The SAP Financial Accounting module (SAP Finance or SAP FI, for short) is key when it comes to recording, collecting and processing financial transactional information in real time.
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With this module, you can extract the necessary data to be used for external reporting and can be easily integrated with other SAP modules.
The SAP Financial Accounting application has a number of subcomponents, which are as follows:
- Asset Accounting (FI-AA): FI-AA manages all the financial activities from the procurement to the final sales.
- Accounts Payable: This module manages all of the activities of vendor transactions. It can also be used to create a payment program for processing payments to vendors.
- Accounts Receivable (FI-AR): FI-AR manages all activities of customer transactions. In accounts receivable, you can create a program for management of credit functionalities.
- Bank Accounting (FI-BA): FI-BA manages the bank transactions and cash management. It can be integrated with other subcomponents such as accounts payable and accounts receivable, for example.
- General Ledger (FI-GL): FI-GL is where profit and loss accounting are extracted into balance sheets, then the data that has been entered in the SAP system will be posted to other integrated systems.
- Travel Management (FI-TM): FI-TM manages business trips of the organisation and can be integrated with many other systems. It can be used to manage travel requests, planning and expenses.
SAP Finance is utilised by a number of IT professionals, including Business Analysts.