FICO in SAP stands for Financial Accounting (FI) and Controlling (CO), which are two core modules within the SAP ERP system. They are crucial for managing financial transactions and internal controls in an organization.
Financial Accounting (FI): This module is used for tracking and managing financial transactions within a company. It covers areas like:
General Ledger (GL): Records all financial transactions.
Accounts Payable (AP): Manages vendor invoices and payments.
Accounts Receivable (AR): Handles customer invoices and payments.
Asset Accounting (AA): Tracks and manages company assets like property and equipment.
Bank Accounting (BA): Manages bank transactions and cash flow.
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