What is Financial Accounting (FI)?

Financial Accounting (FI) is a module within SAP (Systems, Applications & Products in Data Processing) and other ERP (Enterprise Resource Planning) systems that deals with tracking a company's financial transactions and generating financial statements. It's used to manage accounting processes, including accounts payable, accounts receivable, general ledger accounting, and asset accounting. The primary purpose of FI is to provide a true and fair view of the company's financial position to external stakeholders like investors, creditors, and regulatory bodies.