How to Practice and Learn SAP FICO module

In this SAP online tutorials, we are going to discuss on how to practice SAP FICO (Financial Accounting & Controlling) module and gain the perfect knowledge.

Learning SAP is not a difficult, but learning and practicing SAP with a system manner allows you to gain a perfect knowledge and helps you to handle any SAP projects easily.

Please refer to the below important points, how you can practice and learn SAP FICO module.

#Post Documents with Cost Objects
#Post documents in current period only
#Use Multiple currencies
#Use Multiple Ledgers
#Use Document Splitting Functionality
#Maintain Updated Exchange Rates for Foreign Currency Documents
#Execute Reports & Analysis Reports
#Basic Accounting Entries

Accounting Document with Profit Center Assignment

  • When you are posting the FI documents, make sure you have completed the controlling area set and maintain the master data of Cost centers and profit center.
  • Without the setup of controlling area and assignment of company code to controlling area, you can not create the cost centers & Profit centers.
  • In real time projects also, no accounting document exists without the profit center assignments.
  • The profit center is determined from the cost centers. You can maintain the automatic cost center assignment through OKKP configuration.

Post Documents in Current Period 

  • In real-time, the user post the documents in the present period only. The SAP system wont allow you to post the document in previous closed period and in the future periods.
  • As per the scenario, the all the posting periods remain closed and present period only will be in open status to post the documents.
  • Its a best practice to post the document in the current period only.

Use Multiple Currencies

  • In real-time, each company code is configured with the local currencies and additional currencies.
  • When the document is posts, the document values are updated in those maintained currencies.
  • It is recommended to use Local currency and group currency for your company code.
  • So once you post the documents, you can generate the reports in local currency as well as group currency.

Use Multiple Ledgers

  • It is recommended to use multiple ledgers (Leading Ledger and Non-Leading Ledger) for your company code.
  • By maintaining the Multiple ledgers, the SAP system allows you to post the documents in other ledgers automatically.
  • Non-Ledgers are used for local reporting, tax reports, etc.

Use of Document Splitting

  • Document splitting is one of the important functionality of new General Ledger accounting. It allows you to generate the reports correctly as per the
  • Make sure you have the activate the document splitting and completed the required configurations.

Maintain Exchange rates

  • There will be multiple scenarios, where the organization deals with the foreign customers and vendors.
  • When the company purchases from vendors, then the foreign currency invoice is posted.
  • So it is advisable to maintain the required exchanges rates (direct quotation/indirect quotation) and practice on how to post the foreign currency documents and generate the reports.

Accounting Reports

  • In an organization, as a period end closing activities, the various financial statements (Balance Sheets, Profit & Loss) are generated.
  • It is recommended you must know the knowledge how this financial statements are generated in the SAP system.
  • Try to execute the G/L reports, Sub-Ledger Reports, Tax reports, etc.

Basic Accounting Entries

  • Every SAP FICO consultant should know the basic account entries.
  • You should know the accounting entries like P2P process accounting entries, O2C accounting entries, Banking accounting entries, Down payment accounting entries, Asset accounting entries, FCV accounting entries, etc.