If you have just joined a company who uses the software package SAP, you may be wondering exactly what is SAP accounting software and how do I use it?
SAP which was founded in 1972 by fiver former IBM employees in Germany as a standards based software alternative to custom built ERP software, stands for Systems Applications and Products is accounting software that makes financial accounting and reporting much easier. It will help you to record transactions and report operating data each month as well as analysing financial data.
There are thousands of companies around the world who use SAP to help them with their day to day financial transactions and reporting. It simple terms, SAP is a powerful financial accounting package that can make the recording of financial transactions a much easier job and allow the manager or the owner of the company to know exactly what is happening in his company and the health of his business financial matters.
What is The Function of SAP
A company would use this software package to make entries by debiting and crediting financial accounts which includes assets, equities, liabilities and expenses and it is also used to prepare budgets making life a lot simpler.
Components of SAP
SAP is similar to a traditional accounting software package where it includes financial accounts, financial statements, budget sections and general and subsidiary ledgers.
SAP General Ledger
The SAP general ledger helps you make journal entries where it has a two entry accounting form, an accountant debits and credits financial accounts to make it simpler to record your transactions that happen in each month.
SAP Subsidiary Ledger
The popular software package has multiple subsidiary ledgers, which include the accounts payable general ledger.
SAP Fixed Asset
This module will help a company 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 which could include 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 which includes a statement of profit and loss as well as your cash flow.
Courses For SAP Accounting Software
If you are thinking of working for a company who use SAP but do not have the training under your belt, there are many companies out there that do offer training in this software package, allowing you to increase your career prospects.