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 Financial Consolidation
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How Tate & Lyle “Makes Food Extraordinary” with Improved Finance Functions
Reading time: 9 mins
Tate & Lyle, a global provider of specialty food ingredients and solutions, relied heavily on manual, spreadsheet-based processes to manage its account reconciliations. With locations in the Americas, Europe, the Middle East, and Africa, regional reconciliations were an unwieldy exercise that often tied up the finance team in administrative tasks like hunting down missing signatures…
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How to Set Up and Process Leased Assets
Reading time: 11 mins
Learn how to configure leased assets to make sure that not only depreciation is posted but also the interest and the periodic payments. Key Concept In SAP Asset Accounting (FI–AA) you can maintain several kinds of assets. One particular kind is the leased asset. Besides the standard fixed-asset functionality for this kind of asset, the…...…
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Effective Data Management Strategies for Posting Payroll Results to Accounting
Reading time: 8 mins
Learn how you can enhance the performance of posting SAP Payroll results to accounting by optimally managing and controlling the size of tables PPOPX and PPOIX in SAP ERP HCM 6.0. Following the successful execution of a payroll run, one of the subsequent activities that must be performed is posting payroll results to Financial Accounting…...…
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Inside the Value of the SAP S/4HANA for Financial Products Subledger Solution: Insurance Provider Swiss Re Teams with SAP to Take SAP S/4HANA for Financial Products Subledger to the Next Level
Reading time: 6 mins
by Esther Shein, Contributing Writer, SAPinsider Digital transformation is paving the way for insurance companies to modernize their processes and Swiss Re, one of the world’s largest wholesale insurance and reinsurance providers, has partnered with SAP to develop and test its SAP S/4HANA for Financial Products Subledger (FPSL). This innovative solution provides concurrent accounting across multiple accounting bases…...…
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Use Document Simulation in the New G/L to See How the System Posts G/L Documents
Reading time: 8 mins
The classic G/L offers a feature called document simulation that helps you determine how the system automatically generates accounting entries, troubleshoot and fix missing configuration settings, and identify and rectify any mistakes made before posting the accounting transaction. This feature has improved in the new G/L and adds particular benefit to document splitting. Using document…...…
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How to Reset Infotype 0003 and Address Complex Retroactive Payroll Accounting Requirements
Reading time: 11 mins
Learn how to change infotype 0003 (payroll status) for different retroactive accounting payroll requirements and mass changes with multiple employees. See how to minimize the complexities arising out of master data changes and effective retroactive changes in payroll processing. Key Concept The standard SAP program RPUTRBK can resolve complex payroll retroactive accounting issues. Problems can occur when users…...…
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Introduction to SAP Joint Venture Accounting, Part II
Reading time: 8 mins
A joint venture (JV) is an arrangement in which two or more parties come together and agree to pool their resources for a specific task. This task can be a new project or any other business activity. In a joint venture, each partner is responsible for profits, losses, and costs associated with the venture. Joint…
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How to Post Employees’ Net Pay to Different G/L Accounts Based on Payment Type
Reading time: 9 mins
SAP system tax wage types can be posted to different general ledger (G/L) accounts in the financial accounting (FI) system based on the tax authority. Learn how the posting of payments functionality enables you to post an employee’s net pay (wage type /559) to two different G/L accounts in FI based on the employee’s payment…...…
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Use Ledger-Specific Clearing Functionality to Improve Parallel Ledger Accounting Processes
Reading time: 11 mins
From SAP ERP 5.0, SAP offers a parallel ledger solution to enable you to comply with multiple accounting standards. However, there was one inherent limitation: You could not post journal entries for open item managed GL accounts to any specific ledger. With SAP ERP 6.0 enhancement package 3, SAP has provided Clearing Specific to Ledger…...…
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Demystifying CO Module “Actual Costs” and “Actual Revenues”
Reading time: 13 mins
Within the CO module, the data values “Actual Costs” and “Actual Revenues” have additional meaning not always found in other modules (such as Profit Center Accounting, Special Ledger, and Costing-Based Profitability Analysis). For FI/CO report users and developers, it is sometimes confusing how such a common, everyday word, “Actual,” can represent a very uncommon, special…...…
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