contract accounts receivables and payable FICA

[Former Member]

hi SAP EXPERT

we are a IS utilities in power sector . there are scenario of composite contract to vendors wondering to know what is the purpose of contract accounting module FICA , how it is difference from GL whethere FICA can be taken along with GL.

thanks

S AP

[Former Member · Accepted solution]

Hello,

FICA is a sub-ledger...It is used for certain ISU industries like Utilities, Telecoms, Insurance where the customer base is huge..

At the end of the day usually, consolidate figures per recon key is transferred to GL.

Hope this helps

Rgds

Rajendra

[Former Member]

Hello,

An account in which posting data for contracts or contract items are processed for which the same collection/payment agreements apply

Regards,

Narendar Konakanchi

[Former Member]

Hello,

Optimized use of storage space due to a special type of Document structure.

Parallel mass runs

Summarization records

Agent friendly processing of account transactions

basis for industry and customer specific functionalities.

Why all these because it handles a huge data regularly.

Regards,

Narendar Konakanchi

[Former Member]

Hi

thanks for your reply.

IF IS-U is issuing a contract for supply and installation of machineries -composite contract how it is handled in FICA from contractee point of view.

thanks

sap

[Former Member]

Hello,

They are treated as Collective Contract Accounts in the sense, Under a parent Contract Account---> 'N' Number of Child Contract Accounts can be created if needed.

So all the billing, Invoicing ,Payments & Dunning are done at Parent level.

That is how composite Contract Accounts are handled in FICA.

Hope this helps

Rgds

Rajendra

Edited by: rajendra mukhyaprana on Jul 4, 2008 7:40 AM

[Former Member]

hi

thanks for your repsonse. In FI you have payment terms with 3 levels. but practically we have more payment terms. so in FICA how payment terms are defined, how many levels like

Rs. xk as advnace

10% on drawings

70% on supply

10% on erection

10% retention till guarantee period

can we map supply and erection in collective agreement

bye

sap

[Former Member]

Hello,

You do not configure Payment terms directly in FICA. Instead you map them from FICO. In the sense you define your payment terms as usual in FICO but in FICA under IMG\FICA\Basic Functions\Postings & Documents \Document\Maintain Payment terms...you create PT names in FICA & map unto FICO.

You attach payment terms to Contract account irrespective whether it is collective or collative.

Hope this helps

Rgds

Rajendra

Points!!!!!!