These SAP FICO Interview Questions are collected from the true interview experiences of past students (alumni). It also includes the questions and queries that I have from them in classes and the best answers that I suggest to them.
Hence, these questions help you to have real-time based learning from what usually interviewers ask in SAP FICO interviews. Let us go ahead as per the different categories!
Ans. – Following are the main parameters to set up the dunning process in the SAP system:-
Ans. – We need to follow the below steps, to create a Master record (both the accounting and purchasing data) in one step.
SAP Easy Access => Accounting => Financial Accounting => Accounts Payable => Master Record => Maintain Centrally => Create
Transaction Code XK01.
Ans. – In the P2P Process in SAP FICO, we use Cash Discount Base for Incoming Invoices, (Tcode- OB70), to change settings after configuring the discount base.
Ans. – Controlling Area may have two types of relationship with the company Code:
This means you can assign one single controlling area to several different company codes. Controlling can have relationships with different company codes, either as, one: one or, one: many.
The Controlling Area is the umbrella under which you can store all controlling activities of cost center accounting, product costing, profit Centre and Profitability Analysis.
Read More:- Interview Questions on SAP S/4HANA Finance
The chart of Accounts is nothing but the list of General ledger accounts.
Ans. – You can assign two charts of accounts to a single company code.
One is the Operational Chart of Accounts which is mandatory to perform all operational activities.
Second, we can use (rarely) Country-specific charts of accounts in some scenarios.
Related: Learn Chart of Accounts in-depth – A Complete Beginners Guide
The Fiscal Year is nothing but the way financial data is stored in the system.
We can take a maximum of up to 12 periods and 4 special periods. These periods are stored in what is called the Fiscal Year Variant.
Answer to Question:
You can take the Fiscal Year Variant either as:
Since you create a Fiscal Year Variant at the client level, you need to assign it to a company code.
You can define a fiscal Year with 2 digit code. The table for the Fiscal Year Variant is T009.
In SAP ERP (ECC) you can assign two different FYVs to the company code and controlling area. For example, you can assign K4 (Jan-Dec) to the Company code and V3 (April-March) to the controlling Area.
However, in S4 HANA Finance, you need to assign the same Fiscal Year Variant to both, the company code and the Controlling Area.
Related: Changes in SAP S4 HANA Controlling
Ans. – In a Year dependent fiscal year variant, the number of days in a month is not as per the calendar month.
Let us take an example- for the year 2010, the period January ends on the 29th, Feb ends on 27th and March ends on the 29.
For 2011, January ends on the 30th, Feb ends on the 26th, March ends on the 30th, etc. This applies to many countries, especially the USA. Accordingly, we need to configure the Fiscal Year Variant.
Ans. – There is no posting that happens from SAP MM in special periods. Special periods are only applicable to the FI module. You need them to make any additional postings such as closing entries, and provisions, which happen during year-end.
Ans. – A company code can have 3 currencies.
Ans. – In case we configure two currencies (Company Code currency and parallel currency) we do not need an additional ledger. However, if we configure the third parallel currency, which is different from the second currency type, then we need to configure an additional ledger.
Full Series of SAP FICO Interview Questions – Click Here
Ans. – Stock Consumption accounts are instances of GL accounts that the system posts automatically. In the GL account master record, a checkbox exists wherein you select the automatic posting option. This is called “Post automatically only”.
Ans. – An account Group controls the data that you need to enter at the time of the creation of a master record.
Account Groups exist for the definition of a GL account, Vendor Master Data and Customer Master. It controls the fields which pop up during SAP Master Data creation.
Ans. – The field status Group controls the fields which come up when the user does the transactions. Here, three options are available:
Noteworthy, the field status group is stored in the GL master.
Ans. – A document type in SAP is specified at the Header level during transaction entry and serves the following purpose:
Ans. – An FSV (Financial Statement Version) is a reporting tool that you use to extract and depict the Final accounts from SAP. Examples are the Profit and Loss Account and Balance sheet.
Furthermore, you can freely define it to generate the output for various external agencies like Banks and other statutory authorities. Even you can define multiple FSVs too.
Ans. – Validations/Substitutions in SAP are defined for each functional area eg. Assets, Controlling, etc at the following levels:
You are required to activate and set them up specifically. Importantly, these are complex and you should do them only when you need them. Here you generally require help from the technical team for this work.
Ans. – You can maintain the valuation grouping code as per plant and you can configure it in the MM module. Certainly, you should activate the valuation group code for this.
Additionally, you can maintain Account codes as per the valuation grouping code after doing this configuration.
Ans. – The Business area lies at the client level. This means the other company codes can also post to the same business area.
Ans. – Though, this is very disputable. However, both the Business Area and Profit Centres are created for internal reporting. Each has its own merits & demerits.
Many companies nowadays go for Profit centers as they feel that SAP would not support Business area enhancements in future versions.
For the typical month-end procedures, you need to execute both. Many times reconciliation becomes a big issue. A typical challenge in both of them is, many times, that you do not know the Business Area or Profit Center of the transaction at the time of posting. Thus, it makes the process complex for you.
SAP FICO interview questions are a highly searched term for those who want to get their desirable SAP FICO job. By seeing these SAP FICO interview questions and answers, you get a basic idea of what employers look for while hiring their workforce.
These SAP FICO Interview Questions are based on key topics of Finance and Controlling like Organisational structure, Company Codes, Charts of Accounts, and Fiscal Year variants. These topics show practical aspects of the configuration in FICO. Thus, I can say, these are some of the most frequently asked questions during FI & CO job interviews.
For more Interview Questions on SAP Controlling:- Click Here
These questions would help you to prepare for SAP FICO interviews. However, you shouldn’t ignore the fact that you should have practical skills to justify your answers.
Since nobody can give a surety that the given questions would be asked in interviews. This is because it majorly depends on the interviewer, the company & position you are applying for (role of SAP FICO End-user or an SAP FICO consultant), and their core requirements. Thus, based on these, they make a list of the SAP FICO interview questions to ask you.
So you should not rely solely on reading these questions to prepare for your interviews. You also need to work hard on learning SAP FICO practically and its core competencies such as knowledge of business processes, configurations, implementation processes, key components of SAP FICO, submodules and their functionalities etc.
In other words, if you have done your homework properly, then only these SAP FICO interview questions would help you the best.
Learn more: SAP FICO Scenarios with real-time issues
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