SAP FICO QUESTIONS AND ANSWERS FROM TCS,CAPGEMINI,CTS
1.what is sap.
AN: SAP stands for Systems, Applications, and Products in Data Processing. It is a leading global software company that provides enterprise resource planning (ERP) solutions. to help businesses manage and integrate core processes like finance, supply chain, and human resources, improving efficiency and decision-making.” “SAP is like the central nervous system for a business.
2.what is company code.
AN: “A company code in SAP is the smallest organizational unit used for external financial accounting. It represents a legal entity, such as a company or subsidiary, and is used to generate financial statements like the balance sheet and profit and loss account.
3.explain com hierarchy.
AN: In SAP, the company hierarchy typically consists of the following levels:
1-CLIENT
2-COMPANY
3-COMPANY CODE
4-OTHER ORG UNITS:
-CNTRLLING AREA
-BUSINESS AREA
-PLANT
Each level in the company hierarchy has a specific function in SAP.
4.how many chart of accounts we can assign to one com code.cc
AN: ONLY ONE
5.WHAT IS THE T CODE FOR COA.
AN: The T-code for viewing and managing the Chart of Accounts (COA) in SAP FICO is OB13. This transaction code allows users to define and edit the chart of accounts.
6.how many currencies can be configured for 1 com code.
AN: THREE CURRENCIES CAN BE CONFIGURED:
1 COMPANY CODE
2 LOCAL CURRENCY
3 GROUP CURRENCY
7. what is the fiscal year variant.
AN: fiscal year variant defines the companyโs financial year structure, including 12 posting periods (for each month) and special periods for adjustments. It helps align financial reporting periods with the company’s fiscal requirements.”
8. what is the fiscal year varient to India and how to configure.
AN: The common fiscal year variant for India is V3, which runs from April to March. To configure it, you use T-code OB29 to set up the fiscal year variant and then assign it to a company code with T-code OBY6.
9. what are the special periods we have.
AN: special periods are used for year-end adjustments. , there are 4 special periods, numbered 13 to 16, that allow transactions like closing adjustments to be posted after the regular fiscal year has ended.”
10.T CODE FOR FISCAL YEAR VARIENT.
AN: OB29.
11 . what is year shifting fiscal year variant.
AN : “A year-shifting fiscal year variant is used when a companyโs fiscal year doesnโt follow the calendar year. For example, if a companyโs fiscal year runs from April to March, SAP shifts the months so that April becomes Month 1 and March becomes Month 12.
12 . t code for fiscal year variant .
AN : The T-code for defining and managing the fiscal year variant in SAP is OB29. This code allows you to create or adjust fiscal year variants and assign them to specific company codes.”
13. what is dependent year fiscal year variant.
AN : A dependent fiscal year variant is aligned with the calendar year.it means the months and periods can match exactly โโeg; jan is period 1 and dec is 12โโ. It is used when companys fiscal year follows the standard calender.so no adjustments are needed.
14. what are the sub modules in fico.
AN: “In SAP FICO, the main sub-modules are:
- FI (Financial Accounting), which includes:
- General Ledger (G/L) for overall financial records.
- Accounts Payable (AP) to manage vendor transactions.
- Accounts Receivable (AR) for customer transactions.
- Asset Accounting (AA) for tracking assets.
- Bank Accounting for managing bank transactions.
- CO (Controlling), which includes:
- Cost Center Accounting (CCA) to monitor costs within departments.
- Internal Orders for tracking costs of specific projects.
- Profit Center Accounting (PCA) to analyze profit and loss for business segments.
- Profitability Analysis (PA) for market and customer analysis.
- Product Costing to determine product costs.
These sub-modules work together to give a comprehensive view of a company’s financial health and internal cost control.”
15. If you want to carry forward one fiscal year varient to next year fiscal year variant , which account should be used.
AN: To carry forward balances from one fiscal year to the next in SAP, the balance sheet accounts are used.
16. what are the steps involved in gl accounting.
AN: * Define and Set Up G/L Master Data
* Post Journal Entries
* Reconcile Accounts
* Generate Financial Statements
These steps help ensure accurate financial data and reporting in SAP.”
16. what is the use of posting period varient.
AN: “A posting period variant controls which posting periods are open or closed for financial transactions. like month-end or year-end, to maintain data accuracy.
18.what Is differ between field status group and field status variant.
AN: A Field Status Variant is a global setting that controls the field status for all document types within an SAP system.
A Field Status Group is a set of field status settings that are assigned to specific G/L accounts.
19.what is one time vendor.
AN: a vendor account used for a single transaction, where no long-term relationship or master data is required.
20.what is dunning procedure.
AN: dunning procedure is a systematic process for reminding customers about overdue payments. It allows company to send dunning letters at different levels based on over due amount and duration.
21. what is residual payment.
AN: “A residual payment is a partial payment method where the system clears the original invoice and creates a new open item for the remaining balance. This is used when a customer partially pays an invoice.
22. what is payment.
AN:a payment refers to clearing outstanding invoices by either receiving money from customers or making payments to vendors.
23. what is full payment.
AN: A full payment means settling an invoice completely, where the entire outstanding balance is paid by the customer or to the vendor. This clears the open item from the account, marking the transaction as fully paid.”
24. what is the account type field gl account master data.
AN: the Account Type field in G/L (General Ledger) master records defines the classification of the G/L account, such as balance sheet or profit and loss. This field determines how the account behaves in financial statements and whether balances are carried forward at year-end or closed out.”
25. what is the recurring entries. why will we use.
AN: Recurring entries are automated postings for transactions that occur regularly, like rent or loan payments. SAP uses recurring entries to schedule and process them automatically, saving time and reducing the risk of errors.
26. what is the value field in controlling and copa module.
AN: In SAP Controlling (CO) and CO-PA (Profitability Analysis), a value field is used to capture specific financial metrics such as sales, costs, or profit margins.
27. what is the statistical internal order.
AN: “A statistical internal order is an internal tracking tool used to monitor costs related to a specific activity or project without impacting actual financial postings. It allows for detailed cost analysis and reporting.
28. what are the purpose of an internal order.
AN: An internal order is used to monitor and control specific costs related to a particular project, event, or activity within an organization.
29.what are the roles in SAP.
AN: roles define the permissions and access rights a user has within the system, controlling what transactions, reports, or data they can view or edit. Roles are assigned based on job functions, like finance, procurement, or HR, ensuring users can perform their tasks securely and efficiently without accessing unrelated areas.”
30.what is the posting key and what does it control.
AN: A posting key in SAP is a two-digit code that determines the type of transaction (like debit or credit) and the type of account (such as customer, vendor, or G/L) involved in a posting.
31. what is the chart of accounts and types of COA.
AN: an organized list of all G/L accounts used by a company to categorize its financial transactions.
There are three main types of COA:
- Operational COA: Used for daily transactions in financial accounting.
- Country-specific COA: Meets local reporting requirements.
- Group COA: Used to consolidate accounts across multiple company codes for group reporting.
32. what is vendor payment.
AN: process of settling outstanding invoices with suppliers. It involves processing payments to vendors based on due invoices. F-53 is the t code.
33.vendor invoice t code.
AN:FB60. This transaction code is used to record vendor invoices directly in accounts payable without a purchase order reference.
34.what is FB02.
AN:FB02 is the T-code used to edit or change posted documents in financial accounting.
35.what is FS10N.
AN:FS10N is the T-code used to display the G/L Account Balance. It provides a detailed view of the balance for a specific G/L account.
36.vendor t codes.
AN: common t codes for handling vendor transactions in sap includes.
๏ท FB60: Post Vendor Invoice (without PO reference)
๏ท F-53: Make Vendor Payment
๏ท FBL1N: Display Vendor Line Items
๏ท FK10N: Display Vendor Balances
37.customer t codes.
AN: ๏ท FD10N: Display Customer Balance
๏ท FBL5N: Display Customer Line Items
๏ท FB70: Post Customer Invoice (without sales order
๏ท F-28: Post Incoming Payment from Customer
๏ท F-32: Clear Customer Account
38. configuration settings under accounts payable.
AN: 1.Define Document Types:
2.Vendor Master Data:
- Payment Methods:
- Terms of Payment
- Payment Program:
- Tax Configuration:
39. configuration settings under account receivable.
AN: 1.Define Document Types:
2.Customer Master Data: 0
3.Payment Methods:
4.Terms of Payment
4.Dunning procedure:
5.Tax Configuration:
40.dunning procedure t code.
AN:In SAP FICO, the T-code for managing dunning procedures is F150.
41.Asset t code.
AN: Answer:
“Some key T-codes for managing assets in SAP FICO include:
- AS01: Create Asset Master Record
- AS02:change Asset Master Record
- AS03: Display Asset Master Record
- F-90: Post Asset Acquisition
- ABAVN: Asset Retirement (with Revenue)
- AW01N: Display Asset Values
- AFAB: Execute Asset Depreciation Run
These T-codes allow users to manage asset records.
42. , the T-code for Asset Explorer is AW01N.
AN: the T-code for Asset Explorer is AW01N. Asset Explorer provides a detailed view of an assetโs financial data, such as acquisition value, accumulated depreciation, planned depreciation, and retirement information.
43.what is the t code for cost center.
AN: the T-code for creating or managing a cost center is KS01 for creating, KS02 for changing, and KS03 for displaying a cost center. These T-codes allow users to set up and maintain cost center.
44.what is profit centre. and t code.
AN: a profit center is an organizational unit used to analyze and track financial performance within specific areas.It helps monitor revenue, costs, and profitability. The main T-codes for profit center management are KE51 (create), KE52 (change), and KE53 (display).
45.what is profit centre account group.
AN: a profit center account group is used to categorize and group similar profit centers for reporting and analysis.
46.what is ob57.
AN:OB57 is the T-code used to define and assign Field Status Variants to company codes.
47.what is tolerance groups.
AN:tolerance groups are used to define acceptable limits for certain financial transactions, such as the maximum cash discount, allowable payment differences, or posting limits.
48.how to maintain tolerance group.
AN: In SAP, you maintain tolerance groups by using T-code OBA3 for employees and OBA4 for G/L accounts. This configuration allows you to set limits for transaction amounts, cash discounts, and permissible payment differences.
49.Steps for dunning procedure.
ANS:
1. Create a Dunning Procedure:
Define the rules for sending reminders to customers, including how many reminders will be sent and the time gaps between them.
2.Assign the Dunning Procedure to Customers:
Link the dunning procedure to customers in their master data.
3.Define Dunning Levels:
Set up different levels of reminders based on how long the payment is overdue (e.g., 15 days, 30 days, etc.).
4.Create Dunning Letters:
Design the content of the reminder letters for each level.
5.Run the Dunning Program:
Use transaction F150 to identify overdue payments and generate dunning notices.
6.Send Dunning Letters:
Print or email the notices to customers to remind them about .
50.posting key for vendor credit.
ANS: posting key for vendor credit in SAP is 31.
51.What is reconsilation a/c.where we can create. Procedure. And which t code you use.
ANS: reconciliation account is a general ledger (GL) account that connects sub-ledger accounts (like customers, vendors, or assets) to the main general ledger. It automatically collects all transactions from the sub-ledger.
Where and How Do We Create It?
Reconciliation accounts are created in the GL Master Data.
Steps:
- Use the T-code FS00 to create a GL account.
- In the account settings, select the type of reconciliation account:
- D for customers (accounts receivable).
- K for vendors (accounts payable).
- A for assets (asset accounting).
- Save the account.
T-Code to Use:
- FS00: To create or manage reconciliation accounts.
52.What is openitem selection,where you will maintain.
ANS: process of managing and processing transactions that remain outstanding (unsettled) in accounts like vendors, customers, or GL accounts.
You maintain open item selection in GL account master data or in the customer/vendor master data, depending on the account type.
- Access the Master Data:
- For GL accounts: Use FS00.
- For customer/vendor accounts: Use FD02 (customer) or FK02 (vendor).
- Activate Open Item Management:
- In the GL account master, go to the Control Data tab.
- Select the Open Item Management checkbox.
- For customer/vendor accounts, the system automatically manages open items.
- Save the Changes:
- Save the account with the Open Item Management setting enabled.
53. what we maintain in control data.
ANS: The Control Data section in SAP master data (GL accounts, customer, or vendor accounts) contains key settings that define how the account works in transactions.
54.What is sorting key.
ANS: a configuration setting used to determine how line items in an account are automatically sorted when displayed in reports or statements
Common Sorting Keys in SAP:
- 001: Sort by Posting Date.
- 002: Sort by Document Number.
- 003: Sort by Invoice Number.
- 012: Sort by Customer/Vendor Number.
55.what is F-53.
ANS:T-code F-53 in SAP is used for Post Outgoing Payments.