Accounts Receivables records all account postings generated as a result of Customer sales activity.
It is not always necessary that everyone needs to use the FICO in the same manner. Therefore, it needs to be changed as per the requirement. Q3 Why the financial statements are important for any business? Well, it simply enables them to keep an eye on the purposes for which a specific amount was send including all its information.
The users can simply keep a digital record of all the funds received or transferred to any other account. This enable them to prepare documents for the future on which some important plans and decision making strategies are based on.
Financial statements also enable business to get reducation in taxes in a few cases. In addition to this, the users can access the record of all the financial transactions anytime the same is required. Q4 Can you name a few modules with which it is possible for the users to integrate the financial accounting?
There are several useful modules where it is possible for the users to consider this approach under an integrated manner. Depending on the type of projects which vary largely, the organizations have to end a month a day earlier or two.
For example the Month May can have 29 days.
It is basically an important tool which is useful in preparing the statements about the finance related to an organization or a business. In addition to this, FICO can also be considered for the purpose of accounting, tax computations, preparing the inventory sheets, financial data storage.
The users need not to worry about the security of the data and in addition to this, it simply make sure of managing and utilizing the data in a reliable manner.
Q7 What are the common reasons of errors in the accounting and what impact do they actually have on the organization? Errors are of lot of types and can be due to a diverse array of reasons. The users can often made mistake. A single wrong entry of only one digit can bring a lot of issues in the organization and can mislead about the profits and losses.
Errors can be due to negligence of users, fault in the system, wrongly prepared bills or claims, gross errors, basic accounting errors, errors due not updating the sheets and so on.
Q8 What is company code and when it is used? What is the limit on the currencies which you can configure?
It is basically a code that needs to be entered in the system when it comes to generating the Loss or the profit statements. It is not always necessary that all the employees are given access to the same.
It is possible for the users to configure upto 3 currencies and among which one generally remains local and other can be considered as parallel. There are total periods among which 4 are considered as special.
They are generally used when it comes to defining any data that is related to fiscal year. A user is free to consider the special period anytime when the need of same is felt. It only understands calendar year. However, it is not always necessary that for all the organizations the calendar year is the financial year.
There is often a need to change months. They needed to be added or removed.
One of the major issues is Tax Slabs are not similar in all the countries. Also, there are additional taxes applicable there. SAP FICO has tax procedure already defined in it for various nations and the users are free to get the information regarding the same.
The Tax amounts can be sent to stocks by default or the users are free to make challenges in them as per their need and convince. They are generally defined assets for the different functional area.ZaranTech is a premier global E-Learning company based out of USA.
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