SAP FICO Stands for FI (Financial Accounting) and CO (Controlling). SAP FICO is the important module of ERP and both FI and CO modules stores the financial transactions data. SAP FICO is a module used for financial reporting both externally and internally. The objective is to record all financial transactions that are posted by an entity and produce financial statements that are accurate at the end of the trading period. SAP FI is made up of sub modules. The sub-modules that are often used are accounts receivables, accounts payables, asset accounting, general ledger accounting and bank accounting.