Learn SAP with Free Lessons & Tips

For 5% GST, the SAP tax code depends on the company's SAP configuration. There is no single standard tax code that applies to every company. Usually, a specific tax code is created for 5% GST, covering the applicable CGST and SGST or IGST.

So, we should check the company's SAP tax-code configuration before using a particular code.

To create an SAP PO that matches the GST invoice, first enter the correct vendor, material or service, quantity and price. Then select the appropriate GST tax code based on the invoice, such as CGST/SGST or IGST. Before saving the PO, check that the GST rate and total amount match the vendor's GST invoice.

If the software is not GST-compliant, it can lead to wrong tax calculations, incorrect invoices and problems while filing GST returns. This may result in interest, penalties, notices from the GST department and possible loss of input tax credit. The exact penalty depends on the type and seriousness of the non-compliance.

An SAP FICO developer mainly works on the technical side, such as developing and modifying SAP solutions based on business requirements. An SAP FICO consultant focuses more on understanding the company’s finance and accounting processes and configuring SAP to meet those requirements.

In simple words, the developer is more focused on the technical work, while the consultant is more focused on business processes and implementation.

If you are confused between SAP FICO and Financial Analysis, I would suggest going with Financial Analysis. It gives you wider options and can be useful for finance, FP&A, corporate finance and even consulting roles.

SAP FICO is a good option too, but it is more specific to SAP and accounting-related roles.

So, unless you specifically want to build a career in SAP, I would personally choose Financial Analysis.