MAGIC’s Finance functionality is met within the Enterprise Core Component (ECC) module of the SAP software. The State of Mississippi uses the module to process all State agencies financial transactions. The following areas include:
- Finance (FI) - FI is used for external accounting purposes. Postings are generated from General Ledger (GL), Accounts Receivable (AR), and Accounts Payable (AP) postings. Each posting is associated with a Fund, a Business Area, a Functional Area, and a Grant.
- Cost Controlling (CO) - CO is used for internal reporting purposes. Special coding objects are included on expense related postings to the General Ledger. These coding objects provide an automated equivalent posting in Controlling so reporting can be run for an internal perspective
- Funds Management (FM): Budgetary Accounting - Funds Management provides controls and reporting for budgetary accounting and reporting. Specific MAGIC objects are tied together to provide “real time” budget availability and statistics.