SAP FICO is also mentioned as SAP FI/CO, where SAP FI stands for Financial accounting and SAP CO is Controlling (Management accounting). This module is used to monitor and review the financial situation of a company. Using SAP FICO, you can monitor the inside operations by planning and creating reports and quickly find solutions for accounting requirements.
SAP FICO is divided into two parts SAP FI and CO first part represents the financials aspects for SAP software and second aspects covers the managerial or cost controlling. At IPA we trained the students to learn SAP financials and to make them aware of financial aspects of SAP fico module, those students who are from non commerce back ground can also learn sap FICO after learning the basic principles of functional accounting which are covered under one year program of IPA. SAP course has been designed in simple and plain language involving various presentations and other advanced techniques.
If you are looking for a career as a technical or functional SAP FICO consultant, you will have to know more about accounts and finance which involves accounts payable, accounts receivable and general ledger, procedures to post accounts, close books & prepare financial statements and balance sheet etc.
Modules and components of SAP FICO
These are the sub modules of the SAP FI:
AA -- Asset Accounting
AP -- Accounts Payable
AR -- Accounts Receivable
BL -- Bank Accounting
FM -- Funds Management
GL -- General Ledger Accounting