File Name: sap fico new gl interview questions and answers .zip
Stock and Consumption accounts are instances of GL accounts that should be automatically posted to. An account group controls the data that needs to be entered at the time of creation of a master record. Account groups exists for the definition of a GL account, Vendor and Customer master.
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.
Fiscal year in SAP is the way financial data is stored in the system. In SAP, you have 12 periods and four special periods. SAP system does not know what is broken fiscal year e. This shift in the year is known as 'year shift'. In a year dependent fiscal year variant, the number of days in a month is not as per the calendar month.
For example, in year , month January end on 29 th , month Feb ends on 26 th etc. For each country tax procedure is defined, and tax codes are defined within this. There is a flexibility to either expense out the Tax amounts or capitalise the same to stocks. The multiple FSV's can be used for generating the output of various external agencies like Banks and other statutory authorities.
It does the recording of all business transactions incorporated with all other operational areas in a software system and also ensures that the Accounting data is always complete and accurate.
The problem faced when a business area is configured, is splitting of account balance which is more pertinent in the case of tax accounts. The customizing pre-requisite for document clearing is to check the items cleared and uncleared, and this is done by open item management.
Open item management manages your outstanding account, i. For instance, an invoice item that has not yet been paid is recorded as open account until it is paid. In the legacy system, if the goods are received and the invoice is not received, the provision is made, in SAP at the goods receipt. Each company code can have two additional currencies, in addition to the company code, currency entered to the company code data. The currency entered in the company code creation is called local currency and the other two additional currencies are called parallel currencies.
Parallel Currencies can be used in foreign business transactions. In order to do international transaction, parallel currency can be used. To track the cost, internal orders are used; they are proposed to be incurred over on a short term basis. Yes, it is possible to calculate depreciation, to do that you have to switch on the indicator Dep. In Asset Accounting, chart of depreciation is rated as the highest node, and this is assigned to the company node.
All the depreciation calculations are stored under the chart of depreciation. What asset classes are there? The asset class is the main class to classify assets.
Every asset must be assigned to only one asset class. The asset class also contains G1 account, when any asset is procured, G1 account is debited. Whenever you create and asset master, it becomes mandatory to mention the assest class for which you are creating the required assets. So, whenever any asset transaction occurs, the G1 account attached to the asset class is automatically picked up and the entry is passed.
You can also specify the default values for calculating the depreciation values and other master data in each asset class. Depreciation is not charged under 'Capital WIP' usually. The cost incurred on building a capital asset can be booked to an 'internal order' and through the settlement procedures, and can be posted onto an 'Asset Under Construction'.
To immune your company from the risk of bad debts and multiple outstanding receivable, you can set a credit limit for your customer by using credit control area in SAP. With the help of SAP, you can block the deliveries to your customer based on the credit limit and the accounts receivable balance in their account which is maintained by you.
In fiscal year posting period is a period for which the transactions figures are updated. The posting period variants in SAP is accountable to control which Accounting period is open for posting and ensures that the closed periods remain balanced. It controls which field should suppress, display, optional and required. A short-end fiscal year results when you change from a normal fiscal year to a non-calendar fiscal year, or other way around.
This type of change happens when an enterprise becomes part of a new co-corporate group. To control the data that needs to be entered at the time of the creation of a master record an account group is used. The purpose of " Document type" in SAP is a Number range for documents are defined by it b Types of accounts that can be posted are controlled by it, e. Business area is at client level which means other company codes can also be posted to the same business area.
The Vendor and Customer codes are stored at the client level. It means that by extending the company code view any company code can use the customer and vendor code. Tolerance determines whether the payable places matching or tax hold on the invoice. The following are the instances of tolerance can be defined for Logistic Invoice Verification. APP tools help to avoid any mistakes taken place in posting manually. Also, when number of employees is more in the company, payment through APP becomes more feasible.
The due date can be changed on each individual invoice if required. In certain companies, especially the one dealing with high cash transactions, it is not practical to create new master records for every vendor trading partner.
One time vendors allows a dummy vendor code to be used on invoice entry and also the information which is usually stored in the vendor master. The following steps are the standard stages of the SAP payment run a Entering of parameters Vendor Accounts, Company Codes, Payment Methods b Proposal Scheduling — the system proposes the list of invoice paid c Payment booking- the booking of the actual payments in the ledger d Printing of payment forms ,example cheques 44 In Accounts Receivable, what is the difference between the 'Residual Payment' and 'Part Payment' methods of allocating cash?
SAP can determine which customers should receive the letters and for which overdue items. Different letters can be printed in SAP depending on the overdue payment date, with a simple reminder. With the help of dunning level on the customer master, we can know which letter has been issued to the customer. At the end of the year, profit and loss accounts are cleared down to the retained earnings balance sheets account. The field contains an indicator which is linked to a specific GL General Ledger accounts to use in this clear down.
Recurring entries can eliminate the need for the manual posting of Accounting documents which do not change from month to month. For example, an expense document can be generated which can be scheduled for the last days of each month or whenever an individual wants it.
Usually multiple recurring entries are created at one go and then processed all together as a batch month end using transaction. Value fields are number or value related fields in profitability analysis such as quantity, sales revenue, discount value etc. Statistical internal orders are dummy cost objects used for reporting and analysis purposes. It must be posted to in conjunction with a real object such as a cost center. You can use internal orders for a Overhead Orders: It monitors internal jobs settled to cost centres b Investment Orders: It monitors internal jobs settled to fixed assets c Accrual Orders: Offsetting posting of accrued costs calculated in CO d Orders with Revenue: It display the cost controlling parts of Sales and Distribution, it does not affect the core business of the company.
What are the primary functions of Sales and Distribution? SAP SD handles Mostly people use MIGO as it's Home Testing. Must Learn! Big Data. Live Projects. Substituting Reason is a process that controls, how the system performs product selection
Since through our expertise great interviewers simply intend to ask any critical question during your interview, commonly questions begin with some fundamental concept of the subject and next they proceed based on the distant analysis and SAP FICO Training Videos. Financial accounting and regulating are essential business fields, building a framework for every additional business enterprise. Tracing benefits, outgo and cash flow enable administration experts to give significant preparation choices concerning destiny. What Are Fi Validation Rules? Answer : Validation rules configured via transaction OB28 enforce certain conditions when FI postings are made. Answer : There are two screens which have to be maintained for each new GL account.
Sap Fi GL is the general ledger accounts. The GL is the group of accounts that a business users open to have operations in financial sectors and finally to prepare the reports on monthly, quarterly basis. Each account is set of asset, liability, revenue, equity and expenses. One should have good knowledge on working on General ledger. Sap Fi GL offers many other certifications in various industries. Good number of positions is available for the candidates. Good knowledge on Sap Fi GL will boost your confidence.
8. 7) Which transaction code is used to create a customer master data? 9. 8) Which transaction is used in new general ledger account? 9).
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.
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.
SAP FICO is a software that takes in and computes the information that has been loaded, and in turn, offers the needed results in line with the marketing situation. SAP FI is the part of the software that deals with the accounting of the business while SAP CO deals with all the individual sheets and segments that contribute to the final account. Basically what it does is that it records all of the business and financial transactions of the company and merges them with the other functional segments in the software, thus creating a complete and overall record of the transactions done by the company.
The FI standard functions and reports are available for all parallel ledgers. Many standard reports can evaluate the information from the user-defined fields.
ECC 6. Activate the New General Ledger Accounting by a single click on the clock icon 2. If you then define your profit centers, you can enter an associated segment in the master record of a profit center.
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