amongst these SAP CO – Controlling is another major focus for those coming from the Finance/Accounting/Auditing/Budgeting and Financial Reporting/Analysis Backgrounds/Professions. If you have SAP FICO Certification your SAP FICO salary will increase.
SAP FI comprises of the following sub-components −
Finance Accounting General Ledger.
Finance Accounting Accounts Receivable and Payable.
Finance Accounting Asset Accounting.
Finance Accounting Bank Accounting.
Finance Accounting Travel Management.
Finance Accounting Fund Management.
Finance Accounting Legal Consolidation.
Where Do We Use SAP FI?
SAP FI module enables you to manage financial accounting data within an international framework of multiple companies, currencies, and languages. SAP FI module mainly deals with the following financial components −
• Fixed asset
• Cash journal
• Accounts receivable and payable
• Tax accounting
• General ledger
• Fast close functions
• Financial statements
• Parallel valuations
• Master data governance
SAP FI consultants are mainly responsible for implementing Financial Accounting and Cost Accounting with SAP ERP Financials.