SAP FICO Interview Questions Part 5

SAP FICO Interview Questions Part 5

What is field status variant and how it’s handled in sap?

Field status variant is created to handle filed status group which are assigned to a general ledger account master. Once you create a field status variant in sap, by default you will have field status group in it for use in general ledger master. SAP provides default field status group for assignment to general ledger account master. We use transaction code FS00 to create a general ledger account master in sap.

Field status groups are also used in customer master, vendor master and posting keys. But we do not create a field status variant for it. In all these cases filed status groups are either managed from there respective group or from a screen lay out screen.

We create field status variant only for general ledger master data creation. We can change the fields within a field status group to make it a mandatory, optional entry, display or suppress entry in transaction posting. Based on the requirements it’s used in different account. For expenses account we use field status group cost center where cost center filed has been set as mandatory entry (as we need to have a cost center for expenses account). 

How open item management works in sap?

Open item management in sap means that the transaction entered will not be cleared unless it is cleared manually or automatically by another open item. We maintain open item for all clearing accounts like gr/ir clearing account, customer gl account, vendor gl account etc.

All open item managed accounts are to be maintained as line item display in gl master.

What is the accounting entry generated when WE receive goods in MM module?

When you receive goods in MM module gr/ir account is credited and stock/raw material account is debited based on the setting that you have done in transaction OBYC. GR/IR Account is a reconciliation account which gets cleared when we do invoice payment posting to the vendor.

What is accounting document created at the time of purchase order creation?

At the time of purchase order creation no accounting entry is generated as there is no financial impact at that point of time. Accounting entry is generated when we receive goods for the purchase order and payment made for the purchase order.

What are the types of currency we use in sap and what is the difference between local and group currency?

Following local currencies are used in sap;

  • Local Currency
  • Group Currency
  • Hard Currency
  • Index Based Currency
  • Global Company Currency

Local currency is the same as our company code currency. Any transaction entered in with a foreign currency will be translated to local currency. Financial statements are generated in local currency.

Group currency is used for consolidation purpose. Local currency figures are converted to group currency and presented in group report.

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