SAP FICO consists of two main modules: Financial Accounting (FI) and Controlling (CO). These modules work together to provide a robust financial management system.

1. Financial Accounting (FI)
The FI module focuses on external financial reporting and compliance. It handles all financial transactions, ensuring accuracy and adherence to legal and statutory requirements. Key features include:

General Ledger (GL): Maintains all financial records and supports reporting.
Accounts Payable (AP): Manages vendor transactions, payments, and liabilities.
Accounts Receivable (AR): Handles customer invoices, collections, and reconciliations.
Asset Accounting (AA): Tracks and manages fixed assets throughout their lifecycle.
Bank Accounting: Facilitates cash flow and bank transaction management.
Consolidation: Combines financial data from multiple entities for unified reporting.
2. Controlling (CO)
The CO module is geared toward internal management and decision-making. It focuses on cost tracking, resource allocation, and profitability analysis. Key features include:

Cost Element Accounting: Tracks costs at a granular level.
Cost Center Accounting: Assigns costs to specific departments or functions.
Profitability Analysis (PA): Analyzes profits by product, region, or customer.
Product Costing: Monitors and controls costs related to manufacturing.
Internal Orders: Tracks project-specific expenses for internal activities.
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