Financial Accounting is the core area of SAP ERP. This deals with reporting the financial transactions regarding the business as per the external requirement. Financial Accounting is integrated with SAP to provide comprehensive functions for a business. Let’s see what these sub-modules are that help in deciding the financial status of an organization:
General Ledger: It is a book of transactions in which one may record daily financial transactions. This acts as a picture for the external accounting entity.
- Accounts Payable: It records monetary data for all the vendors.
- Accounts Receivable: It records monetary data for all the customers.
- Bank Accounting: It involves the management of the data of the bank through cash management, master data management, and the creation and processing of incoming and outgoing payments. You may also define various country-specific payments like data media, payment forms, and procedures for electronic and manual payment.
- Asset Accounting: It is widely used to manage fixed assets.
- Fund Management: It helps to support the budget. It budgets all the expenditures and revenues for individual areas.
- Travel Management: This involves the management and handling of all the trips. The main areas are payment and taxation. This also includes booking trips and settling travel expenses.
- Special Purpose Ledger: is used in special reporting areas and purposes.
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Conclusion
SAP Certification plays a major function in developing your specialist knowledge in the global market. An SAP certification validates your capability to use SAP systems for managing substantial databases of a company and expert abilities in SAP reporting.
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