SAP-FICO

SAP-FI  General Ledger Accounting What is a General Ledger Accounting A general ledger account is an account or record used to sort, store and summarize a company's transactions. The ledger holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners’ equity, revenues and expenses. The general ledger is the backbone of any accounting system which holds financial and non-financial data for an organization. The collection of all accounts is known as the general ledger. Each account is known as a ledger account.  The listing of the account names is called the chart of accounts. The Chart of Accounts (COA) is defined at the client level and assigned to each company code. It is a list of General Ledger account’s master data that fall under different account groups of a company code.  Types of Chart Accounts There are three types of chart of accounts Operating cha...

What is SAP-FICO  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 helps to analyze the financial conditions of a company in the market. SAP Controlling (CO) is another important SAP module offered to an organization. It supports coordination, monitoring, and optimization of all the processes in an organization.   History of SAP SAP FI Module SAP FI enables companies to generate financial statements -- balance sheets or Profit, loss statement. SAP FI consists of several sub-modules that handle specific accounting processes. General Ledger  provides the functionality required to maintain one or more sets of books, generate  financial  statements and informational reports .   Transactions are recorded in sub-modules that can be reconciled with the general ledger data in real time. Accounts Receivable is used to ma...