Step-1  Generating Purchase Requistion (PP AND MM involved)

Step-2  Making Inquiries - (MM)

Step-3  Raising Purchase Order (MM)

Step-4  Release of Purchase Order (MM)

Step-5  Goods received from Vendor (MM & FI)

               Raw material account - dr 
                GR/IR clearing ac
 
Step-6  Invoice Verification and quality Assurance (FI & MM)
 
               GR/IR clearing ac
                TO Vendor

Step-7  Goods issue for consumption (MM FI & PP)
 
                Rawmaterial Consumption Dr
                 TO Rawmaterial Inventory Account
 
Step-8  Production Receipt (FI MM & PP)
 
                Finished Goods Inventory Account
                 to Change in Stock
 
Step-9  Finished goods delivered to Customer (MM SD & FI)
 
               Change in stock ac
               to Finished goods inventory
 
Step-10  Raising invoice on customer   (SD & FI)
 
               Customer ac   -
                 to Sales
 
Step-11 Receipt of payment from customers  (SD & FI)

SAP FICO Reference Books:
SAP Financial and Controlling Interview Questions, Certification and Configuration, Books

Goto SAP CO Tips:
SAP Controlling

Back to SAP FI Tips:
SAP FI (Financial Accounting) Configuration Hints and Tips

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SAP ABAP/4 Programming, Basis Administration, Configuration Hints and Tips