Last Updated on August 31, 2024 by admin

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

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.