SAP FICO Interview Questions and Answers

 

Best SAP FICO Interview Questions and Answers

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Q1) What do you know about the SAP FICO?

Answer: The term FICO stands for Financial Accounting and Controlling. 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.

Q2) Name down any four submodules in the SAP FI?

Answer:

• Fixed assets
• Management
• General Ledger
• Banks.

Q3) What General Ledger defines in finance accounting?

Answer: General ledgers are basically the records of the financial transactions that took place in an organization. It is the primary records that are necessary to track and manage all other accounting details.

Q4) Describe the organizational elements in the SAP FI?

Answer: The primary organizational elements in the SAP FI are:

• Business area
• Functional area
• Company code
• Chart of account.

Q5) What does role position key play in the SAP FICO?

Answer: The position key is used to determine the type of transaction that took place in an organization and has entered in the line item. Fico professionals often use it to determine the type of entry, debit or credit, and field status.

Q6) Describe the company code in SAP?

Answer: The company is significant when it comes to generating profit and loss statement, balance sheet, etc. As an important aspect of the SAP FICO, company code is used to prepare each financial sheet.Read More SAP FICO Training

Q7) Explain how many charts of accounts can be used under company code?

Answer: Professionals who are using company code to generate financial statement can have only one chart of accounts.

Q8) How many different currencies can be configured under one company code?

Answer: Those who are leveraging company code in the first place can configure three currencies in which one will be local while others can be parallel currencies. However, it is not necessary that users can only 3 currencies, it mainly depends upon the organization.

Q9) What do you understand by dependant fiscal year in SAP?

Answer: When it comes to the business calendar, it is not really necessary to have 30 days working. Depending on the nature of the business, the organization can end the month 2 to 3 days earlier. For instance; if the company wants it can end the month of august on 29th day. The same thing can be implemented in the SAP through dependant fiscal year.

Q10) Describe the “year shift” in the Fico calendar?

Answer: Unlike other accounting software, the Fico doesn’t have the previous broker year and it only revolves around the calendar year. However, it is compulsory that for all the organizations that calendar year is the financial year. Professionals can always add or remove months according to their needs through the process of Year shift.

Q11) How taxes are manged under the SAP FICO?

Answer: One of the most common issue people faces while calculating the tax is slabs are never the same in every country. As every nation has its own taxes that are applicable, it can be difficult to calculate and pay accordingly. the SAP FICO has various tax procedures defined and divided according to different nations. Plus, users can also make changes in them according to their needs. Hence; calculating taxes in the SAP FICO is not an issue.

Q12) What is the role of financial statement version (FSV) in the SAP?

Answer: In the SAP FICO, FSV works as a reporting tool that is used to extract account related files from the SAP such as profit and loss sheet, balance sheet and more. various FSV can be used to extract different accounting records for external agencies.Read More SAP FICO Online Course

Q13) Name down any two methods to make vendor invoice payment?

Answer: Methods that are used to make the vendor invoice payment are: –

• Manual payment where the users go with an output medium like cheque, drafts, etc.
• Automate payment where the amount is directly transferred via wire transfer.

Q14) What is the most common problem faced by users during the configuration of the business area?

Answer: The key problem faced by the users during the configuration is dividing the account balance which is relevant during the case of tax accounts.

Q15) What is the significance of the good receive and invoice receive during in account clearance?

Answer: Good receive and invoice receive are the intern accounts in the SAP FICO. In the general legacy system when the goods are received by the firm but the invoice is not received then the provision will be made in the SAP at goods receipts. When the firm receives the invoice the vendor’s account gets credited at the same time GR/IR account gets debited. During the entire process, the GR/IR account will show the status of un-cleared until the invoice is received.Know More SAP FICO Online Training