What is asset accounting in SAP FICO?

What is asset accounting in SAP FICO?

Asset Accounting in SAP (FI-AA) is used for managing and supervising the fixed assets of an organization. The main purpose of asset accounting is to extract the exact values of the fixed assets owned by the company on a particular date.

How do I configure asset accounting in SAP FICO?

How to Configure ASSET ACCOUNTING in SAP FICO?

1. Step 1 – COPY CHART DEPRECIATION.
2. Step 2 – ASSIGN COMPANY CODE TO CHART OF DEPRECIATION.
3. Step 3 – ASSIGN FINANCIAL STATEMENT VERSION TO EVERY DEPRECIATION AREA.
4. Step 5 – IDENTIFY YOUR ACCOUNT DETERMINATION & SCREEN LAYOUT FOR YOUR ASSET CLASSES.

What is asset master in SAP FICO?

Asset master record is the reliable and authoritative data maintained by an organization relating to the various fixed and intangible assets used by it. Key features of Asset Master Data are: Master data does not change frequently.

What is new asset accounting in SAP?

Asset accounting in SAP S/4HANA is the new way of accounting to manage and supervise fixed assets into the sap system. It helps in providing detailed information on transactions that involve fixed assets. It is a kind of subsidiary to the General Ledgers. We call it New Asset Accounting.

What is asset accounting?

An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company’s balance sheet and are bought or created to increase a firm’s value or benefit the firm’s operations.

How do I create asset master record in SAP?

Step 1 − To create a new asset, navigate to Accounting → Financial Accounting → Fixed Assets → Asset → Create → Asset or use Transaction code AS01. Step 2 − In the next window, enter Asset class and Company Code. Press ENTER key to confirm the details.

How do you show assets in SAP?

Asset Value To view asset values, left click on the Asset Value icon. R/3 Path > Accounting > Financial Accounting > Fixed Assets > Asset > Change > Asset [double-click] Transaction Code AS02 Asset Enter Asset number or use search button. Enter Press enter or left click on Enter icon.

What is a master asset?

Master Assets refer to all eContent assets created globally and mainly in English (e.g. master images or videos, master artwork, CGI Chassis, master copywriting) with the objective of being adaped locally by the markets according to their specific and different needs.

What is financial accounting in SAP Fico?

financial accounting (SAP FICO) module. Asset Accounting in SAP (FI-AA) is used for managing and supervising the fixed assets of an organization. The main purpose of asset accounting is to extract the exact values of the fixed assets owned by the company on a particular date.

What is assetasset accounting in SAP Fico?

Asset Accounting in SAP FICO can manage all your fixed assets, irrespective of your industry and country. We usually call it a subsidiary ledger of FI.

What does an SAP Fico consultant do?

Here is a list of things that an SAP FICO consultant certainly does as part of the Asset Accounting Configuration in SAP. You must learn these Asset Accounting settings and configurations practically in order to properly set up the Asset Accounting into the SAP system.

What is the SAP asset accounting process?

SAP Asset Accounting process includes Acquisition, Asset Capitalization, retirement, transfer, depreciation calculation and posting of fixed assets. It is surely one of the important submodules of SAP ERP Financial Accounting. Hence, the knowledge of the sap asset accounting process is very important for project implementation and configuration.