SAP FICO Interview Questions and Answers Pdf

SAP Finance and Controlling (FICO) is the most broadly adopted SAP modules. SAP FICO module comprises SAP FI configuration, SAP CO configuration, SAP FI user and SAP CO user. Anyone seeing ahead of starting their profession as an SAP FICO consultant requires building a solid foundation including whole those features of SAP FI and CO module in Sap Training.

Certain SAP FICO online training Interview Questions have been composed especially to prepare you familiarized with the kind of questions you may face while your interview for the topic of SAP FICO. 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.

Top 30 SAP FICO Interview Questions And Answers Pdf

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. Locating the best accounting experts to work with your current SAP FICO system is important to keep your company operating easily SAP FICO Job Support Online. SAP has 6 fields in the center for FICO professionals, however, you can restrict your questioning to the best four to load maximum positions with SAP FICO Interview Questions and Answers.

1. What Is The Report Painter? 
Answer: The report painter is a pre-delivered SAP reporting tool for the controlling module. It allows SAP reports to be quickly created, typically actual versus plan analysis for cost elements, internal orders and cost centers.

2. Can Posting Period Variant Be Assigned To More Than 1 Company Code?
Answer: Yes. Posting period variant can be assigned to more than one company code.

3. Where Do You Attach The Check Payment Form?
Answer: It is attached to the payment method per company code.

4. Which Is The Payment Term Which Actually Gets Defaulted When The Transaction Is Posted For The Customer (accounting View Or The Sales View)?
Answer: The payment term in the accounting view of the customer master comes into picture if the transaction originates from the FI module. If an FI invoice is posted (FB70) to the customer, then the payment terms default from the accounting view of the customer master. The payment term in the sales view of the customer master comes into picture if the transaction originates from the SD module. A sales order is created in the SD module. The payment terms default in the sales order from the sales view of the customer master. (SVR Online Training)

5. Where Are Payment Terms For Vendor Master Maintained?
Answer: Payment terms for Vendor master can be maintained at two places i.e. in the accounting view and the purchasing view.

6. Can We Change The Reconciliation Account In The Vendor Master?
Answer: Yes. Reconciliation account can be changed in the vendor master provided that the authority to change has been configured. Normally we should not change the reconciliation account.

7. What Is The Impact On The Old Balance When The Reconciliation Account In The Vendor Master Is Changed?
Answer: Any change you make to the reconciliation account is prospective and not retrospective. The old items and balances do not reflect the new account only the new transactions reflect the account.

8. There Is An Advance Given By The Customer Which Lies In A Special Gl Account Indicator A. Will This Advance Amount Be Considered For Credit Check?
Answer: It depends on the configuration setting in the special GL indicator A. If the “Relevant to credit limit” indicator is switched on in the Special GL indicator A the advances will be relevant for a credit check, otherwise it will not be relevant.

9. In Payment Term Configuration What Are The Options Available For Setting A Default Baseline Date?

There are 4 options available:

  • No default
  • Posting date
  • Document date
  • Entry date

10. What Is Generally Configured In The Payment Term As A Default For Baseline Date?
Answer: Generally the document date is configured in the payment term as a default for the baseline date.

11. How Is Bank Reconciliation Handled In Sap?

The bank repo typically follows the below procedure:

first, the payment made to a Vendor is posted to an interim bank clearing account. Subsequently, while performing reconciliation, an entry is posted to the Main Bank account. You can do bank reconciliation either manually or electronically.

12. How Do You Configure Check Deposit?

The following are the steps for configuring check deposit:

  • Step 1: Create account symbols for the main bank and incoming check account.
  • Step 2: Assign accounts to account symbols.
  • Step 3: Create keys for posting rules.
  • Step 4: Define posting rules.
  • Step 5: Create business transactions and assign posting rule.
  • Step 6: Define variant for check deposit.

13. What Is The Clearing Basis For Check Deposit?
Answer: In the variant for check deposit we need to set up the following

  • fields document number ( which is the invoice number)
  • amount
  • Short description of the customer
  • The document number and the invoice amount acts as the clearing basis.

14. How Do You Configure Manual Bank Statement?
Answer: The following are the steps for configuring manual bank statement:-

  • Step 1: Create account symbols for the main bank and the sub-accounts.
  • Step 2: Assign accounts to account symbols.
  • Step 3: Create keys for posting rules.
  • Step 4: Define posting rules.
  • Step 5: Create a business transaction and assign posting rule.
  • Step 6: Define variant for Manual Bank statement.

15. How Do You Configure Electronic Bank Statement?
Answer: The steps for Electronic Bank Statement are the same except for a couple of more additional steps which you will see down below.

  • Step 1: Create account symbols for the main bank and the sub-accounts.
  • Step 2: Assign accounts to account symbols.
  • Step 3: Create keys for posting rules.
  • Step 4: Define posting rules.
  • Step 5: Create a transaction type.
  • Step 6: Assign external transaction type to posting rules.
  • Step 7: Assign Bank accounts to Transaction types.

16. What Are The Organizational Assignments In Asset Accounting?
Answer: Chart of depreciation is the highest node in Asset Accounting and this is assigned to the company code. Under the Chart of depreciation, all the depreciation calculations are stored.

17. How Can You Link Customer And Vendor Master Records And What Is The Purpose Of Doing So?
Answer: On the customer master there is a field “vendor” and likewise on the vendor master there is a field “customer”. By entering these master data numbers, a link can be created between the AP/AR sub-ledgers for use in the payment program, dunning routine and the clearing of open items.

For example in the payment program, if a specific business partner is your vendor but also your customer, linking their master records together will allow the open AR invoices to be offset against the outstanding AP invoices.

18. What Are Terms Of Payments And Where Are They Stored?
Answer: Payment terms are formulated in configuration and resolve the payment scheduled date for client/vendor invoices.

They are saved on the client/vendor master document and are stretched done onto the client/ vendor inventory postings. The scheduled date obtained via the payment can be modified on the individual bill if needed.

19. What Is Meant By A “baseline Date” In Sap Ar And Ap?
Answer: The baseline date is the date from which the payment terms (specified in IMG transaction OBB) apply Usually this is the document date on the invoice but can also be the date of entry or posting date from the ledger.

20. What Are One-time Vendors?
Answer: In certain industries (especially where there is a high volume of cash transactions), it is not practical to create new master records for every vendor trading partner.

One-time vendors allow for a dummy vendor code to be used on invoice entry and the information which is normally stored in the vendor master (payment terms, address etc), is keyed on the invoice itself.

21. Name The Standard Stages Of The Sap Payment Run?
Answer: The subsequent actions are regularly delivered throughout the pay sequence
Accessing parameters (company codes, payment systems, vendor accounts, etc.).

Proposal Scheduling – the system suggests a list of bills be repaid.
Payment booking – the booking of the genuine amounts into the record.

Printing of payment schemes (cheques etc.).
Modifications on the above may be seen in many SAP clients, but the interviewer will be viewing the basic steps earlier.

22. Explain Briefly How You Can Import Electronic Bank Statements Into Sap?
Answer: A document file is collected from the bank which is later uploaded to the SAP policy. The file comprises features of the company’s bank tendencies e.g. cheques, bank interest, bank charges, cash receipts, etc. Depending on the mode configuration SAP will try to book these transactions automatically to the right accounts to bypass the need for standard approaches by SAP users.

23. What Is “dunning” In Sap?
Answer: Dunning is the process by which payment chasing letters are issued to customers. SAP can determine which customers should receive the letters and for which overdue items. Different letters can be printed in SAP depending on how far overdue the payment is from a simple reminder to a legal letter. The dunning level on the customer master indicates which letter has been issued to the customer.

24. What Are “reason Codes” Used For In The Accounts Receivable Module And What Are The Factors To Be Considered In Their Configuration?
Answer: Reason codes are tags which can be assigned to explain under/overpayments during the allocation of incoming customer payments. They should not be confused with ‘void reason codes’ used when outgoing checks are generated.

  • During configuration the following are determined
  • Whether the items booked with these reason codes are to be flagged as disputed items for the purposes of credit management (disputed items do not increase customer credit exposure.
  • The type of correspondence (if any) to be generated for this reason code as a result of the under/overpayment.
  • Whether a separate line item should be created to charge off the payment differences to a separate G/L account.

25. What Are Exchange Rate “factors”?
Answer: Exchange Rate factors are the relationships between one currency and another to which an exchange rate is applied.

For example, you may define the Indonesia Rupiah to US$ factor as 10000: 1.
Combined with an exchange rate of 0.95 this would equate to 9500 IDR to 1 USD.

26. What Is Document Parking And Why Is It Important When Consideration Internal Control Procedures And “segregation Of Duties”?
Answer: Parking is an SAP term which means a posting (AP/AR/GL) can be temporarily saved (possibly with incomplete information) without hitting the affected ledger(s). A separate person can then release the posting to the ledger when required.

This is useful for example if junior staff are to initially enter the invoices before their supervisor checks it and books it to the ledger.

Another popular use is when entering GL journals with many hundreds of line items. The document can be part saved allowing for completion at a later date.

27. Explain The Document Currency (wrbtr) And Local Currency Fields (debt) When Posting A Document In Sap Fi?
Answer: On the document header, the currency key is entered. If this is different from the entity currency (or local currency), an equivalent amount in local currency is calculated automatically by the system and stored in the field “local currency”. It is possible however to overwrite the system proposed value in this field manually.

If the local amount is manually overwritten, and the difference between the implied exchange rate is sufficiently different to the rate used by the system, a warning or error message is displayed (depending on system configuration).

28. What Are Fi Substitution Rules?
Answer: Defined in the configuration they are similar to the FI validation rules above. Substitution rules allow field values to be replaced when certain pre-requisites conditions are met.

29. During Document Postings, Under What Circumstances Would Sap Display The Following Warning / Error Message: “calculated Rate Deviates From Document Header Rate By X%”?
Answer: This occurs when the exchange rate in the document header (either entered by the user or derived from the exchange rate table) differs by a larger amount than that specified as the maximum tolerance. (The message can be changed to be either an error or a warning).

30. When Entering Foreign Currency Fi Transactions Describe The Various Ways In Which The Exchange Rate Is Derived By Sap?

The exchange rate can be entered via either:

  • Directly on the document header.
  • Derived from the exchange rate table (by leaving the exchange rate blank).
  • Indirectly, by entering the explicit local currency amount so the system is forced to use a specific exchange rate.

Note: Browse latest  Fico interview questions and Fico tutorial. Here you can check  Fico Online Training details and  Fico Videos for self learning. Contact +91 988 502 2027 for more information.

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