SAP-FICO

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Presentation Transcript

FICO : 

FICO Overview

Financial Accounting (FI) and Managerial Accounting(controlling)(CO)FICO Overview : 

Financial Accounting (FI) and Managerial Accounting(controlling)(CO)FICO Overview Financial Accounting (FI) Goals and objectives Target Audience Components Managerial Accounting(controlling) (CO) -- Goals and Objectives -- Target Audience -- Components Comparisons and Relationships

Financial Accounting (FI)Goals and Objective : 

Financial Accounting (FI)Goals and Objective Financial accounting is designed to collect all of the data needed to support the preparation of financial statements for external users

Target Audience : 

Target Audience Internal Executives Senior Management Accounts Administration Staff Employees External Legal Authorities Banks Auditors Shareholders Insurance Taxing Authorities Media Financial Analysts

Components of Financial Accounting : 

Components of Financial Accounting

Managerial Accounting (Controlling (co))Goals and Objectives : 

Managerial Accounting (Controlling (co))Goals and Objectives Managerial accounting is designed to collect data for the preparation and analysis of reports for use by internal users

Target Audience : 

Target Audience Executives Senior Management Department Managers Controllers Cost Accountants

Components of Managerial Accounting(controlling)(CO) : 

Components of Managerial Accounting(controlling)(CO)

FI overview cont… : 

FI overview cont… General Ledger Balance Sheet Assets Liabilities Equity Income Statement Revenues Expenses

General Ledger : 

General Ledger The General Ledger provides a complete record of all “acceptable” business transactions from the viewpoint of an accountant An acceptable business transaction has the following traits Affects the financial position of the entity Measurable in a currency Affects at least two accounts Assets = Liabilities + Equity Debits = Credits

Balance Sheet : 

Balance Sheet A statement containing Assets and Liabilities of a company prepared at the end of a financial year to show the financial position of the company Assets: Things of value that a company owns or controls that accountants have agreed to measure in monetary terms. Examples of Accounts in Assets Cash Accounts Receivables Plant and Equipment Inventory

Balance Sheet cont… : 

Balance Sheet cont… Things that a company owes or must provide services in order to settle that accountants have agreed to measure in monetary terms Examples of accounts include in Liability Accounts payable Notes payable Bonds payable Unearned revenue

Balance Sheet cont… : 

Balance Sheet cont… Equity is simply the mathematical difference between assets and liabilities Includes the monetary amounts collected with respect to all preferred and common stock transactions, the aggregate net income reported since organization of the company, and a reduction for dividends that have been paid to stockholders.

Income Statement : 

Income Statement Statement prepared at the end of the financial year providing the expenses occurred and income received for the entire financial year Revenues (income): The monetary amounts collected from customers in settlement for goods purchased from our company or services rendered by our firm to them during the current fiscal year. Expenses: The monetary amounts paid to vendors in settlement for goods purchased by our company or services rendered to our firm by other companies during the current fiscal year.

Organizational Structure : 

Organizational Structure Organizational Data A hierarchy in which the organizational units in an enterprise are arranged according to tasks and functions Are static data and are rarely changed The definition of organization units is a fundamental step, it is a critical factor in how the company will be structured Organizational Structure Client Company code Chart of accounts Fiscal Year Varient Integration with other module

Client : 

Client Highest hierarchical level in an SAP environment A complete database containing all the tables necessary for creating a fully integrated information system Master records are created at the client level

Company Code : 

Company Code A legally independent entity The smallest organizational unit for which accounting can be carried out Business transactions are processed at this level Accounts are managed at this level Legal financial statements, such as the balance sheet and the income statement, are generated at this level using the General Ledger balances.

Chart of Accounts cont… : 

Chart of Accounts cont… There are five types of accounts contained in a chart of accounts Assets Liabilities Equity Revenues Expenses There are two primary accounting reports prepared from the General Ledger Chart of Accounts Balance Sheet Income Statement

Chart of Accounts : 

Chart of Accounts The foundation for the General Ledger is the Chart of Accounts A Chart of Accounts contains a complete list of all of the accounts utilized in the General Ledger for a given company Financial accounting reports are prepared from the balances contained in the General Ledger’s chart of accounts

Chart of Accounts : 

Chart of Accounts A listing of the accounts (assets, liabilities, equity, revenues, and expenses) that are contained in the General Ledger. A chart of accounts must be assigned to every company code in order to create the General Ledger for that company Several Company codes can use the same chart of accounts.

Fiscal Year Variant : 

Fiscal Year Variant Specifies the accounting fiscal year for reporting purposes Special periods are created to aid in the quarterly or year-end adjusting process completed prior to preparing financial statements A single fiscal year variant is assigned to each company code.

Integration : 

Integration Integration through A/R and A/P Reconciliation accounts

Slide 23: 

THANK YOU