After creation of primary cost elements and secondary cost elements, next we’ll see creation of vendor master codes. Now, for vendor master code creation, first we’ll enter the transaction code FK01 in the command field and press enter. After that, we will have to specify the company [...]
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Now, we’re going to define the financial statement version, so that we can prepare balance sheets and profit and loss statements. Alright. It’s over here. Let’s close this. Okay, this is the one. It’s under Financial Accounting (New), General Ledger Accounting (New), [...]
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Now next, we will see how to create primary cost elements. For creation of a primary cost element, we’ll use the SAP menu path, which is SAP menu, then accounting, then financial accounting. Under financial accounting, we’ll go to controlling, then under that, cost element [...]
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Hello, everyone. In today’s session, we will learn about Masters in SAP FICO model. Now before moving ahead with this session, let us summarize what we have learned from our previous session that was on overview of an SAP FI Module. There, we have learned about financial accounting and [...]
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Next, we’ll see cost center. Similar to profit center, we’ll see how to create, change, and display the cost center. An organizational unit within a controlling area that represents a defined location of cost incurrence is a cost center. The requirement at Greaves is to capture the [...]
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Next part is profit center. A profit center is an organizational unit in accounting that reflects a management-oriented structure of the organization for the purpose of internal control. When we analyze operating results for profit centers using either the cost of sales approach or the period [...]
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Okay now we’re going to create the rest of the G/L accounts. See here, we have created the retained earnings account, so we need to create a G/L account for each and every item you can see here in this balance sheet. So let us do it now. Okay, we’ll go to the same step […]
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Now, the foundation for the general ledger is the chart of accounts, that is it has a combination of balance sheet and the income statements. A chart of accounts contains a complete list of all of the accounts utilized in the general ledger for a given company. Financial accounting reports are [...]
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Okay, we are going to create the retained earnings account now. Just now, we saw how to create the account groups to classify our G/L accounts. The next step is to create the retained earnings account, but before that, we need to do something. Do you see this, enter global parameters for the [...]
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Next part is managerial accounting, i.e. controlling. Managerial accounting is designed to collect data for the preparation and analysis of reports for use by internal users. Earlier, we have seen financial accounting, which collects data for the external users that is to give them the [...]
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