File Name: sap fico interview question and answers in .zip
It is used to store the financial data of an organization. SAP FI helps to analyze the financial condition of a company in the market. SAP Financials accounting module enables you to manage financial accounting data within an international framework of multiple companies, currencies, and languages.
A General Ledger contains all the transaction details of a company. It acts as primary record to maintain all accounting details. Common general ledger entries are customer transactions, purchases from vendors, and internal company transactions.
A company is defined as smallest unit for which financial statements can be created in accordance with commercial legal regulations. In SAP FI, a company can comprise of multiple codes, however it acts as a single unit for which financial statements are available. All the company codes must use the same chart of accounts list and fiscal year however each code can have a different local currency.
Business Areas are used to differentiate transactions that comes from different line of business in a company. There is a big company XYZ, which runs multiple business. Let us say it has 3 different domains like manufacturing, marketing and sales. It is easy to configure if you use Business Area as you just need to attach to the company code and the other details in business area will get attach itself. By using Business areas in controlling, you can create Profit and loss statement, Balance sheet, etc.
Credit control in FI is used to check the credit limit for the customer and it can use one or more codes. The master chart of accounts must be assigned to each company code. It contains all General Ledger accounts that are used to meet daily needs in a company.
Operating chart of accounts has to be assigned to a company code. It contains list of all General Ledger accounts that are required to meet country legal requirements.
You can also assign company chart of account to company code. Retained Earnings Account are used to carry forward the balance from one fiscal year to next fiscal year. After you complete the payroll run, next is to add results to the GL accounts and this includes cost centers. It contains the number of posting periods in fiscal year and number of special periods. You can define up to 16 posting periods in a fiscal year in controlling component CO.
You need to specify the fiscal year variant for each company code. When you create a controlling area, you also need to specify the fiscal year variant. The fiscal year variants of the company code and controlling area may only differ in the number of special periods used. You need to ensure that the fiscal year variants match, in other words, they may not have a time conflict.
SAP FI Posting period variant is used to maintain accounting periods that are open for posting and all closed period are balanced. This is used for opening and closing period in fiscal year for posting purpose. Field status variant will have filed status groups.
It is 2 digit numerical key. Document type key is used to distinguish between different business transactions and to classify accounting documents. Document types key is used to determine number range for documents and account types like-asset, material, vendor, etc. This allows to review the document later reviewed by higher authority Personnel who has appropriate posting amount authorization. It is also an integral part of sales management. All postings in Accounts Receivable are also recorded directly in the General Ledger.
A company is the organizational unit used in the legal consolidation module to roll up financial statements of several company codes. The Company Code is the smallest organizational unit for which a complete self-contained set of accounts can be drawn up for purposes of external reporting. A controlling area may include one or more company codes which must use the same operative chart of accounts as the controlling area.
A Controlling Area can contain multiple company code assignments but a single company code can be assigned to only one controlling area. There are loads of tables that get copied over when copying company codes. This might be incomplete in a manual copy, and hence the manual route is not advisable. You can block a customer account in AR so that postings are no longer made to that account. You have to block a customer account before marking a customer master record for deletion.
You would also block a customer that you use only as an alternative dunning recipient, so that nobody can post to that customer by mistake. You can also reverse an incorrect document and can also clear the open items. These are used in consumer good industry. All returns are related to quality defects and not incorrect deliveries.
The path that the returned merchandise takes often has to be tracked in detail. Returned item has to be sent for inspection. These partial payments are posted as separate open items. Customer can see clearly what all invoice has been issued to customer and what payments he has made.
There is a customer with an outstanding amount of and makes a payment of as partial payment then there will two separate open items of Debit and Credit in FI system and there will be no clearing document is created. If a payment is made to incorrect invoices then it can be reset. All invoices and deliveries are managed as per vendor requests. Payables are managed as per payment program and all payments can be made using checks, transfer, electronic transfers, etc.
All the postings that are made in Account Payable are also updated in General Ledger simultaneously and system also maintains forecasts and standard reports that can be used to keep track of all the open items. When you change a master record, the system logs these changes and generates change documents.
For each field, it stores the time of change, the name of the user, and the previous field contents. Purchasing block for certain purchasing organizations or for all purchasing organizations. This is of course only if you have purchased and installed the purchasing application component. Partial payment from vendor will be open as open item and no clearing document will be generated. Automatic Payment Program serves the purpose of posting accounts payable like payment to a vendor based on vendor invoices automatically, shortly termed as APP.
You close one or more posting periods in the past for posting, and permit posting to be made to one or more current or future posting periods. The dunning system enables to trace liable customers who have not paid their open invoices within a given time span. It enables you to handle the process from, for example, sending a reminder to customers of their outstanding payments through to referring such customers to collections agencies.
Exchange Rates are used to define relationship between two currencies and also to maintain exchange rates are used to translate an amount into another currency. To translate amounts posted or cleared in foreign currency, or to check a manually entered exchange rate during posting or clearing.
To valuate open items in foreign currency and foreign currency balance sheet accounts as part of the closing operations. In data selection, the invoicing orders are selected for the invoicing process.
You define the selection criteria for the data selection for the invoicing process. The invoicing orders selected are grouped into invoicing units for each contract account. You can create several invoicing units for each contract account. For each invoicing unit, "Invoicing in Contract Accounts Receivable and Payable" creates one invoicing document. The billing documents selected for an invoicing unit are included in the invoicing document. The billing document items are linked with the items of the invoicing document, and the derivations required for the posting in "Contract Accounts Receivable and Payable" FI-CA are performed.
For example, interest calculation, creation of dunning proposals, or the calculation of charges and discounts.
You define which additional functions are performed for each invoicing process. Using the account maintenance integrated in "Invoicing in Contract Accounts Receivable and Payable" , you can perform clearing between the posting documents entered in Invoicing and the open items of the contract account posted before invoicing. You define the criteria for clearing in the clearing control.
The invoicing document created for the invoicing unit and the posting documents are written to the database. The invoicing orders processed are deleted. As well as the invoicing unit, a correspondence container for invoice printing and an extraction order for the update to BW are created.
In Financial Accounting, it serves as a subsidiary ledger to the General Ledger, providing detailed information on transactions involving fixed assets. A Cost center is defined as a component in an organization that adds to the cost and indirectly adds to profit if the organization. Examples include Marketing and Customer Service. A company can classify business unit as profit center, cost center or an investment center.
The simple and straight forward division in an organization can be classified as cost center as cost is easy to measure. When you dividing your company into profit centers, it allows you to delegate responsibility to decentralized units and allows you to treat as separate companies in a company. The main aim of creating a Profit Center in Controlling is to analyze the cost of a product line or a business unit.
You can also generate profit and loss accounts according to Profit Center and also generate balance sheets however Profit center should only be used for internal reporting purposes.
The key components of a profit center includes - name of the profit center, the controlling area under which it is assigned, time period, person responsible for the profit center, standard hierarchy, etc. It is also used for profitability and management accounting for production. The goal of cost center planning is to plan total dollars and quantities in each Cost Center in a Plant. It is used to group the costs and revenues as per the value fields.
It is used to ensure that you access at all times to a complete, short-term profitability report. It is used to provide you with a profitability report that is permanently reconciled with financial accounting. It is mainly used for getting information related to sales, marketing, product management and corporate planning departments to support internal accounting and decision-making.
It is very important as it handles all the financial transactions data. FICO data can be used to decide on the risk involved in giving the credit to the user. The credit score will decide if the credit can be extended or not. Good hands on knowledge on these concepts will put you ahead in interview. Every where, we can find job opportunities for this position. Wisdomjobs has interview questions which are exclusively designed for employees to assist them in clearing interviews.
What is the difference between company and company code? A company is the organizational unit used in the legal consolidation module to roll up financial statements of several company codes. The Company Code is the smallest organizational! How many chart of accounts can be attached to a company code? One or more Operative Chart of Accounts can be assigned to a company code. A COA must be aasigned to a company code.
There are lot of opportunities from many reputed companies in the world. It is not always necessary that everyone needs to use the FICO in the same manner. Therefore, it needs to be changed as per the requirement. Q3 Why the financial statements are important for any business? Well, it simply enables them to keep an eye on the purposes for which a specific amount was send including all its information.
It is used to store the financial data of an organization. SAP FI helps to analyze the financial condition of a company in the market. SAP Financials accounting module enables you to manage financial accounting data within an international framework of multiple companies, currencies, and languages. A General Ledger contains all the transaction details of a company. It acts as primary record to maintain all accounting details.
It is the software that stores data, and also computes them and retrieves the result based on the current marketing scenario. In order to determine the transaction type which is entered in the line item, a two digit numerical is used known as 'Posting Key' Posting key determines a Account Types b Types of posting. To generate financial statements like Profit and Loss statement, Balance sheets etc. You can have one Chart of Account for one company code which is assigned. There are three currencies that can be configured for a Company code, one is a local currency and two are the parallel currencies.
SAP is divided into several posting period, in a typical fiscal year, with a definite start and end date and the same is defined specifically for each of these periods. Only when the posting periods are in place that's when in the system any document posting. Generally, there are 12 posting periods. Each posting period comprises of a month and a year. SAP permits the defining of a maximum of four more posting periods, which are referred to "Special Periods" , as these are utilized for year-end closing activities. All of this is made possible by dividing the last posting period into more than one, but a maximum of four, period.
The main goal of this SAP fico interview questions are provide readers with a good knowledge base, to those new to SAP Finance Accounting and SAP controlling and to sharpen the skills to experienced consultants for job change. FICO module is the backbone of SAP which records, collects and process all the financial transactions of an organization on real time basis and provides the required details for internal and external reporting. What are the data will be copied to a new company code when you create a company code using copy as function? All the master data of company code will be copied to the new company code except transactional data. What is Retained earning account?
Business operations need smooth management of data and implement control over data. To head the financial operations with the highest pay performance is the key factor. There is a parcel of chances from many presumed organizations on the planet. It is a crucial tool that helps in preparing the financial statements, tax statements, and accounting of an organization. It also serves a primary software to manage the data and generate the results on the basis of the current marketing trends. In short, it is a significant tool who wants to manage their day-to-day transactions.
Единственной проблемой оставался Хейл. Чатрукьян посмотрел на комнату Третьего узла - не следит ли за ним криптограф.
- Я только что говорила с Джаббой. Он сказал, что в прошлом году сам установил переключатель. Личный помощник директора отказывался верить ее словам. - Никогда не слышал об. - Никто не слышал.
Похож на китайца. Японец, подумал Беккер. - Бедняга. Сердечный приступ. Беккер безучастно кивнул: - Так мне сказали.
Я не убивал его! - Крик Хейла перекрыл вой сирены.
Мотоцикл начал подниматься по склону. Колеса неистово вращались на рыхлой земле. Маломощный двигатель отчаянно выл, стараясь одолеть подъем. Беккер выжал из него все, что мог, и отчаянно боялся, что мотоцикл заглохнет в любую минуту. Нельзя было даже оглянуться: такси остановится в любой момент и снова начнется стрельба.
Беру свои слова обратно. - Ему не стоило напоминать о поразительной способности Мидж Милкен предчувствовать беду. - Мидж, - взмолился он, - я знаю, что ты терпеть не можешь Стратмора, но… - Это не имеет никакого значения! - вспылила .