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.
32 results
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Product Profitability and New Materials Ledger on SAP S/4HANA Finance
Published: 01/May/2017
Reading time: 9 mins
Live Blog Product Profitability and New Materials Ledger on SAP S/4HANA Finance Kendall Hatch: Hello, and thanks for joining us today for our live Q&A on product profitability and new materials ledger on SAP S/4HANA Finance. We’re joined by Deloitte’s Kumar T. Piraviperumal who will be with us answering questions for the next hour. Kumar…
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Clearing Open Items in SAP Systems: Best Practices for Reconciliation and Automation
Published: 29/March/2017
Reading time: 4 mins
In many finance departments, open items can pile up in the system, slowing down operations with an overabundance of unmatched transactions. These open items need to be matched and cleared as quickly as possible, but for large organizations, that can be a time-consuming and inefficient task. During a recent SAPinsider Live Q&A, this issue was…
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How Will the Major Changes to Lease Accounting Standards (ASC 842/IFRS 16) Affect SAP Customers?
Published: 06/March/2017
Reading time: 4 mins
By 2019, every organization must change its lease accounting practices – the ASC 842/IFRS 16 regulations will require virtually all leases to be placed on the balance sheet. This change will have ripple effects throughout the organization, reaching beyond Accounting departments to impact stakeholders and investors. Therefore, businesses with any leases need to prepare for…
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Clearing Open Items in SAP Systems: Q&A on Best Practices for Reconciliation and Automation
Published: 01/March/2017
Reading time: 20 mins
BlackLine’s Michael Gilmartin and Stephen Wolfman offer tips and best practices for reconciling open item accounts. If you missed the chat or need a refresher, you can view the chat replay or read the edited transcript below. Meet the panelists: Michael Gilmartin, Director, Solutions Consulting, BlackLine Stephen Wolfman, Director, Product Management, BlackLine Live Blog…
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insiderTRAINING announces 9 new sessions on Financials, Solution Manager, and BusinessObjects
Published: 22/February/2017
Reading time: 2 mins
We’ve just added 9 new courses to insiderTRAINING covering topics like SAP BusinessObjects, Controlling, Financials, and Solution Manager. Here’s a quick summary of each new session: CONCO101 – SAP Central Controlling Configuration: Take this new course to step through Enterprise Structure Configuration in SAP’s CO module. Students will create a controlling area; create, configure, and…
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You Are Now a Step Closer to Real-Time Profitability in SAP S/4HANA Finance with Fewer Settlements
Published: 23/January/2017
Reading time: 10 mins
Learn about a new feature in SAP S/4HANA Finance 1610 that helps you avoid a few of the settlements to Profitability Analysis (CO-PA) and yet achieve real-time updates of data to CO-PA dimensions. This is one innovation among many in account-based CO-PA. Key Concept SAP S/4HANAFinance helps you to avoid some settlements without adversely affecting...…
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SAP S/4HANA Finance: Understand the Different Options and Nuances of Enabling Parallel Accounting in New Asset Accounting
Published: 18/January/2017
Reading time: 24 mins
Learn about the configuration options available in SAP S/4HANA Finance to set up parallel accounting aligned to different accounting principles, especially when you are migrating from classic Asset Accounting (FI-AA), a parallel accounts approach, to the new FI-AA module. Key Concept The SAP S/4HANA Finance system provides a transparent, real-time, optimized IT solution for implementation...…
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Track Intercompany Loans Using SAP’s Transaction Manager Module: Part 2
Published: 22/December/2016
Reading time: 49 mins
Learn the configuration steps needed for the intercompany loans process outlined in the article “Track Intercompany Loans Using SAP’s Transaction Manager Module, Part 1.” The configuration is in line with the process described in part 1 of this article. Key Concept When companies reach a more complex size, they often need to implement financing processes...…
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Track Intercompany Loans Using SAP’s Transaction Manager Module: Part I
Published: 30/November/2016
Reading time: 39 mins
Learn the process flow, the integration points with other SAP modules, and the advantages of using SAP’s Transaction Manager for intercompany loans. Key Concept Intercompany loans are loans made from one business unit of a company to another, for various reasons. It is important to remember that intercompany loans are an asset (an investment) in one entity and...…
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Maintain Compliance with the IFRS 15 Revenue Standard with SAP Revenue Accounting and Reporting
Published: 12/July/2016
Reading time: 14 mins
Learn about the changes in the International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB)’s International Financial Reporting Standards (IFRS) accounting standard, IFRS 15. From a functional perspective, review the prominent processes and the data accounting flow for SAP Revenue Accounting and Reporting. Discover the capabilities of SAP Revenue Accounting and Reporting and...…
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Clifford Seckman
President, Virginia Software Group, Inc.
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Carles Lamas Martinez
PARTNER, CUVIV BUSINESS SERVICES SL
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