Debit? Credit?- are accounting terminologies and most often than not, only accounting people understand these terms. Every transaction of a Company that has financial impact are recorded through a journal entry. Each journal entry composes of at least one debit and one credit; and the balance should always the same e.g. debit = 100, credit [...]

The new GL functions include “Parallel Accounting”, it’s an SAP feature where you can maintain different sets of books to satisfy all different requirements of Financial Statement users accurately, efficiently and effectively. Standard reports are already available and readily available to use. How does Parallel Accounting works in SAP (FICO)? Requirement is; a leading ledger [...]

Purpose Both large scale projects, such as building a factory, and small-scale projects, such as organizing a trade fair, require precise planning of the many detailed activities involved. The project manager has the job of ensuring that the project is executed efficiently, on time, and within budget – which he or she achieves by ensuring [...]

If you are a functional Consultant, it is a requirement that you have to know how to prepare a functional specs for enhancement programs. In this regard, you must understand the different tables in SAP where information are stored. The following SAP tables (with short description) are very useful and you need to understand: T001 [...]

A profit center is a management‑oriented organizational unit used for internal controlling purposes. Dividing your company up into profit centers allows you to analyze areas of responsibility and to delegate responsibility to decentralized units, thus treating them as “companies within the company”. Profitability of each profit center can be monitored closely. Furthermore, a financial statement [...]