We have started posting possible SAP FI interview questions. Here is the first set of questions that will be very helpful for your interview preparation.
What is posting key and how it is used in SAP FI?
Posting key is used in SAP to let the system know whether a transaction is Debit entry or Credit entry. It also maintains field status at that level. By default certain standard posting keys are been delivered by SAP. If you want to have a new posting key then either you can copy and rename it for your use or you can create one brand new. Our suggestion will be to copy and change it accordingly so that the default linkage will be intact.
What is a reconciliation ledger?
Reconciliation ledgers are created in general ledger module to have automatic posting from sub ledgers like accounts payable, accounts receivable and asset accounting. When user post a transaction to any of these sub ledgers then system automatically post the data to related reconciliation account in combination of the master data used in sub ledgers. These reconciliation accounts are can not be used for direct posting. The totals of the sub ledger should always tally with the totals of reconciliation accounts.
What is the difference between residual payment and part payment?
In residual payments, system will clear the original invoice and creates a new open line item for the differential amount (i.e. the difference between the original amount and the entered residual amount).
In part payment, system will create new line items for the transactions without touching the original invoice amount. As such both the partial payment items and the original invoice amounts will be kept as open items.
Difference between external number range and internal number range
In SAP we have options for external or internal number range. You have to select either of this. If you select internal number range then system will automatically generate the number range for each and every transaction entered in SAP. For each and every subsequent transactions system will allot the next progressive number. The benefit of this is there is no manual intervention and as such it is a very good tool for tracking the transactions.
In the external number range the user has to assign a number. The user generally does not enter numbers serially as a result the documents are not serially numbered. This is risky as there is a manual intervention.
What is IDES?
IDES stands for International Demonstration and Education System. It helps different user and consultants of sap to provide faster learning and helps in implementation.
You will find most of companies are in sap as IDES. They are configured for your reference.
What are sap FI sub modules?
SAP FI module has following sub modules;
- General Ledger Accounting
- Accounts Payable
- Accounts Receivable
- Special ledger
- Asset Accounting
General ledger accounting records all the transactional posting in financial accounting. Posting to sub ledgers is also getting posted to general ledger accounting. From this sub module financial statement version is connected and data are picked up from here.
Accounts Payable is a sub module which records data related to vendor. You can see all the transactional posting here related to vendor. Line item display and other vendor related data can be displayed by using this sub module. Accounts payable is highly integrated with general ledger accounting. Summarized forms of data are transferred from accounts payable to general ledger accounting.
Accounts receivable is a sub module which record data related to customer. like accounts payable this sub module is also used for holding transactional data related to customer and transferred summarized form of data to general ledger accounting.
Special ledger takes care of special reporting requirements of a company.
Asset Accounting is used to record all asset related transactions. Both tangible and intangible assets are recorded and summarized form is transferred to general ledger accounting.