WHAT IS SAP FICO?
SAP FICO is the abbreviation for FI (Financial Accounting) and CO (Controlling) and is a crucial module for ERP. It has emerged as a basic functional part that allows companies to control their financial transaction data in the most effective and hassle-free manner. SAP FI (Financial Accounting) is an excellent tool for external reporting like profit/loss statements and balance sheets. On the other hand, SAP CO (Controlling) is used for planning and controlling costs.
SAP FICO MODULES
SAP FICO is composed of 2 modules, SAP Financial Accounting (FI), and SAP Controlling. While SAP CO is used for internal reporting plans, execution of the SAP FICO module requires a systematic methodology and this can be accomplished by selecting online SAP FICO training.
FINANCIAL ACCOUNTING GLOBAL SETTINGS
Fiscal Year Variant
Posting Period Variant
Field Status Variant
Posting Keys
Tolerance Groups
Document Types
GENERAL LEDGER ACCOUNTING
Chart of Accounts
Account Groups
Retained Earnings Account
GL Master Records
Open item management
Line item Display
Sort Key
Automatic Posting
General Topics in GL
Parking Documents
Sample Document
Recurring Document
Foreign Currency Translation
Cross Company Code Transactions
ACCOUNTS PAYABLE
Vendor Account Groups
Number Ranges for Vendor Account groups
Tolerance groups for Vendors
Vendor Master records
General Data
Company Code Data
Purchase Organizational Data
Vendor Advance Posting
Create GL account for alternate reconciliation
Define alternate reconciliation for Down payment made
Payment Terms
Create GL Account for Cash Discount
Define Terms of payments
Vendor Also become a Customer
Automatic Payment Program
Define Bank Master Records
Define House Bank
Define Cheque Lot Automatic Payment Program
All Company Codes
Paying Company Codes
Payment Methods In Country
Payment Methods In Company Code
Bank Determination
ACCOUNTS RECEIVABLE
Customer Account Groups
Number Ranges for Customer Account Groups
Assign Number Ranges to Customers
Tolerance Groups for Customers
Customer Master Records
General Data
Company Code Data
Sales Organization
Customer Advance Posting
Create GL Account For an alternate reconciliation
Define alternate reconciliation for Customer Down payment
Payment Terms
Create GL Account For Cash Discount Received
Define Payment Terms
Assign Payment terms in Customer master Record
Define automatic Posting for Cash Discount
Customer Also become a Vendor
Bill of Exchange
Create GL Account for Bill of Exchange
Create GL Account For Bills Discounting
Create GL Account for Cash Discount
Define alternate Reconciliation Account for Bill of Exchange
Define Bank Sub Account
Dunning
Define Dunning Area
Define Dunning Procedure
Assign Dunning Procedure in Customer Master Record.
ASSET ACCOUNTING
Chart of Depreciation
Copy Reference Chart of Depreciation.
Create 0% Purchase & Sales Tax Codes for non Taxable transactions.
Assign 0% Tax codes to nontaxable Transactions.
Assign Company Code to Chart of Account.
Depreciation Area
Define Depreciation Area.
Determine Depreciation Area in Asset Class
Asset Class
Define Account Determination
Define Screen Layout
Create number ranges for the asset class
Create an Asset Class
Integration with the GL Account
Creation of GL Accounts
Assign GL Accounts
Valuation Methods
Define Base Method
Define Multilevel method
Define Period Control method
Depreciation Key
Asset Master Record
Creation of Screen layout for Asset master records
Create Screen layout for Depreciation ( Layout ) area
Define Document Types for Depreciation Posting
Asset End-user Transactions
Creation of Asset Master Record
Asset Acquisition/Purchase Posting
Asset Explorer
Asset Depreciation Run
The retirement of Asset with Sale/Scrap
NEED TO BECOME SAP FICO CONSULTANT?
Presently, most big companies of the world are shifting towards SAP frameworks. SAP stages provide them the alternative of bringing all their separate operations under a single umbrella. This saves time and enhances customer service. With all significant partnerships utilizing SAP, the competition alone will drive others towards moving their operations to SAP frameworks. Joining the privilege online SAP FICO course can help in molding your career and become a successful SAP FICO Consultant.
CAREER GROWTH AFTER SAP FICO TRAINING
SAP FI has developed to become a universal solution for monetary management, therefore enabling businesses to improve their corporate performance. Whereas, SAP CO unites and observes overhead requirements for monetary reporting. By picking the best online SAP FICO training, any learner can add a new ability that will offer them a stronger hold to expand their employment. This is one such device that every association is implementing to make their work process smoother, along these lines creating more and more job opportunities for trained professionals in the same.
FUTURE SCOPE OF SAP FICO
With respect to the job scenario, there's a prevalent misconception about SAP jobs that they go to experienced candidates as it were. That's not correct. There are different job openings for fresher too. Of course, you should see junior level posts. That does not suggest that the paycheques are less by any chance! When you compare them to other IT jobs in the market, SAP professionals earn generously more. For experienced professionals, the compensation package is a lot higher, as it should be.
These days more companies utilizing SAP, so the demand for entry-level SAP professionals has shot up over the most recent few years. You will be surprised to realize the number of trained SAP professionals doesn’t go after SAP FICO positions since they are convinced that they won't get it. Or on the other hand, those lone experienced SAP specialists can get such jobs. Due to the huge demand for such professionals, fresher can really make a great impression and land a lucrative job, given they are job-ready and well-trained. Contact us for SAP FICO Training in Gurgaon & Call Now +91-706-539-0111.
