SAP FICO best Practices when followed can reduce the number of issues drastically


  • Always have one Chart of accounts. Never complicate matters by providing for multiple COA
  • Have Minimal accounts and only augment/supplement it when there is another piece of information required for reporting
  • Copy Company Code when commencing FI Configuration
  • Rigorous period end and year end check to be in place along with postmortem analysis
  • Period end reports should be scheduled to run in background
  • Special periods are to be used only for year-end postings
  • Monitor all clearing accounts
  • Opening and Closing of Periods to be scheduled and the Period end tasks to be communicated to the Customer
  • You should advise your customer to have regular touch points with their auditors to avoid reporting changes in statutory reports
  • Ensure that manual entries are limited
  • All Generally Accepted Accounting Principles (GAAP) adjustments are to be made in the Company code from where they originate
  • Minimize the number of Adjustment entries after the Trial balances are extracted
  • Always insist on tightened workflow when it comes to approving Invoices, Payments, and Credit notes
  • GR based Invoice verification
  • Aging has to be constantly monitored
  • Automatic matching of payments to Customer/Vendor Invoices.
  • Overdue debts and its action
  • Forecast Cash receipts