Based on the data and our experience we are bringing you some of the frequently asked questions in sap fico that you will be asked in every interview. We have also added FI interview question series in our blog. Request your to read these frequently asked questions in sap fico and give your feedback and suggestions.
If you want your payment term to be defaulted in FI transaction and MM transactions then what are the settings that you need to do?
Payment terms assigned in accounting view of the vendor master will be defaulted if you do a FI transactions and payment terms assigned to purchase view of vendor master will be defaulted if the transaction originates from MM Module.
Can you explain the process from Goods receipt to Invoice verification?
With reference to a purchase order the goods receipt is posted with following entries;
Inventory A/c Dr
To GR/IR A/c
Where inventory a/c is a stock account and GR/IR A/c is a provision account which provides for the liability for the purchase.
When the invoice verification happens the system does the verification with reference to the the goods receipt and passes the following entry;
GR/IR A/c Dr
To Vendor A/c
With the second entry passed, GR/IR Account gets nullified if both amount matches for the goods receipt.
What is tolerance limit and what is the difference between GL tolerance and Vendor/Customer Tolerance configuration?
Whether the depreciation of a asset will automatically get calculated if you change the depreciation rate in depreciation key due to legal requirements?
NO, it will not be calculated automatically. We need to run the recalculation program of planned depreciation.
Can you take me through FI-MM Integration in detail?
FI-MM Integrations are done through transaction code OBYC. There are SAP Transaction types that are defined and available in OBYC for assignment of GL Accounts. These Transaction types are mapped to movement type through which Sap recognizes the type of account it need to post. For each of the transactions in OBYC you assign the General Ledger A/cs they you specifically defined for postings.
Most Important Keys that are to be assigned with GL a/cs in OBYC are;
BSX: For Inventory Posting Debit
GBB: For Goods issue
PRD: Stands for Price Difference
What is valuation class and how it’s linked to FI-MM Integration?
Valuation class can be found in Material master Accounting View which is linked to the transaction types that is in OBYC transaction code for FI-MM Integration.
Valuation Class is group of similar properties material for example: raw material, finished goods
In combination of valuation class and transaction type General ledger accounts are picked up by system in SAP.
What is the process of initial stock uploading in SAP?
Movement type 561 is used for initial uploading of stock into the SAP system. The entry that is passed while uploading the stocks from legacy system to SAP system is;
Inventory A/c Dr.
Inventory Historical Upload Account
How the FI-SD integration works?
There are combinations available in SAP for determination of a revenue account;
- Customer A/c Assignment Group/Material Account Assignment Group /Account Type
- Material A/c Assignment Group / Account Type
- Customer A/c Assignment Group / Account Type
For each of this option GL Account is defined and accordingly when system find the GL Account in combination of above, it picks up the Account and the transactions are posted into it.
What is the difference between Primary Cost Element and Secondary Cost Element?
Primary Cost Elements are created to match the General ledger accounts of the profit and loss account in FI. Each FI general ledger account created as a profit and loss account is also created as a primary cost element in SAP Co Module.
Secondary Cost Elements are created in controlling module and have no relation with the general ledger accounts. It’s created in controlling module for internal assignment of data with the module. Posting to these accounts does not have any impact on financial statements.
How cost center accounting is related to profit center account?
In cost center master we have a field of assigning profit center so that when we post any transaction to a cost center it automatically picked up into the profit center.