SAP Accounting
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SAP Accounting: An overview and key considerations
What Is SAP Accounting?
SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.
SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.
For many organizations, SAP Accounting manages transactions across these core financial functions:
- Accounts payable/accounts receivable
- Bank accounting
- Cash journal
- Financial close
- Financial statements
- Fixed asset accounting
- General ledger
- Inventory
- Master data governance
- Multiple charts of accounts and parallel valuations
- Tax accounting.
Key Considerations for SAPinsiders
SAP Accounting: An overview and key considerations
What Is SAP Accounting?
SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.
SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.
For many organizations, SAP Accounting manages transactions across these core financial functions:
- Accounts payable/accounts receivable
- Bank accounting
- Cash journal
- Financial close
- Financial statements
- Fixed asset accounting
- General ledger
- Inventory
- Master data governance
- Multiple charts of accounts and parallel valuations
- Tax accounting.
Key Considerations for SAPinsiders
Prioritize industry-specific and business process-related compliance needs across accounting and finance requirements. SAP Accounting is an essential component of SAP ERP that provides organizations with global processes and information to account for the new standards of accounting, while maintaining flexibility to incorporate regulatory updates. SAP Accounting solutions can help organizations effectively meet global accounting and financial reporting standards to enforce compliance.
Consider opportunities to modernize accounting workstreams and provide operational visibility across virtual teams.The transition to a fully remote working environment has caused difficulties for accounting professionals, particularly as it relates to their dependence on spreadsheets, inability to access data, limited process documentation, and daily manually intensive tasks. Organizations can automate their workflows with SAP Accounting tools, freeing them to do more optimization and customization.
Leverage SAP Accounting products to enable accounting teams to do more with less. COVID-19 variants, virtual work, supply chain disruptions, inflation concerns, and the Great Resignation, represent some of the major challenges creating uncertainty for organizations across the current operating environment. With the uncertainty of this economy, accounting is required to give more up-to-date information to make smarter decisions in real time.
499 results
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- SAP Payment Processing
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Uses of the Treasury Payment Program
Reading time: 25 mins
Learn about the different types of payments that can be made through SAP’s Treasury payment program. Key Concept Treasury departments execute various types of payments, such as bank account transfers, trade-related payments, and one-off payments. These types of payments can be made by a treasury department using SAP’s Treasury payment program (formally named the Payment…...…
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Automate Overhead Allocation through Purchasing Info Records
Reading time: 26 mins
SAPexperts FinancialsFind out how to use standard SAP functionalities to allocate procurement-related overhead in both regular purchasing and subcontracting scenarios. Key Concept Using configuration settings, you can maintain the material overhead condition in purchase info records, use it in the standard cost-estimate process, and absorb the overhead during a goods receipt transaction. You can extend…...…
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- SAP API Management
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Populate the Profit Center Using a BAdI for Tax Lines
Reading time: 8 mins
Learn how to use a Business Add-In (BAdI) to populate the profit center for the tax lines when you use BAPI_ACC_DOCUMENT_POST to post a document. Follow step-by-step instructions to use the BAPI and BAdI with the sample code. In this way, you can extend the BAPI functionality and easily populate the profit center by yourself…....…
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Use Multiple FI Functions to Manage and Calculate Accounts Receivable Item Interest on an Ad Hoc Basis
Reading time: 17 mins
Have you ever asked the following question: Do you charge interest on overdue receivables? Was the reply that you received similar to this response: Not always, but we want the ability to do so at any given time. With some behind-the-scenes configuration across a few areas of the FI modules within SAP ERP and some…...…
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Automate Travel Expense Settlement and Transfer to Finance
Reading time: 12 mins
Learn how to automate the process of settlement and transfer to finance of trip reports created in the SAP Travel Management module. Then, once the trip report is approved, it is automatically settled and posted into FI. Understand the settings, as well as the tips and tricks, needed to set up this automation batch job…....…
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Effectively Manage Post-Dated Checks with Portfolios
Reading time: 12 mins
See how to configure post-dated checks in your standard Bank Accounting submodule in FI. Follow the various process steps in a sample business scenario in Thailand. Key Concept A portfolio is a collection or group of checks. The SAP system contains various transactions for the different processes associated with the life cycle of checks from…...…
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IFRS Adoption for US Companies: A Primer
Reading time: 8 mins
/GRCWorried about the impending US conversion to International Financial Reporting Standards (IFRS)? See some quick hints about things you should know and places you can look for information as the landscape changes. Key Concept International Financial Reporting Standards (IFRS) is a reporting standard that is being adopted worldwide, and likely impending for the United States…...…
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Tackle Changes to Inventory, Cash Flow, and Benefit Regulations with SAP ERP
Reading time: 14 mins
Review some accounting standard changes, including changes to foreign exchange rates, inventory, and benefits, and see how the SAP ERP system can address them. Key Concept The driver of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) is the need to bring uniformity and consistency to accounting practices and reporting across the globe…....…
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Reduce Your Company’s Spending with Automatic Clearing of Vendor Down Payments
Reading time: 12 mins
See how to use the down payment process with the automatic clearing option with the materials management (MM) and Financial Accounting (FI) modules in SAP ERP Central Component (SAP ECC) 6.0. These solutions have already been implemented in production environments for MM and FI in SAP ECC 6.0. However, the processes also apply to previous…...…
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Drive Finance Automation with Continuous Innovation Culture
Reading time: 6 mins
By Ogo Nwanyanwu, Research Director, SAPinsider Digital transformation often starts with financial automation. Finance and accounting teams that embrace a “culture of continuous innovation,” are well-positioned to drive process optimization in support of financial automation adoption. Key Takeaways: Organizations are adopting financial automation to manage increased complexities and demand facing today’s finance function End-to-end financial process automation adoption is now a critical component of engaging a finance/accounting workforce…...…
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