Since SAP FI deals with the financial obligations of the business. Thus, it is named SAP Financial Accounting of the ERP system i.e. the Finance module in ERP.
You can enhance your financial performance with SAP ERP Financials by accurately managing liquidity and cash, streamlining processes, and reducing costs.
Key Functionality of SAP ERP Financials
The key functionality of SAP ERP Financials aims to give you the business support you need in some important areas. These are Finance and accounting, Cost Control, financial supply chain management, and treasury related. For these requirements, SAP has provided us with four modules in SAP ERP Financials. These are:-
- Financial Accounting (SAP FI)
- Management Accounting (SAP Controlling)
- Financial Supply Chain Management
- Treasury Management
Sub-Modules or Components of SAP FI
In SAP FI we have the sub-modules which helps to enhance its efficiency and user-friendliness. These are:
- New General Ledger (New G/L)
- Accounts Payable (AP)
- Accounts Receivable (AR)
- Asset Accounting (AA)
- Bank Accounting (BA)
- Special Ledger (SL)
Importance of SAP FI
Since, finance is the backbone of SAP Accounting, thus, to become an efficient SAP FI consultant, you need to go deep into this subject.
Not just, theoretically, you need to understand the things by practical applications. Importantly, you should see all configurations step by step and apply yourself too. Then only you can do it in real-time.
All the submodules of SAP FI have their own importance and role in the implementation, migration process.
With the structured system of configuration, sooner or later you would reach up to these components, this utilizing their unique functionality, thus needing the proper knowledge of each of them.
This is a brief about SAP FI, its functionality and its submodules.
Learn all these in detail and in-depth at- SAP FI & Sub-modules – Beginners Guide