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Free and Open Source ERP - ERP next

  Introduction What is an ERP system? And why should businesses use it? Today, small and medium-sized businesses (SMEs) also face some of the problems that large enterprises do. One of them being planning and managing their resources. SMEs face similar complexities but have limited resources to deal with them. Small businesses (like their bigger counterparts) have to: Do accounts to track their sales/purchases. Do their taxes. Pay their employees. Manage deliveries within promised timelines. Deliver quality goods and services. Communicate with customers, answer their queries. Large enterprises invest millions of dollars in highly sophisticated systems like SAP. SAP and similar systems are able to handle requirements from these large enterprises to bring their  multi-country ,  multi-company ,  multi-currency , global businesses into a single platform. This has helped them achieve consolidation of data/records in the fundamental processes such as accounting, taxation, payroll, reporting
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SAP FI Intro

 


SAP FI stands for Financial Accounting and it is one of important modules of SAP ERP. It is used to store the financial data of an organization. SAP FI helps to analyze the financial conditions of a company in the market. It can integrate with other SAP modules like SAP SD, SAP PP, SAP MM, SAP SCM, etc.

SAP FI comprises of the following sub-components −

  • Finance Accounting General Ledger.
  • Finance Accounting Accounts Receivable and Payable.
  • Finance Accounting Asset Accounting.
  • Finance Accounting Bank Accounting.
  • Finance Accounting Travel Management.
  • Finance Accounting Fund Management.
  • Finance Accounting Legal Consolidation.

Where Do We Use SAP FI?

SAP FI module enables you to manage financial accounting data within an international framework of multiple companies, currencies, and languages. SAP FI module mainly deals with the following financial components −

  • Fixed asset
  • Accrual
  • Cash journal
  • Accounts receivable and payable
  • Inventory
  • Tax accounting
  • General ledger
  • Fast close functions
  • Financial statements
  • Parallel valuations
  • Master data governance

SAP FI consultants are mainly responsible for implementing Financial Accounting and Cost Accounting with SAP ERP Financials.

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