If you have just joined a company that uses the SAP software package, you might be wondering exactly what is SAP accounting software and how do I use it?
Founded in 1972 by fiver former IBM employees in Germany as a standards-based software alternative to custom-built ERP software, SAP stands for Systems Applications and Products is accounting software that makes accounting and reporting much easier. It helps you to record transactions and report operating data every month as well as analyze financial data.
There are thousands of companies around the world using SAP to help them with their day-to-day financial transactions and reporting. The simple term, SAP is a powerful financial accounting package that can make recording financial transactions a much easier job and allow the manager or business owner to know exactly what is going on in his business and its health financial relationship. .
What is the function of SAP
A company will use this software package to enter records by debiting and crediting financial accounts that include assets, shares, liabilities and expenses, and it is also used to prepare budgets that make life a lot easier.
Components of SAP
SAP is similar to a traditional accounting software package in which it includes financial accounts, accounts, budget sections and general and subsidiaries.
The SAP ledger helps you to record journal entries where it has a two accounting form, an accountant debits and credits financial accounts to make it easier to record your transactions that happen each month.
SAP Subsidiary Ledger
The popular software package has several subsidiaries, which include the accounts payable in general ledger.
SAP fixed assets
This module helps a business to record asset purchases and sales, making it easier for them to have all the information in one place, knowing what their assets are and the value of their assets that may contain equipment.
SAP Financial Reporting
By using SAP Financial Reporting, you are able to make the process of recording all financial information so much easier, where the package helps prepare financial reports that include a statement of profits and losses as well as your cash flow.
Courses for SAP accounting software
If you are considering working for a company that uses SAP but does not have the training under your belt, there are many companies out there that offer training in this software package so you can increase your career prospects.