- Where is a account group and where all is it used? …
- What is a field status group? …
- What is the purpose of a “Document Type” in SAP? …
- What is a Financial Statement Version? …
- How can Input and Output taxes taken care in SAP? …
- What are Validations and Substitutions?
sap fico general ledger interview questions and answers
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.
b) Types of accounts that can be posted are controlled by it, e.g Assets, Vendor, Customer, Normal GL account
‘Field status groups’ control the fields which come up when the user does the transactions. In FIGL (Financial General Ledger) master, the field status group is stored.
To track the cost, internal orders are used; they are proposed to be incurred over on a short term basis.
In order to determine the transaction type which is entered in the line item, a two digit numerical is used known as ‘Posting Key’
Q6. Give Some Examples Of Gl Accounts That Should Be Posted Automatically Through The System And How Is This Defined In The System?
Click on parameter tab. Enter the parameter ID code and enter the value you require to default. Save the user Settings.
Yes it is possible to default for certain fields where a parameter id is present. Go to the input field to which you want to make defaults. Press F1, and then click Technical info button, This opens a window that displays the corresponding parameter ID(if one has been allocated to the field) in the field data section. Enter this parameter ID using following path on SAP
Q12. Which Is The Default Exchange Rate Type Which Is Picked Up For All Sap Transactions?
All the above three are shown as ‘radio buttons’ against each of the fields in the screen layout, and you should select any one to set the status to that field; by default all the fields are ‘suppressed.’
Enterprise Structure
What are the various organizational assignments to a company code?
Company Code is a legal entity for which financial statements like Profit and Loss and Balance Sheets are generated. Plants, Purchasing organization and Sales organization is assigned to the company code.
What is the relation between a Controlling Areas and a Company code?
A Controlling area can have the following 2 type of relationship with a Company code.
This means that one single controlling area can be assigned to several different company codes. Controlling can have a one is to one relationship or a one is to many relationships with different company codes.
Controlling Area is the umbrella under which all controlling activities of Cost Center Accounting, Product Costing, Profit Center Accounting and Profitability Analysis (CO-PA) are stored.
How many Chart of Accounts can a Company code have?
A single Company code can have only one Chart of Account assigned to it. The Chart of Accounts is nothing but the list of General Ledger Accounts.
What are the options in SAP when it comes to Fiscal years?
Fiscal year is a time used to prepare the financial statements in organizations. Based on the business needs some organizations have fiscal years which start from Jan to Dec and some Apr to Mar etc.
In SAP the fiscal year is assigned as a variant. Posting periods can further be defined in each fiscal year variant. SAP allows a maximum of 16 posting periods in each fiscal year. It consists of 12 regular posting periods and 4 special periods which can be used for audit or tax adjustments to already closed periods. One fiscal year variant can be assigned to multiple company codes.
SAP Fiscal Year Variant: SAP Fiscal Year Variant Configuration
How does posting happen in MM (Materials Management) during special periods?
There is no posting which happens from MM in special periods. Special periods are only applicable for the FI module. They are required for making any additional posting such as closing entries, provisions etc. which happen during quarter end or year end.
How many currencies can be configured for a company code?
A company code can have 3 currencies in total. One which is called the local
currency (i.e., company code currency) and 2 parallel currencies can be configured. However, in SAP 4/HANA we can configure up to currencies in a company code. Thus, company code P/L and Balance sheet can be reported in up to currencies. SAP S4/HANA Finance Training
FI-GL
Give some examples of GL accounts that should be posted automatically through the system and how are they defined in the system.
Stock and Consumption accounts are instances of GL accounts that should be automatically posted to. In the GL account master record, a check box exists wherein the automatic posting option is selected called “Post Automatically Only”
What is an Account group and where all is it used?
An Account group controls the data that needs to be entered at the time of creation of a master record. Account groups exist for the definition of a GL account, Vendor and Customer master. It basically controls the fields which pop up during master data creation.
What is a field status group?
Field status groups control the fields which come up when the user does the transactions. The options available are one can have the fields only for display or one can suppress it or make it mandatory. So there are three options. The field status group is stored in the FI GL Master
What is the purpose of a “Document type” in SAP?
A Document type is specified at the Header level during transaction entry and serves the following purposes:
SAP Document Type Tutorial: SAP Document Type
What is a Financial Statement Version?
An FSV (Financial Statement Version) is a reporting tool and is used to show the manner in which the final accounts like Profit and Loss Account and Balance Sheet needs to be extracted from SAP. It is freely definable and multiple FSV’s can be defined for generating the output for various external agencies like Banks and other Statutory authorities.
What are Validations and Substitutions ?
Validations/Substitutions in SAP are defined for each functional area e.g. Assets, Controlling etc. at the following levels
These need to be specifically activated and setting them up are complex and done only when it is really needed. SAP Validation & Substitution Tutorial
Is it possible to maintain plant wise different GL codes?
The valuation group code should be activated. The valuation grouping code is maintained per plant and is configured in the MM module. Account codes should be maintained per valuation grouping code after doing this configuration. SAP FI-MM Integration Tutorial
Is Business area at company code Level?
No. Business area is at client level. Which means other company codes can also post to the same business area.
Which is the default exchange rate type which is picked up for all SAP transactions?
The default exchange rate type picked up for all SAP transactions is M (average rate). SAP Foreign Currency Valuation Tutorial
Is it possible to configure the system to pick up a different exchange rate type for a particular transaction?
Yes, it is possible. In the document type definition of GL, you need to attach a different exchange rate type.
Transaction Code: OBA7
What are the Customizing prerequisites for document clearing?
Account must be managed on the open item management. This tick is there in the General Ledger Master Record called Open Item Management. It helps you to manage your accounts in terms of cleared and uncleared items. A typical example would be GR/IR Account in SAP (Goods Received/Invoice Received Account)
Explain the importance of the GR/IR clearing account.
GR/IR is an interim account. In legacy system if the goods are received and the invoice is not received the provision is made, in SAP at the Goods receipt It passes the accounting entry debiting the Inventory and crediting the GR/IR Account. Subsequently when an invoice is received this GR/IR account is debited and the Vendor account is credited. That way till the time the invoice is not received the GR/IR is shown as uncleared items.
How many numbers of line items in one single entry you can have?
No of line items in one document you can accommodate is 999 lines.
In Assignment Field in the Document, you get some reference, which comes from where?
This is based on Sort key entered in the master. SAP Transaction code for GL master: FS00
FAQ
What is the new GL concept in SAP?
What are the types of GL accounts in SAP?
