What is assets in SAP FI - Financial Accounting?

SAP Term: assets

• Component: FI

• Component Name: Financial Accounting

• Description: The sum of a company's items of value and prepaid or deferred items. Assets are displayed on the left-hand side of the balance sheet.

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• Key Concepts: 
  Assets are resources owned by a company that have economic value. In SAP Financial Accounting (FI), assets are recorded in the Asset Accounting (FI-AA) component. Assets can be tangible, such as buildings, equipment, and inventory, or intangible, such as patents, copyrights, and trademarks. Assets are used to generate revenue and are tracked for accounting purposes.
  
  How to use it: 
  In SAP FI-AA, assets are managed in asset master records. These records contain information about the asset, such as its description, acquisition date, and depreciation method. Assets can be grouped into asset classes for easier management. Assets can also be assigned to cost centers or other organizational units for tracking purposes.
  
  Tips & Tricks: 
  When creating an asset master record in SAP FI-AA, it is important to enter all relevant information accurately. This will ensure that the asset is properly tracked and accounted for in the system. Additionally, it is important to keep asset master records up-to-date with any changes in the asset’s status or ownership.
  
  Related Information: 
  For more information on SAP FI-AA and assets, please refer to the SAP Help Portal or contact your local SAP support team.