The physical properties of Fe2CoAl (FCA) Heusler alloy have been determined by means of first-principles calculations. We focus on the influence of atomic ordering, with respect to the Wyckoff sites A (0, 0, 0), B (0.25, 0.25, 0.25), C (0.5, 0.5, 0.5) and D (0.75, 0.75, 0.75), on the structural, magnetic and electronic properties in both the conventional L21 (Cu2MnAl prototype) and XA (Hg2CuTi prototype) inverse Heusler structures. Various non-magnetic and magnetic configurations are considered. Out of these, the ferromagnetic XA-I structure is found to be energetically most stable. The total magnetic moments per cell were not in agreement with the Slater-Pauling rule in any phases. Half-metallicity is not observed in any configuration. However, all the structures exhibit high magnetic moment, Curie temperature and spin polarization. The calculated values of total magnetic moment and Curie temperature (Tc) are in a close agreement with the available experimental data. The possibility of making the alloy a half metal is also discussed.