This SAP FI Module is integrated with many parallel modules that enable a company to unify processes that may have needed the utilization of many software packages.
Other Modules of SAP that commonly find a role of integration with FI are (but not limited to) Material Management (MM), Sales & Distribution (SD), Human Resources (HR), Production Planning (PP), Controlling (CO), etc. Amongst these CO – Controlling is another major focus for those coming from the Finance / Accounting / Auditing / Budgeting and Financial Reporting / Analysis Backgrounds Professions.
There are many sub-modules that streamline and specialize in each aspect of the Financial Accounting Processes:
AA – Asset Accounting
AP – Accounts Payable
AR – Accounts Receivable
BL – Bank Accounting
FM – Funds Management
GL – General Ledger Accounting
LC - Legal Consolidations
SL – Special Purpose Ledger
TM – Travel Management
Out of the above, FI-AR, FI-AP, & FI-AA are the three sub-modules that send simultaneous postings to FI-GL.
Now, the new SAP GL integrates many streamlined processes to be unified more closely to further alleviate any duplication of live-time tasks.
This New General Ledger Accounting in mySAP ERP has some dynamic advantages in comparison to the classic General Ledger Accounting (as used in SAP R/3 Enterprise Version) such as the ability to run real-time reconciliation between Management Accounting (CO) and Financial Accounting (FI) – i.e. there is a real-time integration with Controlling.
Previously time-consuming reconciliations are hence now rendered obsolete. The new SAP GL further allows the management of multiple ledgers within the General Ledger Accounting Module itself. This creates the scope for portraying parallel accounting scenarios within the SAP System.
Above is a brief outline and write-up about the dynamics of SAP FI. It would be well worthwhile for Finance/Accounting Professionals to explore the depths of this innovative software for the enrichment of their career spectrum.
