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Financial Accounting and Controlling

  The SAP FICO module includes 2 major categories of functionality needed to run the financial accounts of a company - Financials (FI) and Controlling (CO). FI includes accounts payable, accounts receivable and general ledger, also procedures to post accounts, close books, prepare financial statements and balance sheet. Financial Accounting and Controlling are taught as one course at LearnSAP. Following is a detail curriculum.

Online $1500
In-Class $2000

Financial Accounting

SAP Controlling Module. The CO (Controlling) Module has multiple configuration steps that must be followed for complete implementation of this module. Each sub-component of the CO (Controlling) Module has it's level of configuration requirements. Once you have defined your business needs in the Controlling Area, a determination can be made as to what should be configured and what you do not need. SAP Controlling module represents the company's flow of cost and revenue. It is a management instrument for organizational decisions. It too is automatically updated as events occur. SAP CO allows straightforward integration into R 3 FI, SAP MM or FI AA and enables direct booking of figures from the different sectors. It also offers a wide range of charging techniques for accounting both actual and planned figures. Learning Objectives: To familiarize students with: cost accounting terminology and concepts as used in the SAP R 3 system; management accounting tools provided within the SAP CO and EC modules; and building blocks (master data) contained in the SAP CO and EC modules. Controlling - Cost Center Accounting Step-1    Setup Controlling Area There are several configuration steps that must be considered when implementing the CO (Controlling) Module. Creating the Controlling area is one of the first steps in the CO (Controlling) configuration process. SAP has provided standard controlling areas and company codes which can be utilized as a basis for creating your company’s Controlling Area. The SAP Standard for Controlling Area is “0001” and for company code is “0001”. Step-2    Activate Components / Control Indicators Step-3    Assign Company Code(s) to Controlling Area Step-4    Set Controlling Area Step-5    Maintain Controlling Document groups and their number ranges Step-6    Create Standard Hierarchy Step-7    Create Cost Centers A cost center is the basic organizational/responsibility component of a controlling area. A controlling area is broken down into cost centers, which are organized in a “standard cost center hierarchy.” Cost centers may also be linked to a specific business area, company code, and profit center (i.e., business areas, company codes, profit centers and controlling areas may all be viewed as collections of cost centers). Step-8    Primary Cost Elements A chart of accounts is created for a company (company code) within the financial accounting module of SAP R/3. In SAP R/3 terminology, cost and revenue accounts within a chart of accounts that are involved in cost accounting are referred to as “elements,” which are further divided into primary cost elements, primary revenue elements, and secondary cost elements (there are no secondary revenue elements). Primary cost and revenue elements are created in the FI module and are used both in the FI and CO modules to account for cost and revenue flows with parties external to the organization. Primary cost and revenue flows are first recorded in FI and then transferred automatically by the R/3 system to a cost or revenue object within the CO module (e.g., cost center, internal order, profitability segment, etc.). Secondary cost elements are created in the CO module and are used exclusively within CO to account for internal cost flows among cost objects within a controlling area (e.g., cost allocations among cost centers). Step-9    Post Transactions Step-10  Display Co documents (individual) Step-11  Display Co documents (multiple) Step-12  Overhead Cost Order Overhead Orders are internal orders used either to monitor overhead costs for a limited period, or overhead incurred by executing a job, or for the long-term monitoring of specific parts of the overhead. Independently of the cost center structure, internal orders collect the plan and actual costs incurred, enabling you to control the costs continuously. You can also use internal orders to control a cost center in more detail. You can assign budgets to jobs. These budgets are then monitored automatically by the SAP system to ensure that they are kept to. Step-13  Create Primary Cost Element Group Step-14  Create Secondary Cost Elements Step-15  Maintain Settlement Structures Step-16  Maintain Number Ranges for Settlement Documents Step-17  Creating an Order Step-18  Post Actual cost to Internal