Sap Fi Interview Questions with Answers
Question: 1. What Is The Difference Between Company And Company Code?
Answer:
A agency is the organizational unit used within the legal consolidation module to roll up monetary statements of numerous organisation codes.The Company Code is the smallest organizational unit for which a complete self-contained set of accounts can be drawn up for functions of outside reporting.
Question: 2. How Many Chart Of Accounts Can Be Attached To A Company Code?
Answer:
One or extra Operative Chart of Accounts can be assigned to a company code.
A COA have to be aasigned to a agency code. This COA is the operative COA and is used in each FI and CO. One Chart of Account can be assigned to many Company codes i.E., Multiple business enterprise codes can either share the identical or have separate COA. But a employer code (Country precise Company code or International Company code) may have a rustic unique COA also at the side of Operative COA. The hyperlink among the ordinary COA and the u . S . A . COA seems inside the trade wide variety area of the G/L master document.
Eg: If a corporation’s subdidiaries are positioned in each US & Mexico. We need to configure 2 Company codes – one for US and any other for Mexico,for eg U100 and M100. The identical way we create 2 COA’s one for US & one for Mexico, USCA and MXCA. Mexico has unique govt reporting requirements than the US so we can want to define a company code unique to Country Mexico and additionally create a rustic particular COA for use, in addition to ordinary COA. In tcode OBY6(Comp Code Global Parameters) of CC M100 we outline ordinary COA i.E.,USCA in Chart of Accounts area and MXCA in Country Chart/Accts field.
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Question three. What Are Substitutions And Validations? What Is The Precedent?
Answer:
Validations are used to test settings and go back a message if the prerequisite check condition is met. Substitutions are just like validations; they in reality replace and fill in subject values behind the curtain with out the consumer’s information unlike validations that create on-display msgs to the person.
Question: 4. What Is A Controlling Area?
Answer:
The Controlling Area is the imperative organizational unit within CO module. It is representative of a contained Cost Accounting envt wherein expenses and sales can be controlled.
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Question five. Define Relationship Between Controlling Area And Company Code?
Answer:
A controlling area can also encompass one or more enterprise codes which ought to use the same operative chart of accounts because the controlling vicinity. A Controlling Area can comprise more than one agency code assignments however a unmarried business enterprise code may be assigned to only one controlling area.
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Question 6. What Is A Fiscal Year Variant?
Answer:
Fiscal Year is a length of one year and SAP offers 4 special durations to posting adjustment Entries. Fiscal 12 months determines posting durations. Posting periods are used to assign enterprise transactions. Fiscal year can be year established or year independent.
Question: 7. What Are Special Periods Used For?
Answer:
The Special durations in a fiscal yr variation can be used for such things as posting audit or tax modifications to a closed monetary 12 months.
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Question 8. What Do You Mean By Year Dependent In Fiscal Year Variants?
Answer:
Year Dependent: the financial year is equal as calendar year. Starting from 1st Jan to 31st Dec (wherein posting intervals and the calendar months are equal).
Year Independent: the economic yr isn’t the same as calendar year Starting from 1st April to thirty first March (where the posting duration months are not equal to calendar yr months).
Question nine. What Are Shortened Fiscal Year? When Are They Used?
Answer:
Shortened Fiscal Year: a economic yr, which has much less than 12 durations.
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Question 10. What Are Posting Periods?
Answer:
The Posting length version controls which posting durations, both ordinary and special, are open for each corporation code. It is viable to have a one of a kind posting length variant for each company code in the business enterprise. The posting length is independent of the fiscal yr variation.
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Question eleven. What Are Document Types And What Are They Used For?
Answer:
Document type is the identifier of differentt account transactions like SA for G/L,AA for Asset Accounting and many others.The doc. Types controls such things as form of the account that can be posted to, the wide variety variety assigned to it, and required doc header fields.
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Question 12. How Are Tolerance Group For Employees Used?
Answer:
Tolerance group shops Posting quantity defaults. Tolerance businesses are assigned to User ID’s that ensures only authorized folks can make postings.
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Question thirteen. What Are Posting Keys? State The Purpose Of Defining Posting Keys?
Answer:
Posting keys decide whether or not a line object access is a debit or a credit in addition to the feasible area reputation for the transaction. Posting keys are SAP introduced. If u need adjustments like making extra fields non-obligatory on price kind posting keys then the first-rate possible action is to copy the posting key that desires to be changed and then alter it.
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Question 14. What Are Field Status Groups?
Answer:
Field fame agencies manipulate the extra account assignments and different fields that may be published at the road object stage for a G/L account.
Question: 15. What Are Adjustment Postings And Its Use? Give T.Codes And Paths If Possible?
Answer:
fb50,f-02 and others can be used for changes. These adjustments are to correct any economic illustration that has already been booked into the money owed.
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Question 16. We Always Copy Company Code Or We Can Create Manually Also? If Possible Give Reasons Also.
Answer:
There are loads of tables that get copied over while copying co codes. This might be incomplete in a manual copy, and therefore the guide path isn’t really helpful.
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Question 17. What Are The Common Document Types In Fi?
Answer:
Common Document types Key are −
AA – Asset Posting.
AN – Net Asset Posting.
DR – Customer Invoice.
DZ – Customer Payment.
KA – Vendor Document.
KG – Vendor Credit Memo.
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Question 18. Explain The Most Common G/l Reports In Fi?
Answer:
There are diverse G/L reviews that can be generated in SAP FI. Most common are:
G/L Chart of Accounts List.
G/L Account Balances.
G/L Account List.
G/L Account Totals and Balances.
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Question 19. What Is The Use Of Account Receivables In Fi?
Answer:
SAP FI Accounts Receivable issue information and manages accounting statistics of all clients. It is likewise an imperative part of sales control.
All postings in Accounts Receivable are also recorded at once inside the General Ledger. Different G/L money owed are updated relying at the transaction worried (for example, receivables, down payments, and payments of exchange).
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Question 20. How Can You Manage Partial Payment From Customers In Fi?
Answer:
In SAP FI, you could also post partial payments from consumer. These partial bills are posted as separate open objects.
Customer can see absolutely what all invoice has been issued to consumer and what payments he has made. But it continues the a couple of open objects, till the bill is fully paid/ cleared.
Example : There is a patron with an incredible amount of 1500 and makes a price of 500 as partial price then there will two separate open gadgets of 1500 Debit and 500 Credit in FI system and there can be no clearing document is created.
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Question 21. What Is The Use Of Sales Returns In Fi?
Answer:
Sales Returns in SAP FI is used to manage full merchandise that the customer has back due to a grievance. These are utilized in patron appropriate enterprise.
All returns are related to exceptional defects and no longer wrong deliveries. The direction that the again merchandise takes frequently must be tracked in detail. Returned item needs to be sent for inspection.
Question: 22. How Do You Define Credit Control Area In Fi?
Answer:
T-code: FD32 is used to define the credit manage area in SAP FI.
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Question 23. How Do You Manage Credit Limit For The Customer In Fi?
Answer:
Credit manage in FI is used to check the credit restrict for the purchaser and it can use one or greater codes. It is used for credit management in Application components- Account Receivable (AR) and Sales and Distribution.
The credit manipulate area is determined inside the following sequence −
User exit
Distribution channel
Customer master
Company code for the income corporation
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Question 24. What Are The Different Submodules In Sap Fi?
Answer:
General Ledger
AR/AP
Banks
Fixed Assets
Travel Management
Lease Accounting, etc.
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Question 25. What Is The Use Of Fi-asset Accounting Component?
Answer:
The FI-Asset Accounting (FI-AA) issue is used for dealing with the fixed property in FI system. In Financial Accounting, it serves as a subsidiary ledger to the General Ledger, presenting distinctive statistics on transactions related to constant property.
Integration with other components − As a end result of the combination within the SAP System, Asset Accounting (FI-AA) transfers information directly to and from different SAP additives.
Question: 26. How Do You Manage Relationship Between Two Currencies In Sap Fi?
Answer:
Exchange Rates are used to define relationship between currencies and additionally to maintain change quotes are used to translate an amount into any other forex.
You outline trade costs in the system for the following purposes −
Posting and Clearing : To translate quantities published or cleared in overseas forex, or to check a manually entered trade rate at some point of posting or clearing.
Exchange Rate Differences : To determine profits or losses from change charge differences.
Foreign Currency Valuation : To valuate open objects in foreign currency and overseas forex balance sheet money owed as part of the last operations.
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Question 27. What Is Dunning In Fi? What Are The Requirement Of Using Dunning?
Answer:
In SAP FI, If consumer misses the charge for the splendid bill by way of payment due date You can generate dunning letter the use of SAP FI and send it to consumer address for reminding the consumer extremely good fee.
Requirement − The dunning system enables to trace responsible clients who’ve no longer paid their open invoices inside a given time span. It allows you to deal with the process from, as an example, sending a reminder to customers in their notable bills thru to referring such customers to collections corporations.
The dunning system covers beneath documents −
Open A/R invoices, inclusive of invoices which can be in part credited or in part paid.
Invoices that encompass installments.
A/R credit score memos.
Incoming payments that are not primarily based on invoices.
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Question 28. How Do You Manage Outgoing Partial Payment For Vendor In Fi?
Answer:
In SAP FI, you could additionally submit outgoing partial payments for dealer. Partial fee from vendor might be open as open item and no clearing document can be generated.
Question: 29. Which Of The Fields You Can Display And Log Changes In Fi?
Answer:
When you exchange a master record, the device logs these modifications and generates alternate files. For each area, it stores the time of trade, the name of the person, and the previous subject contents.
You can display all of the adjustments for the subsequent −
A certain subject
A grasp report
For several seller master facts, following adjustments are displayed one by one −
Overwritten field contents.
Any financial institution details and/or dunning areas entered after the master file become created.
Any financial institution information and/or dunning regions that have been deleted.
Using the trade files, you may locate all of the adjustments which can be made and when they had been made.
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Question 30. What Are The Common Activities Performed In Month End Closing In Sap Fi?
Answer:
In SAP FI, month stop closing involves activities in posting a final length. You can perform the following sports as part of month-stop last −
Open and close posting durations.
You near one or extra posting durations within the past for posting, and permit posting to be made to at least one or greater present day or destiny posting periods.
Question: 31. At What Level Are The Customer And Vendor Code Stored In Sap?
Answer:
The client and seller code are at the consumer stage. That manner any organization code can use the consumer and vendor code by using extending the organisation code view.
Question: 32. In Customizing “business enterprise Code Productive” Means What? What It Denotes?
Answer:
Once the enterprise code is stay this check field helps prevent deletion of many programmes accidently. This take a look at field is activated just before pass live.. Accounts Receivable and Accounts payable.
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Question 33. Is Business Area At Company Code Level?
Answer:
No. Business vicinity is at purchaser level. Which approach other business enterprise codes also can post to the identical business region.
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Question 34. What Are The Customizing Prerequisites For Document Clearing?
Answer:
Account should be controlled on the open item management. This tick is there in the General Ledger Master Record known as open object Management. It helps you to manage your debts in terms of cleared and uncleared objects. A ordinary instance may be GR/lR Account in SAP(Goods Received/bill Received Account).
Question: 35. What Is Account Group And What Does It Control?
Answer:
Account institution determines which fields you can configure at the G/L master record.
It is important to have as a minimum one for B/S and every other one for P&L a/c .It controls the consumer stages of GL A/C.
The repute of fields of the grasp file of GL belongs to organisation code location
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