SAP Fico Training
SAP FICO Training Introduction:
SAP FICO Training is SAP Finance and SAP controlling are two different modules. SAP FICO Training comes to external financial reporting is produced by SAP Financial (FI) component. The component when it comes to internal reporting can be provided by SAP Controlling (CO) component. SAP Finance an SAP Controlling go hand-in-hand and that is a very important integration aspect with an SAP. Financial accounting is a statutory requirement whereas controlling which is the internal accounting in the SAP FICO Training. Controlling covers your profitability statistics and it also measures your internal efficiency in the company.
Prerequisites of SAP FICO Training:
Who can learn SAP FICO Online Training?
- MBA finance graduates are suitable to learn SAP FICO Training.
- Chattered accountants and Auditors can learn SAP FICO Training.
- Freshers also can learn SAP FICO Training.
- SAP technical & functional professionals.
SAP FICO Training Technical course at Global Online Training-The SAP is Systems, Applications, and Products in data processing. The SAP established 1972 in Waldrop City (Germany). The SAP is creating enterprise software to handle business operations. It is the most valued company in the German Stock Exchange having overtaken industry heavyweights. It is also the third largest enterprise software making company after Microsoft and Oracle.Global Online training offers the best SAP FICO Training Online Certification for the corporate batches and individuals by the best industry experts.
The environment of SAP:
- SAP R1 – 1972
- SAP R2 – 1982
- SAP R3 – 1990
- S/4 HANA – 2015
SAP R/3 and ERP:
SAP FICO Training requirements at Global Online Trainings-ERP stands for Enterprise Resource and Planning. ERP covers the best utilization of the available resources of the Organization so that the company management will be in a position to earn maximum profits. The old name given to SAP ERP was R3. R for Real-time data processing is getting the instance information all system. It is based on the Integration Management of all the department of the Organization. SAP ERP is three-tier architecture. That is application layer, presentation layer, and database layer.Global Online Trainings is the best place to learn SAP FICO Training for IT Industry.
The application is the system divide into different departments that provide the data such as manufacturing, purchasing, sales, accounting, HR, Products, Marketing, FI/CO and etc.
SAP FI acronym comes from financial accounting module of SAP. The Financial accounting manages the financial transactions of the organization. Financial transactions are recorded on the balance sheet and income statement of an organization. The sub-components of this module are aligned with the balance sheet and income statement.
What is CO?
The CO stands for Controlling. SAP Controlling is a tool used by the management within a company. This module supports the process of planning, reporting and monitoring the operation of the business. It mainly looks at managing the cost wherever as a five-module look at the transactions of an organization. CO focus is to manage the cost and look at increasing the profitability.
SAP FICO Training Overview:
- SAP FI module is used for reporting a company’s financial position and activity to statutory bodies in SAP FICO Training. And other external parties can be the stakeholders or shareholders, for example, if you must have seen an annual report of a company, then you will see that it covers the company balance sheet, profit and loss statement, and different tax-related reporting.Global online trainings offers best SAP FICO Online Training with most experienced professionals.
- It is not statutory and you do not have to publish this to your shareholders. Account payable is the different transactions on a day to day basis within the vendor.
- Financial Accounting is SAP which is used to support financial statutory reporting of legal entities. In SAP FICO Training, Account Payable recorded payable transaction related to the vendor, either automatically or manually by the organization.
Business Area in SAP FICO Training:
- SAP FICO Online Training at Global Online Trainings-It is the organizational unit in the financial accounting which structures the organization accounting the geographical area of operation. The branches of the organizations can be taken as the business area. The purpose of the business areas is so prepared the financial statements for the management analysis purpose. We provide best online and corporate for SAP FICO course shared knowledge from our trainers.
- The definition of the business area is optional. The business areas are not assigned to any company code. The business areas are created at the client level. The areas allow any company code can use the same business area in SAP FICO Training.
Variant in SAP FICO Training:
- It is an object for which vetoes are defined. When this object is assigned to another object then the values are also applicable to that other object is called variant principle. The Variant is widely used in SAP FICO Training. We provide the best SAP FICO Training from expert trainers.
SAP FI Modules in SAP FICO Training:
- General Ledger (GT)
- Accounts Payable (AP)
- Account Receivable (AR)
- Asset Accounting (AA)
- Banking Ledger (BL)
General Ledger (GT):
General Ledger is used within the SAP financial module. Integration of GL accounts in financial accounting comes from different tabs and the different sub-modules, for example, SAP finance asset accounting module gives you the asset balances. The equity capital is flown in from your treasury module. The loans which you have been taken whether short term or long term is also recorded. It is follow
- Classic GL
- New GL
Accounts Payable (AP):
Anything you need to pay to someone is called account payable for example all your outstanding vendor payments, if you have any outstanding loans for the banks, etc. The MM is like material number vendor number, purchase, order number and etc.
Account Payable is very important but when these move to finance the GL account, the reconciliation account of the particular vendor become very important. The inputs in a PP (Process Payments) transaction for accounts payable there is always a purchase which is recorded from MM. Account Payable is an invoice in which is done an FI these are the inputs for account payable.
Account Receivable (AR):
It is anything which you need to receive from somebody. Another the account receivable category you also have the customer, outstanding payments, inventory payments, cash, petty cash and etc this all usually under the accounts receivable section. It is also called as none fixed assets.
Asset Accounting (AA):
It is specifically for the fixed assets. The fixed assets of courses are your land, building, vehicles, anything to do with the heavy, machinery and etc. Fixed assists are coming from the asset accounting set of SAP.
Banking Ledger (BL):
The banks are which you do for outgoing payments, incoming payments, outgoing checks, and incoming checks. The level to the back in transactions comes to another banking module.
SAP CO Modules in SAP FICO Training:
- Cost Element
- Cost Centers
- Profit Centers
- Internal Orders
- Profitability Analysis
- Product Costing
Cost Element is actually a mirroring of the GL accounts but specifically for revenue and expense accounts. A CO module is more towards the P&L statement or the income statement of an organization.
It is mostly the divisions or departments of an organization are mapped as cost centers.
The company’s business lines are called the profit centers. The Profit centers you will get both revenue and costs. In cost centers, only the expenses are usually posted. Any business lines for example multinational company might have many business lines health care, personal care, soaps and detergents and etc these all can be different profit centers.
Internal orders you may not have heard about this terminology before. Internal orders in SAP is used to monitor short-term projects or small objects, for example, if you have a fleet of vehicles and you want to monitor those fleet of vehicles individual cost of each vehicle then you can play them as internal orders. It is similar if you have a small marketing campaign or some promotion activities. You can create them as an internal order and monitor their costs.
Profitability Analysis the word says it deals with analyzing the profitability of your products.
This is also an important module because it covers mainly your sales order projects, warehouse production, and material etc. Product Costing deals with analyzing the cost to produce your items. This will help you to the anvil to manage the cost of your production by minimizing the cost or to optimize the efficiency the processes.
Overall the CO module deals with managing the costs and increasing your profitability. We provide best SAP FICO Training by top trainers.
SAP Finance Organization Structure:
The SAP Finance Organization Structure of the five modules is
- Operating Concern
- Controlling Area Chart of Account
- Company Code
- Profit Center
- Cost Center
The operating Concern in an organization under that you will have the controlling area and chart of accounts.
Chart of Accounts:
Chart of accounts is the list of general ledger accounts used by the organization. It is compulsory to define the chart of accounts before creating the general ledger master record. They may or may not be multiple charts of accounts within an organization. This has to be decided during implementation between the implementation team and the organization’s finance department. Different chart of accounts can be used to report on a global level and separately on a local level
The chart of accounts is three types of accounts
- Open rational chart of accounts
- Country-specific chart of accounts
- Group chart of accounts
The Company code can be various company coins with an operating concern. it is usually you will notice that company codes are divided on the basis of the basis of the location or the kind of business which is done by the company. Company codes can be multiple and they can be dependent on either the type of business or the type of location. That is completely what an organization has to decide when they implement SAP.Global Online Trainings is rich in providing the best training for SAP FICO Training.
Profit Centers and Cost Centers:
The profit centers and cost centers are also part of the SAP organizational structure within finance and controlling. The profit and cost centers are a key item because they record where all the costs are allocated to a company.
The scope of SAP FICO Training:
It follows two paths
- Business path
- Consulting Path
Business path – SAP FICO Training
You can join an end user in an organization. It is a non-consulting form. In their corporate finance team or any other financial related departments. Then again experience in using the SAP financial processes. The SAP FICO Training is integration with all the modules and produces real-time financial data. Working in a business environment will help you to get more exposure in all the integration of SAP modules and have more particular applications.
Consulting Path – SAP FICO Training
It is best to join a consulting firm and develop a career towards becoming an SAP consultant, senior consulting, team lead, project manager and etc. The role of SAP FICO consultant goes towards in different stages of an implementation and support phase. SAP FICO Training have used the ASAP Methodology. ASAP methodology stands for Accelerated SAP Methodology is recommended by SAP through five phases.
- Project Preparation
- Business Blueprint
- Final Preparation
- Go-live and Support
Budgeting for SAP FICO Training:
Budgeting is done in two different formats
- WBS Element
- Fund Center
Budgeting in WBS Element – SAP FICO Training:
The WBS Element is nothing but Work Breakdown Structures. It is active budget control structure. Your error messages or warning can be given when actual and commitments reach a certain percentage of the budget. Budgeting cannot be broken down to cost element or cost element group level. The lowest level of budget is in WBS element as lump-sum.Global Online Trainings offer the best training for SAP FICO Training by the industry experts for corporate batches and individuals.
Budgeting in Fund Center – SAP FICO Training
The budgeting and budget control will be done at cost center level and at cost element group level. It is usually together with cost center to control budget in the cost center.
SAP BPC Training:
SAP FICO Training at Global Online Trainings-One of the best feature of SAP BPC Training is it has completely revolutionized the way that SAP and general interfaces with excel .Most traditional interfaces that use excel really and truely do retrofit or embed excel directly into SAP.you will notice some of these things such as with in BPC there was something called Excel in place that belong to an Excel console directly within that SAP GUI as well .Although that adds some features and functionality it does not allow users to leverage the full set of functionality they have grown accustomed to within Excel.Now BPC is very different in that it really is Excel++ where SAP has kind of flipped the traditional thinking on its head and allowed Excel to be as rich and powerful as it is an embedded SAP into it by adding some features and functions into Excel versus trying to put Excel into SAP.
SAP Simple Finance:
SAP FICO Training advanced version is SAP Simple Finance Training. SAP Simple Finance is an add-in an ERP, a standard product developed to work on top of SAP ERP. The name SAP Sample Finance training adds on 2.0 for sap business suite powered by SAP HANA 2.0. SAP Simple finance 2.0 is generally available since the end of last two years back, and it includes SAP Accounting powered by SAP HANA, SAP Cash Management and SAP Integrated Business planning for finance and innovations in the areas of treasury and financial risk management.
Why migrate to Simple Finance?
There are many reasons out of which below are considered as the main reasons.
Upgrade:After 2 decades SAP has changed their ERP architecture transitioning from R/3 to S/4 HANA.With any new upgrade there is always input functionalities and features with the new product.
Reports:HANA Live Fiori Apps,SFIN Reports all of these new technologies take reporting to a new level!.
Speed:Running on the HANA Database,execution of transactions and querying reports have become significantly faster!
SAP FICO Training is the best financial area and the best module to learn after advanced SAP FICO is SAP Simple Finance to keep working and growing up in it industry to full fill your dreams. And server access will also available from our site for SAP Simple Finance Training.
Global Online Trainings conducted SAP FICO Online Training is now in popular demand worldwide for its best compatibility for achieving SAP FICO Certification. SAP FICO Certification is recommended for professionals working in business administration related to Financial Accounting (FI) and Managerial Accounting (CO).