SAP FICO Online Training Classes

What is SAP FICO?

SAP FICO is one of the largest of the enterprise  software application towards better ERP (enterprise resource planning). The abbreviation of SAP is Systems, Applications, and Products in Data Processing. SAP was founded in the year 1972 launching business solutions that help every organization processes in enterprises. Over the decades, different modules in SAP were developed for different SAP processes. SAP FICO (Finance and Controlling) is one of the most widely used SAP modules in the industry. SAP FICO module includes SAP FI configuration, SAP CO configuration, SAP FI user and SAP CO user. Anyone looking forward to begin their career in SAP FICO consultant needs to build a strong base covering all these aspects of SAP FI module and SAP CO module. The overview of SAP FI and SAP CO module is.

SAP FI Module:

SAP FI (Financial Accounting) is the term that suggests upgrades to finance management in the enterprises. Finance is one of the most critical part of every business and it aims at the perfect management of finance. It is very hard and stressful to manage the complete financial accounting process by MAN POWER. So, SAP FI module has prominent as a popular module  of successfully executed in organizations. SAP FI module comes with the package that helps organizations in handling all financial needs and accounting activities together. It also allows to review the financial status of organization in the market. 

The most important components that contain the FI module are:

·      Accounts Receivable

·      Accounts Payable

·      Asset Accounting

·      Account Consolidation

·      General Ledgers

SAP CO Module:

·      Basic settings for controlling

·      Cost element accounting

·      Cost Center Accounting

·      Internal Orders

·      Profit Center Accounting

·      Profitability analysis

·      Product costing

·      Integration of financial accounting with materials management

·      Integration of financial accounting with sales and distribution.

The students or professional who are willing to learn this course need to have a complete overview or idea of SAP FICO in order to become a successful certified SAP FICO consultant. FICO is inter-related and helps one to manage a better business process towards better finance accounting and data management of the organization. SAP implementation is very complex and it requires adequate training. Though it is not that important to take up SAP FI consultant training and SAP CO consultant training, it is widely suggested by experts to attend SAP FICO training to increase one’s understanding and build expert hands on using SAP FICO module towards good management of finance accounting.

What are the SAP FICO Interview Questions?
1Q) What is financial accounting?

SAP FI stands for Financial Accounting and it is one of most important module of SAP ERP. It is used to store the financial data of an organization. SAP FI helps to analyze the financial condition of the company in the market.


2Q) Why do we use SAP FI?

SAP Financials accounting 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 such as:

Fixed asset
Accrual
Cash journal
Accounts receivable and payable
Inventory
Tax accounting
General ledger
Fast close functions
Financial statements
Parallel valuations
Master data governance


3Q) What are the other modules to which 'Financial Accounting' is integrated?

The other modules to which 'Financial Accounting' is integrated are

a) Sales and Distribution

b) Material Management

c) Human Resource

d) Production Planning

e) Controlling of financial transaction.

4) In SAP FI what are the organizational elements?

The organizational elements in SAP FI are:

a) Company Code

b) Business Area

c) Chart of Account

d) Functional Area.


5) Explain what is posting key and what does it control?

In order to determine the transaction type which is entered in the line item, a two digit numerical is used known as 'Posting Key'

Posting key determines

a) Account Types

b) Types of posting. Debit or Credit

c) Field status of transaction.


6) What is the company code in SAP?


To generate financial statements like Profit and Loss statement, Balance sheets etc. company code is used.